How much do you need to deposit to get the best savings rate?

Most of the highest rate savings accounts are bonus rates, meaning that you must fulfil certain conditions to get the highest rate possible. One of the common requirements is to contribute a certain amount of cash monthly. While this amount isn’t the same across all accounts, there are some commonly offered monthly deposit conditions. 

What does your account require? 

One of the advantages of deposit requirements is that, over time, your balance will grow much faster with a set goal amount. However, it’s also important to make sure that your monthly requirement isn’t too high or you’ll never get the full benefit of its higher interest rate. 

Since not all accounts have the same monthly deposit requirements, we’ll categorise and analyse what each account type requires.

Undefined monthly deposit

Generally, the rule for this kind of account is that your balance needs to grow from the previous month. It’s important to note that NAB’s Reward Saver requires that no withdrawals are made, while GoalSaver and Life only require that the account grows from the previous month (meaning that a withdrawal can be made as long as you end the month with a higher balance than the previous month).

Account Example
Interest rate at balance
Max Balance
CommBank GoalSaver
4.90% p.a.
None Specified
NAB Reward Saver
5.00% p.a.
Up to $49,999
Westpac Life
5.00% p.a.
Up to $30,000

$200 monthly deposit 

Like the previous category, accounts that require a $200 deposit have a variety of additional conditions that need to be met. Bankwest’s Hero Saver requires that no withdrawals are made in the month while Suncorp allows for one withdrawal per month. On the other hand, Ubank doesn’t limit withdrawals, but it does stipulate that you need to deposit $200 from an external account.

Account Example
Interest rate at balance
Max Balance
Suncorp Growth Saver Account
5.05% p.a.
None
Ubank High Interest Save Account
5.10% p.a.
$250,000 (across all accounts)
Bankwest Hero Saver
4.60% p.a.
Up to $250,000.99

$1000 monthly deposit 

$1000 a month would either require a high wage or a carefully planned budget. However, being able to deposit this amount would result in some pretty hefty savings over the long term ($12,000 in one year would go pretty far). 

Out of the example accounts, ING has the most conditions. It requires $1000 a month from an external account, 5 eligible transactions, and your account balance grows each month. AMP requires that $1000 be deposited in the previous month to get the highest possible rate. Meanwhile, Hiver requires that you make no withdrawals and keep a positive balance in addition to monthly deposits

Account Example 
Interest rate at balance
Max Balance
ING Savings Maximiser
5.50% p.a.
$100,000
AMP Saver Account
5.40% p.a.
$250,000
Hiver Target Saver
5.25% p.a.
None

How to take advantage of a high interest savings account 

It’s important to read the fine print so you know exactly how to make the most savings account interest possible. You’ll also be able to better analyse whether or not the provider’s conditions work for your financial situation. One way you can do this is by utilising a comparison site like Mozo. 

You can check out some high interest savings accounts on our hub page or read through the best savings accounts here. Alternatively, you can check out some of the providers in the tables below… 

Savings account comparisons on Mozo - last updated 23 May 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

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    Details
  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

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    Details
  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

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  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend, Bills or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

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  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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  • Savings+Bonus

    5.00% p.a. (for $0 to $250,000)

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.

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  • MoneyMAX Account

    No Current Offer

    4.75% p.a.(for $1 and over)

    Yes up to $250,000

    Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.

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^See information about the Mozo Experts Choice Savings Account Awards

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