How much do you need to deposit to get the best savings rate?
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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
- Account examples: CommBank GoalSaver, NAB Reward Saver, Westpac Life
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
- Account examples: Suncorp Growth Saver Account, ubank High Interest Save Account, Bankwest Hero Saver
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
- Account examples: ING Savings Maximiser, AMP Saver Account, Hiver Target Saver
$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
-
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 4 months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- Standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Account fee per month
- $0.00
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
-
Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- Standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 0.55% p.a.(for $0 and over)
- Account fee per month
- $0.00
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the ING Savings Maximiser
-
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.
CompareCompareReward Saver Account
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.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- Standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 0% p.a.(for $0 and over)
- Account fee per month
- $0.00
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
-
Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
CompareCompareBonus Saver Account
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- Standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 0.05% p.a.(for $0 and over)
- Account fee per month
- $0.00
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the MyState Bank Bonus Saver Account
-
Mozo experts choice awards won:
- Kick Start Savings - 2024
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.
CompareCompareHigh Interest Savings Account
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.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- Standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Account fee per month
- $0.00
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
-
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.
CompareCompareSavings+Bonus
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.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- Standard interest rate
- 2.00% p.a.(for $0 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 2.00% p.a.(for $0 to $250,000)
- Account fee per month
- $5.00
- Access
- -
- Minimum balance
- $1.00
- Other restrictions
- Must become a First Option Bank member to open an account.
Read our Mozo Review to learn more about the First Option Bank Savings+Bonus
-
Life - 18-29 years old
5.20% p.a. (for $0 to $30,000)
2.00% p.a.(for $0 and over)
Yes up to $250,000
Make 5 eligible card purchases per month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.
CompareCompareLife - 18-29 years old
Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.
- Maximum rate
- 5.20% p.a. (for $0 to $30,000)
- Standard interest rate
- 2.00% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- Standard interest rate
- 2.00% p.a.(for $0 and over)
- Account fee per month
- $0.00
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must hold a Westpac Choice transaction account. If 5 eligible card purchases are made each month, but savings account balance has not increased, a 2.00% interest rate still applies.
Read our Mozo Review to learn more about the Westpac Life - 18-29 years old
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^See information about the Mozo Experts Choice Savings Account Awards
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