Is your savings rate in the top 10 best interest rates?

By Cameron Thomson · · 3 min read
Fact Checked
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Australian money savings

While rates are still high, making sure your savings account's interest rate is good can be helpful to your financial goals. It’s important to make sure your savings are not just idling but actively growing. One way to check how you’re going is by looking at how your account stacks up.

What’s considered an ‘average’ savings rate

The average interest rates for various types of savings accounts can help frame where your current rate sits. If you’re above the average, but below the top 10, then you’ve still likely got a good rate. The Mozo data team looked through the 199 accounts we compare to figure out the average rates across a number of categories. 

These average savings interest rates are as follows: 

Account Type
Average Rate
All Ongoing Accounts
3.45%
Only Bonus Accounts
4.59%
Only Introductory Accounts 
4.84%
Only Base Rate Accounts
1.40%

*correct as of 10 April, 2024

Choosing the right account

The type of savings account you opt for should align with your current financial goals. For short-term aims, introductory rate accounts might be preferable, offering high rates for an initial period before settling on a base rate. On the other hand, if your sights are set on the long-term, a high-interest savings account, particularly those offering bonus rates, could be more beneficial. These accounts often come with conditions like no withdrawals or balance growth requirements, making them suited for deposits that you can set aside without regular access.

The Top 5 Bonus rates

The top 10 list has been split into two savings categories; bonus and introductory. 

Bank
Account Name
Bonus Rate
ME

HomeME Savings Account

5.55% p.a. on balances up to $100,000
1. Bank of Queensland
2. ING
3. MOVE Bank
1. Future Saver Account (14-35 years)
2. Savings Maximiser
3. Growth Saver
1. 5.50% p.a. on balances up to $50,000
2. 5.50% p.a. on balances up to $100,000
3. 5.50% p.a. on balances up to $25,000
AMP Bank

AMP Saver Account

5.40% p.a. on balances up to $250,000
Virgin Money

Boost Saver with Go Account - Lock Saver Feature

5.35% p.a. on balances up to $250,000
1. Bendigo Bank
2. Great Southern Bank 
3. IMB Bank
4. RACQ Bank

1. Reward Saver
2. Home Saver
3. Reward Saver Account
4. Bonus Saver

1. 5.25% p.a. on balances up to $100,000
2. 5.25% p.a. on balances up to $100,000
3. 5.25% p.a. on balances up to $1,000,000
4. 5.25% p.a. on balances up to $100,000

Bear in mind that, since these accounts are bonus rates, failing to meet the conditions will result in your interest being downgraded to a lower base rate. While a number of accounts share the same special interest rate at balance, keep in mind that the base rate may differ widely.

See the list of Top 10 Bonus Rate Savings Accounts

The Top 5 Intro rates

Introductory rates accounts are savings accounts that offer a higher rate for a set number of months, usually anywhere from 3 to 6 months. After this period is over, your rate will revert to a lower base rate, so it’s important to check what you’ll get after your intro rate is over.

Bank
Account Name
Intro Rate
Rabobank

High Interest Savings Account

5.75% p.a. for the first 4 months of balances up to $250,000
Credit Union SA

Netsave Account

5.40% p.a. for the first 4 months
1. Bank of Melbourne/BankSA/St George
2. Macquarie Bank 

1. Maxi Saver
2. Macquarie Savings Account

1. 5.35% p.a. for the first 3 months
2. 5.35% p.a. for the first 4 months on balances up to $250,000 
1. Bank of Melbourne/BankSA/St George
2. IMB Bank

1. Incentive Saver Account
2. Reward Saver Account

1. 5.25% p.a. for the first 4 months for balances between $0 and $249,999.99
2. 5.25% p.a. for the first 4 months for balances up to $1,000,000
ING

Savings Accelerator 

5.20% p.a. for the first 4 months on balances between $150,000-$500,000

See the full list of Australia's Best Savings Accounts. 

The impact on your goals

Whether you're building an emergency fund or saving for a significant investment, the interest rate of your savings account can accelerate or delay your progress. Tools like savings account calculators can help you gauge how different rates affect your savings over time. 

You can check out our savings calculator here and compare savings accounts on our high interest savings account page. 

Savings account comparisons on Mozo - last updated 30 April 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 . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

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  • Mozo Expert Choice Badge
    Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Simply grow your balance each month and earn a high interest bonus rate (T&Cs apply). Only requires $1 to open. Free e-banking transactions and no monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Must hold an eligible Bendigo Bank transaction account

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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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