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What to look for in student savings accounts

By Maria Gil ·
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student looking for savinsg account

The student life might mean that you have a tight budget and there isn’t much wiggle room for anything else. 

However, remember that a little saving is better than nothing. Rather than having that extra money sitting in your everyday account which earns little to no interest, a good student savings account could help your account balance grow!

Typically, most savings accounts are online and you can transfer money almost instantly if you need to access it. As a student, many banks offer special rates to help your savings grow.

What should I look for in a savings account?

Every dollar counts while you’re at uni. So when you’re looking to store your savings be sure to keep an eye on a few things:

  • No monthly fee: While it’s rare to find a savings account that comes with a monthly fee, double-check that you’re not losing money for storing your money away. 
  • A good ongoing interest rate: You use a savings account to earn interest, so look for an account with a high interest rate so your balance can grow quicker.
  • Withdrawal flexibility: Most savings accounts let you withdraw money as many times as you’d like, but there are a few where your savings bonus rate is dropped for taking money out. If you go with an account that isn’t flexible, only withdraw money when you really need to.

How to pick the right savings account?

Picking a savings account is a personal journey that depends entirely on your individual needs and situation. And sometimes it might take some trial and error.  To aid you in finding the right one, check out the winners of the Mozo Expert Choice Award for Best Savings Accounts. Alternatively, you can check out our savings account comparison table below to start comparing.

Savings account comparisons on Mozo - last updated 18 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

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

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  • 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.

    Compare
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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 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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Maria Gil
Maria Gil
Money writer

Maria Gil writes across all of our personal finance areas here at Mozo. Her goal is to help you think smarter about money and have more in your pocket. Maria earned a journalism degree in Florida in the United States, where she has contributed to major news outlets such as The Miami Herald. She also completed a masters of digital communications at the University of Sydney. When Maria isn’t busy with all things finance, you can find her tucked away reading fantasy books. She is also ASIC RG146 (Tier 2) certified for general advice.

^See information about the Mozo Experts Choice Savings Account Awards

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