Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category.^ No monthly account fees and no minimum balance requirements.
Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category.^ No monthly account fees and no minimum balance requirements.
Read our Mozo Review to learn more about the Bonus Saver Account
No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.15% rate after*
$0 monthly account fee. Link to any Australian bank account.
$0 monthly account fee. Link to any Australian bank account.
Read our Mozo Review to learn more about the Serious Saver
Increase balance by at least $300 in the month
No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.
No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.
Read our Mozo Review to learn more about the Flexi Saver
Bonus rate for the first 4 months from account opening
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
Read our Mozo Review to learn more about the Online Saver
Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.
Earn 1.05% p.a. Bonus Interest in the following month on your Fast Track Saver Account balance. Earn Bonus Interest on your savings, with no minimum balance required.
Earn 1.05% p.a. Bonus Interest in the following month on your Fast Track Saver Account balance. Earn Bonus Interest on your savings, with no minimum balance required.
Read our Mozo Review to learn more about the Fast Track Saver Account
Minimum deposit of $200 and no withdrawals in the month.
Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.
Interest is calculated daily and paid monthly. Automatic payment feature. No minimum opening balance needed.
Read our Mozo Review to learn more about the Hero Saver
^See information about the Mozo Experts Choice Savings accounts Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
Whether you're saving for a rainy day or a specific goal, you want to make sure that every dollar you're putting into your savings account is earning the best rate possible and getting you closer to your savings goal. Here are some top tips from the Mozo money experts to make sure that you're set up from day one to earn the highest interest you can.
A high interest savings account is a savings account that offers an extremely competitive interest rate to help your savings grow. All high interest savings accounts have variable interest rates, meaning your rates could go up or down over time, usually in response to changes to the Reserve Bank cash rate.
Nowadays all of the big banks and dozens of smaller banks, mutuals and online providers claim to offer high interest savings accounts. But not all high interest savings accounts are created equal, with some offering much more competitive interest rates than others. With so much choice on offer, it's important to compare the market thoroughly to find the best high interest savings account for your needs.
While it might require a little bit of effort, it’s certainly possible to find a savings account that has a generous interest rate attached. To make sure you’re always on top of things, be sure to visit our savings account interest rates page, where we look at where rates currently sit, plus whether we can expect any changes in the coming months.
High interest savings accounts are flexible and easy to use accounts that can help you to maximise your savings and reach your savings goals faster.
Unlike a term deposit, a high interest savings account offers you the flexibility to deposit money at any time and withdraw all or part of your savings whenever you need it without paying a penalty fee. You can also automate your savings by setting up regular direct debit payments from your everyday bank account to your high interest savings account.
Great savings rates aside, the best high interest savings accounts come with minimal fees and afford you the luxury of managing your money over the internet or via a mobile banking app which makes depositing money or accessing the funds in your account both instant and super easy.
Many of the most competitive savings accounts on the market these days are online offerings. Not only are online accounts easier to access because you can do your banking 24/7, they also generally come with no account service fees and higher interest rates than standard branch access savings accounts. What's better than managing your money from the comfort of your home? While there may be limited transactions allowed with a high interest savings account, you can conveniently transfer money between your transaction and savings accounts online according to your needs.
Savings account | Interest rate | Special rate conditions |
---|---|---|
Bank of Queensland | Up to 1.05% | Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account. |
86 400 Save Account | Up to 1.20% | Deposit at least $1,000 to either Pay or Save account from an external source each month. |
Up Saver Account | Up to 1.10% | Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded). |
Volt Savings Account | 1.00% | Unconditional rate up to $245,000 |
UBank USave Account with USpend Transaction Account | Up to 1.10% | Ongoing bonus rate if you deposit at least $200 a month into either your USpend or linked USave account and maintain a balance of $250,000 or less across USave and USpend accounts, inclusive of all joint accounts. |
Unlike everyday transaction accounts, savings accounts are designed to help you save up, so they generally come with higher interest rates and no online transaction or account fees.
Once you park money inside the savings account, you’ll be able to start earning compound interest. The highest interest rates are usually made up of a base rate and a special rate that you need to meet conditions to get, which combined, give you the maximum rate. Conditions could include a deposit minimum or limits on how often you can make withdrawals per month.
Not all savings accounts are created equal so, here are the main things you'll want to look at when doing your side-by-side comparison of the high interest accounts on your shortlist:
Mozo makes savings account comparison super easy. In our comparison table above, you'll notice two interest rate columns.
To supersize your savings, you can look at earning higher interest with bonus saver offers. These generally require you to fulfil certain criteria such as meeting minimum monthly deposit conditions or making no withdrawals, but if you get an extra 3% interest for doing this it will be worth it.
Before signing up for one of these accounts it's important to be realistic, as if you don't think you'll be able to meet conditions on a regular basis you'll likely be better off looking for an account that pays a decent base rate of interest with no strings attached. Alternatively, you could consider being a rate tart and chasing introductory rate offers every few months, but this strategy requires a lot of time and energy and is certainly not for everyone.
Some savings accounts offer higher interest rates for an introductory period of say 3 to 6 months, before reverting to a lower ongoing rate. These accounts can often look quite attractive, but as always it pays to compare the detail to make sure you're not stuck with a dud rate once the intro rate ends. Unless you plan on switching savings accounts every few months, there's little point signing up for an account that offers a tasty 3% interest for just 3 or 4 months before dropping back to 1% or even less once the intro period ends. So if you are comparing introductory savings rates, be sure to check the ongoing rate and make sure that's competitive as well.
Many banks now offer their best savings rates to customers who are prepared to open both a savings account and a linked everyday transaction account, and use the linked account as their main everyday account by depositing their pay, making regular transactions and so on.
So, is it worth switching your everyday bank account over as well just to get a high savings interest rate? Some of the best savings rates on the market can be obtained using this strategy, but if you're considering doing this be sure to review both accounts and make sure you're getting a competitive deal on both. If you're going to sign up for a linked everyday account, make sure it has no account fees and is competitive on things like ATM fees and overseas transaction fees.
Choosing the best savings account for you is a great first step, but then what? There are a few steps you can take to help make the most of your shiny new savings account and boost your balance.
It depends on what you’re looking for.
While savings account rates are variable and move up or down with the market, term deposits offer more stability because of their fixed rate, fixed term features.
Term deposits come with much less flexibility than savings accounts. You’ll be charged hefty fees if you decide to withdraw early and you can’t make extra deposits. On the flip side, if you can commit to these conditions, there are often slightly higher rates on offer with a term deposit than a regular savings account.
Savings accounts, however, allow you to withdraw or deposit money whenever you like, although some do have monthly limits. The other thing to keep in mind with savings deposits is that in order to score bonus interest, you may need to meet certain requirements like making no withdrawals or depositing a minimum amount per month.
To find out more about how the two differ and which one is the better fit for you, read our guide on term deposits vs savings accounts.
The short answer: very secure!
In Australia, the government guarantees deposits of up to $250,000 with any one Authorised Deposit-taking Institution (ADIs) such as your bank or credit union - so you can be reassured that this money is protected, should something happen to the ADI.
But if you’ve saved up more than $250,000, you’d need to keep smaller amounts of up to $250,000 inside different banks in order for for all your funds to be covered by the guarantee. That means, if you’ve got $700,000 in savings, you would need to put $250,000 with one bank, $250,000 with another, and $200,000 with a third.
Everyone! Applying for a savings account is pretty easy, and doesn’t require you to jump through the same hoops as something like a home loan might. A couple of things to keep in mind before applying are:
Generally, you can open a savings account online, over the phone or in a bank branch, depending on what you prefer. While you might need some in-person help for big commitments, like a home loan, a savings account is a little more simple and less risky, so you might opt to open it online.
At Mozo, we think the best way to open your new savings account is right here! Once you’ve used our handy comparison table to find the right option for your needs, you can click the blue ‘Go to site’ button next to it. This will take you through to the bank or credit union’s website, where you can start the process of opening an account.
When you go to open a savings account, whether you do it online, over the phone or in a branch, you’ll need a few details, including your contact details, personal details and some ID. You should have some things ready, like:
Because there aren’t any credit checks to worry about, opening a savings account is a pretty quick process. A lot of the time, you can open a new savings account in ten minutes or less, as long as you have all the details you need prepared ahead of time.
The way you choose to open a savings account might also affect how long it takes - opening an account online can be a lot quicker than going into a branch, as you won’t have to wait in line.
*Data as of 15 December 2020
Friendly helpful staff, when I have a problem thy have always been able to fix it. Great to have a shop front and be able to talk to a person.
Read full reviewFriendly helpful staff, when I have a problem thy have always been able to fix it. Great to have a shop front and be able to talk to a person.
I have been with other banks and received bad service. Since being with Bank SA for the last 12 years, I have found the bank's help very good, and this is not just local Branch. I lived rural/remote for 10 years and the service at local BankSA branch was incredible and welcomed. I have also used the internet for banking, and telephone banking. Very friendly and helpful. We also have insurance with BankSA as it has lesser charges and is cheaper than APIA, and other Insurance Companies claiming to look after Seniors.
Read full reviewI have been with other banks and received bad service. Since being with Bank SA for the last 12 years, I have found the bank's help very good, and this is not just local Branch. I lived rural/remote for 10 years and the service at local BankSA branch was incredible and welcomed. I have also used the internet for banking, and telephone banking. Very friendly and helpful. We also have insurance with BankSA as it has lesser charges and is cheaper than APIA, and other Insurance Companies claiming to look after Seniors.
I like every one of the big 4 banks, you take your chances, some are better than others, but they do need to look and update their finance products options for people who do not work etc.. as government Centrelink payments are more guaranteed that job wages now and in the future.
Read full reviewI like every one of the big 4 banks, you take your chances, some are better than others, but they do need to look and update their finance products options for people who do not work etc.. as government Centrelink payments are more guaranteed that job wages now and in the future.