High Interest Savings Accounts Comparison

With everything costing more right now, saving money has never been so important. That's where a high interest savings account can make all the difference!  You can compare the best ones on the market below and take the next step toward increasing how much money you have in the bank. 

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High interest savings account comparisons on Mozo - last updated 22 February 2024

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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.

  • 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.

  • 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.

  • Mozo Expert Choice Badge
    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.

  • 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.

  • Saver Account

    4.35% p.a. (for $0 to $1,000,000)

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

    Yes up to $250,000

    Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).

    Earn bonus interest when you make 5 purchases per month. No fees. Set up multiple savers via Up’s award-winning app (all eligible for bonus rate). Innovative features include custom pay cycle, automations, round-ups, and automatic split payments across your savers when your pay arrives. Winner of 2023 Mozo Experts Choice Award Excellent Banking App^.

  • Mozo Expert Choice Badge
    Savings Account

    5.50% 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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^See information about the Mozo Experts Choice Savings accounts Awards

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Savings account resources

Reviews, news, tips and guides to help find the best savings account for you.

High Interest Savings Account Snapshot - February

It’s been hard saving money in recent months given the notably higher cost of living but also since many banks have kept a tight lid on savings rates. Comparing the interest you’re earning on your money has perhaps never been more worthwhile, especially as the official cash rate is likely to stay steady for a while yet.

With 5 RBA rate hikes last year totalling a 1.25% p.a. increase in the cash rate (up to 4.35%), the best savings accounts have been offering some of the highest rates since the GFC in 2008 at over 5.00% p.a.

High interest savings accounts are accounts with interest rates that tend to be higher than standard rate accounts, usually with some added condition (like regular deposits). These accounts have displayed why they earned the title “high interest”, with some interest rates above 5%. Currently, the Mozo data team has put the average bonus savings rate at 4.64% p.a., the average introductory rate at 5.08% p.a., and a 3.55% p.a. average for all ongoing rates. 

Compound interest effects over time

A helpful way of visualising the power of higher rates is mapping out the effects of interest rates over long periods. Applying the average rates to an account balance of $2,000 would give you… 


5.10% p.a.

4.64% p.a. 

3.53% p.a.
















Of course, this calculation assumes that interest rates won’t fluctuate but since savings accounts have variable rates, you’re likely to see your return move around over time as the RBA tweaks the cash rate. Also, if you make regular contributions to your balance, the effects of compounding rise even faster.

Top high interest savings accounts in Australia*

We track a wide range of high interest savings providers across standard, bonus, and intro rates here at Mozo. Sometimes the absolute highest rate account has conditions that won’t work well for your savings situation. In that case, you can compare other savings accounts available that could deliver a better return for your situation.

The current highest rate leaders in the Mozo database for each top high interest category are:    

Savings account

Interest rate

Special rate conditions

Bonus Rate: ME HomeME Savings Account

Up to

5.55% p.a. 

Minimum $200 must be deposited into the account with no withdrawals in the month.

Intro Rate: Rabobank High Interest Savings Account

5.75% p.a.

The rate is for the first 4 months of account opening.

Base Rate: Police Bank U30 Super Charge Account

5.25% p.a.

Full salary to be credited to the Police Bank. Account for members aged 18-29 only.

*According to the Mozo database as of 1 February 2024.

For a comparison between all account types, visit our savings comparison page.

What is a high interest savings account?

A high interest savings account is any bonus, introductory, or ongoing savings account with an above-average interest rate compared to other everyday bank accounts. Keep in mind that, unlike fixed-interest term deposits, high-interest savings accounts have variable interest rates and are subject to change at a bank's discretion.

Show transcript

High interest savings account: how to supersize your savings

Let’s take a look!

1. Look for bonus saver offers

Just by meeting certain conditions every month, you could have access to much higher ‘special rates’ and earn bonus interest!

What conditions? They could include: depositing a minimum amount each month, making a minimum number of transactions each month, or not making any withdrawals.

2. Bundle your accounts

Many banks offer their best savings rates to customers who open two accounts with them: one for savings, and one for everyday transactions.

Just make sure you’re getting a competitive deal for both accounts…

Check that both accounts have good interest rates

Look out for pesky fees (account, ATM, overseas transaction)

3. Choose a good ongoing rate


Introductory savings rates may be sweet, but they’re also short-term… wait 3 or 6 months, and they’ll revert to lower ongoing rates.

So it’s a smart idea to focus more on the longer-term ongoing rates while shopping around.

4. Stash your savings away

Of course - the more you stash away in your savings account, the more interest you’ll earn.

Got cash sitting in a bank account that you don’t need right now? Transfer it to your savings account and watch the balance grow!

How do I compare high interest savings accounts?

Mozo’s comparison tables have been designed to help make it easy for you to compare high interest savings accounts side by side. 

  • The Maximum Rate column lists the highest interest rate you can earn in a given month, usually by meeting the required conditions. If the account has an introductory rate, this will also be listed in the Maximum Rate column. 

  • The Standard Interest rate column lists the base rate you'll earn if you don't meet the bonus rate conditions. For accounts that have introductory rates, this column shows the base rate you'll receive once the intro rate has ended.

Comparing bonus, intro, and ongoing rates

When deciding what kind of high interest savings account will be best for you, it's important to know your financial objectives. Each savings account type and the interest rates offered cater to different needs and preferences. For instance, introductory rates can be beneficial if you have short-term savings goals while a bonus rate is better if you’re planning a longer savings period (provided you’re able to actively meet the monthly conditions). 

There are three different rate types you should be aware of:

  • Introductory rate: You’ll get a high interest rate for the first few months before reverting to a lower base rate.

  • Bonus rate: High interest savings accounts that require you to meet certain conditions each month. If these conditions are not met, it will revert to a lower base rate.

  • Ongoing/base rate: the only condition for this kind of account is usually the balance limit. On average they are lower than the other two account types.

What are the current high interest savings account averages 

Mozo’s comparison database which is managed by our research team currently tracks a wide range of high interest rate savings accounts across Australia. 

To help you a better idea of what constitutes high or low savings interest ratethe current average rates (* Dec 2023) compared with the big 4 banks (ANZ, NAB, CBA, Westpac) according to Mozo data are:

All Average

Big 4 Average

All Ongoing

3.53% p.a.

3.44% p.a.

Only Bonus

4.64% p.a.

4.79% p.a.

Only Introductory Rates

5.10% p.a.

4.69% p.a.

Only Unconditional Rates

1.34% p.a.

1.62% p.a.

Common requirements for high interest savings accounts

Most high interest savings account rates will require that certain conditions are met in order to get the maximum interest rate. Some of these may work to your advantage or situation, but others (like conditional bonus rates) may have unrealistic requirements for your savings goals or are impractical in your daily life so its important you know what these are before applying.

Some of the common requirements you may come across include:

  • A linked transaction account. A banking account linked to your savings account that you can move funds in and out of.

  • Make a number of eligible transactions e.g. 5 transactions a month to be eligible for a bonus rate

  • Minimum monthly deposits e.g. deposit at least $200 a month

  • No withdrawals or  it may revert to a smaller base rate

  • Age limit e.g. 18-35 year olds only

  • Balance limit e.g. lower rate for balances over $250,000

How safe is a high interest savings account? 

Very. The Australian government guarantees deposits of up to $250,000 with any one Authorised Deposit-taking Institution (ADIs) under the financial claims scheme. This means the government will reimburse any amount of $250,000 or under should the ADI (bank, credit union, etc.) fail.

If you’ve saved up more than $250,000, you’d need to keep smaller amounts of up to $250,000 in different banks for all your funds to be covered by the government's guarantee. 

High interest savings account pros and cons

A high interest rate account can help you reach your savings goals faster—whether that be a home loan deposit or an emergency fund. However, keeping in mind the advantages and disadvantages of this kind of account is important. That way, you’ll get a clearer idea of the kind of account that you’re looking for.



  • High interest rates mean larger compound interest effects.

  • A safe place to keep your cash as your deposit is protected under the Financial Claims Scheme.

  • RBA cash rate hikes can give a boost to your interest rates.

  • May have certain restrictions based on conditions (no withdrawals, etc.).

  • If the RBA begins cutting the cash rate, your savings account rate may also fall.

How can I get the most out of my high interest savings account?

Choosing the best savings account for you is a great first step, but there are a few things you do to make sure your savings grow.

  • Meet any bonus conditions. The base interest rate on a savings account isn't usually the best offer. Check if there’s a special intro or bonus rate available, and try your best to meet any requirements regularly.

  • Build up your balance. It’s a good idea to set up automatic deposits into your account to help keep your savings on track and bonus conditions met so that you can earn the maximum interest. But be realistic, because if you need to withdraw money regularly you will not earn the highest interest. 

  • Compare savings options. Savings rates are changing all the time so keep an eye out for new high interest savings rates and if your provider's rate is falling behind, don’t be afraid to switch!

Picture of JP Pelosi
JP Pelosi
Managing editor

Jean-Paul (JP) Pelosi is an experienced journalist and editor who has contributed to many of Australia's leading media outlets including The Guardian, News.com.au, Domain.com.au, Investment Magazine and ANZ's Bluenotes. He has also edited news and communications for large financial services companies such as CommBank, Suncorp, Allianz and Amex. He loves a well told story and applying his editorial experience to content that readers both care about and enjoy. JP heads up our writing team.

FAQs about high interest savings accounts

How to open a high interest savings account

Nowadays, you’ll tend to open a high interest savings account online. You’ll also need to make sure that you have the necessary documentation ready like ID verification, citizenship, employment, and tax details.

How long does it take to open a high interest savings account?

Since most of the process is online, opening a high interest savings account can be a pretty fast process and in some cases can take under 10 minutes. 

Do I get taxed on the interest I earn?

Yes, interest earned is considered the same as income and you’ll need to declare this on your annaul tax return.   

Can I get a debit or ATM card with a high interest savings account?

Not with your savings account, but you can (or may even be required to) have a transaction account when you signed up which should come with a debit or ATM card. 

How can I calculate how much interest I’ll earn?

If you want to get a quick idea of how much your high interest savings account could earn you, check out the Mozo Savings Calculator 

How much can I deposit into a high interest savings account?

In general, most savings accounts don’t have a specific limit on how much you can deposit. However, there are usually balance tiers for high-interest savings account rates, which means that once your balance reaches this amount, the interest rate will either drop or increase depending on the savings account. 

Can I open multiple high interest savings accounts?

You can open multiple high interest savings accounts with different banks. However, a lot of the benefit from high interest accounts comes from a larger deposit earning interest. You may also have to pay a lot of fees if you’ve got multiple accounts. 

Savings Account Reviews

MyState Bank Savings Account
Overall 8/10
MyState is well worth considering

MyState Bank offer a very good online savings account, which is flexible, has one of the best current interest rates and provide good customer service. Really pleased with all aspects of our interactions with MyState so far.

Read full review

MyState Bank offer a very good online savings account, which is flexible, has one of the best current interest rates and provide good customer service. Really pleased with all aspects of our interactions with MyState so far.

Customer service
Ian, Victoria, reviewed 2 days ago
ANZ Savings Account
Overall 10/10

Love ANZ, hassle free. Customer Service is great.

Read full review

Love ANZ, hassle free. Customer Service is great.

Customer service
Finau, New South Wales, reviewed 8 days ago
NAB Cash Manager
Overall 6/10
Look after loyal customers better

Probably don’t do the best by the long term customers ie when you here of better deals for new comers and I have been loyal for years and don’t get offered the same deals

Read full review

Probably don’t do the best by the long term customers ie when you here of better deals for new comers and I have been loyal for years and don’t get offered the same deals

Customer service
Graham, Western Australia, reviewed 14 days ago

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