Your selected savings accounts
Savings account rates may stay where they are for longer. The latest inflation data from the ABS found that CPI rose by 1% in March quarter, an increase over the reported 0.6% in the December quarter. However, CPI for the 12 months to the March quarter was still lower than the last release at 3.6%.
As a result, economists at Commbank and NAB have pushed back their predictions for rate cuts to November. If the RBA continues to hold the cash rate at 4.35% or even decides to hike, then savers could continue to see some great rates offered by providers for months ahead.
It can be difficult to know if your savings account has a high or low interest rate compared to others. That’s why the Mozo data team has crunched the numbers and found the average rates across different savings account types.
We’ve also averaged out the rates on offer from the Big 4 (Commbank, ANZ, NAB, Westpac) so you can get an idea of how providers compare to the big banks.
| All Average | Big 4 Average | |
| All Ongoing | 3.47% p.a. | 3.44% p.a. |
| Only Bonus | 4.59% p.a. | 4.79% p.a. |
| Only Introductory Rates | 4.85% p.a. | 4.69% p.a. |
| Only Unconditional Rates | 1.40% p.a. | 1.62% p.a. |
| Current Cash Rate: 4.35% | ||
*Correct as of 1 May 2024
By using the above averages as a baseline, you’ll be able to get a good idea of how far ahead the best savings account rates are. We’ve added some of the top high interest savings accounts below so you can compare based on your financial goals.
Bonus and introductory savings accounts have maintained some pretty high rates for the past few months. Mozo tracks 200 savings accounts and, according to our database, a few dozen are still sitting comfortably above 5.00%.
The next RBA meeting will be 6-7 May, so we’ll see what the board decides to do in light of recent CPI data. We’ll likely see a hold as the board will be careful not to push the economy too far. This means that providers will elect to keep their rates steady or make only a few minor adjustments.
However, if the last leg of inflation continues to be stubborn, then it’s possible that the RBA could decide to increase rates further. In that scenario, providers may choose to increase rates.
See also: Are interest rates going up? New forecasts from Westpac, NAB, ANZ, and CommBank
Savings account interest rates are variable, meaning that providers can change your rates at any time. Generally, any decision the RBA makes regarding the cash rate will determine whether rates see a major hike, pause, or cut.
To find out what’s happening with interest rates in more areas of banking, check out our snapshots for Home Loan Interest Rates, Personal Loan Interest Rates and Car Loan Interest Rates.
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.
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.
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
Your selected savings accounts
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.
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.
Read our Mozo Review to learn more about the Macquarie Savings Account
Your selected savings accounts
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.
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.
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
Your selected savings accounts
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
Read our Mozo Review to learn more about the AMP Bank AMP Saver Account
Your selected savings accounts
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.
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.
Read our Mozo Review to learn more about the First Option Bank Savings+Bonus
Your selected savings accounts
No Current Offer
4.75% p.a.(for $1 and over)
Yes up to $250,000
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
Read our Mozo Review to learn more about the Unity Bank MoneyMAX Account
Your selected savings accounts
0.85% p.a. (for $5,556 to $50,001)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Minimum $5 monthly deposit and no withdrawals to earn bonus interest each month.
A dedicated high-interest savings account exclusively for under-18 members, designed to help kids save up for something they want. Internet banking and Mobile Banking App. Deposit a minimum of $5 per month (pocket money!) without making a withdrawal and you will earn high bonus interest on balances up to $5,555. Balances over $5,555 will earn only the base interest rate of 0.05% p.a
A dedicated high-interest savings account exclusively for under-18 members, designed to help kids save up for something they want. Internet banking and Mobile Banking App. Deposit a minimum of $5 per month (pocket money!) without making a withdrawal and you will earn high bonus interest on balances up to $5,555. Balances over $5,555 will earn only the base interest rate of 0.05% p.a
Read our Mozo Review to learn more about the First Option Bank Kids Bonus Saver
Your selected savings accounts
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.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
Read our Mozo Review to learn more about the MyState Bank Bonus Saver Account
Your selected savings accounts
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.
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.
Read our Mozo Review to learn more about the Westpac Life - 18-29 years old
Your selected savings accounts
^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.
Savings accounts are a low-risk place to stash and grow (through interest) the money you aren't spending on essentials like housing and food.
Unlike a term deposit, you have access to your savings any time you need it, meaning you're free to withdraw your funds when you need to for that big purchase or holiday you've been saving up for.
Savings interest is usually compounded daily and paid monthly. This means the interest you earn is counted as part of your savings balance and constantly grows.
Check out our savings calculator to work out what your interest rate is earning you.
For example, if you have $5,000 in your savings account and earn 5.00% p.a., your balance would grow to $5,256 after one year – and that's without any extra deposits you make.
Now say if you deposited an extra $50 each week from your paycheque. You'd end up with a savings balance of $7,916 after just one year, having earned an additional $316 just by being a diligent saver.
There are four main kinds of interest rates you'll encounter when you compare savings accounts:
Ongoing interest rates don't require customers to jump through hoops to earn the savings account's highest rates (e.g. depositing $1,000/month). The rate is simply the rate.
Bonus interest rates come with strings attached, but they can often offer some of the highest savings account rates in the market.
To get the account's highest savings rate, you'll have to meet certain conditions (e.g. growing your balance each month), otherwise your savings rate can drop dramatically. Good for those with a consistent income.
3. Introductory interest ratesIntroductory savings rates usually draw customers in with a high savings account rate for a set period of time (e.g. 3 or 4 months), before it drops down to the standard rate.
It's like a welcome offer, hoping you'll stick around after the intro period ends.
Kids savings accounts offer rates exclusively for kids or young people (up to about 35 usually) and will often waive any of the usual bonus interest conditions that come with account geared towards adults.
We've covered what savings accounts are and the types of interest they offer, but there might still be one or two things you're in the dark about. Below, we've compiled a few key questions to put you on the right track to finding the perfect savings account.
Like home loans and term deposits, savings account rates move in line with the cash rate. When the Reserve Bank reduces official interest rates, banks are usually quick to cut their savings rates in kind. If, however, the RBA was to raise official interest rates, you can generally expect much more attractive returns on your savings.
There are a few key features to keep in mind when you’re shopping around for a competitive savings account. While securing the highest possible interest rate might seem like the most important thing, it can sometimes be a bit trickier than that. Keep an eye on these things when choosing a savings account:
If you’re looking to maximise your savings, earning interest is one of the easiest and low-risk ways to do it. Use some of these handy tips to help you make the most of your savings account interest rate.
You need to take a lot of things into account when choosing the right savings account for you: bonus and introductory interest rates, ongoing interest rates, fees and conditions. You’ll also need to know what kind of deposits your budget allows for and how you want to use your account. It can all seem a little overwhelming, so here at Mozo, we’ve taken some of the hard work out of it for you with these handy resources:
You can also find out more about interest rates, how they work and what they mean for you by visiting our interest rate guides pages.
Your selected savings accounts