By Cameron Thomson · · 4 min read
Fact Checked
Advertiser disclosure
Looking to stash your hard-earned cash? Whether it’s for a holiday overseas or a first home, it can be frustrating to watch your savings pile grow at a snail's pace. But, Mozo data shows there’s an easy way to close the gap between you and your goal: by trading in your old savings account for a better deal, you could be tripling the amount of interest you earn per year.
Since the RBA started hiking rates, savings accounts have been consistently showing some Decent increases. According to Mozo’s database, the average unconditional rate in August 2023 is 1.28% while the highest bonus rate is an impressive 5.65%. So, switching from the average unconditional to the biggest bonus rate is a difference of 4.37%.
But how long will savings account interest rates stay where they are? Mozo banking expert, Peter Marshall, says that savings rates are likely to stay steady unless the banks decide they haven’t had enough deposits. “If they do come down, I don’t think it will be by much—not until the RBA is getting closer to cutting the cash rate”.
How to snatch up good interest rates
If you’re afraid that the search for a better-value savings account might cause too much hassle, don’t worry - the process is super simple! Here are two ways to get you started:
1. Negotiate with your existing bank
You’re probably comfortable walking into a store and asking the retailer for their best price, so why not do the same for your bank? Calling up your bank and negotiating a higher rate for your savings account could potentially land you a better deal and earn you more interest as you save up for your long-term goal.
But be sure to do your research first so you’re well-informed about the current market. Check out all your options and see how your bank stacks up against them by using our savings account comparison table.
2. Switch to another savings account
If you can’t reach a negotiated rate you’re happy with, be ready to walk away and move your cash stash to a savings account with a higher interest rate. Online applications and transfers have now made this process easier and more convenient than before. There’s no need to visit bank branches as everything from the sign up to transfer can be done quickly online.
You might also be wondering, how do you know that you’re getting the best rate possible? Utilising comparison sites like Mozo can be a great way of finding savings accounts with a higher rate in the market. By comparing, you’ll also get a good idea about fees and conditions so that you can get the account (and importantly interest rate) that’s suitable for your situation.
After you’ve found an account that suits you, all you’ll have to do is:
- Open the new savings account
- If you have direct debits coming out of your account, or direct transfers going into it, transfer these over
- Transfer your remaining funds
- Close your old account
Sounds simple enough, right? Check out our high interest savings accounts comparison table to find the account that could be earning you a higher rate.
High interest savings accounts - last updated 2 March 2024
Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
-
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.
Compare
Compare
Go to site
Details Close
Reward Saver Account
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.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- 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.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
Go to site
-
Mozo experts choice awards won:
- Kick Start Savings - 2023
- No Strings Savings - 2023
For more information about these awards go here.
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.
Compare
Compare
Go to site
Details Close
High Interest Savings Account
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.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
Go to site
-
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.
Compare
Compare
Go to site
Details Close
High Interest Save Account
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.
- Maximum rate
- 5.10% p.a. (for $0 to $250,000)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Deposit at least $200 to either Spend or Save account from an external source each month.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Account can only be opened through iOS or Android app, but may be accessed through internet banking.
Read our Mozo Review to learn more about the ubank High Interest Save Account
Go to site
-
Mozo experts choice awards won:
- No Strings Savings - 2023
For more information about these awards go here.
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
Compare
Go to site
Details Close
Savings Account
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.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first four months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
Go to site
-
Hero Saver
4.60% p.a. (for $0 to $250,001)
1.00% p.a.(for $0 to $5,000,001)
Yes up to $250,000
Minimum deposit of $200 and no withdrawals in the month.
Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.
Compare
Compare
Go to site
Details Close
Hero Saver
Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.
- Maximum rate
- 4.60% p.a. (for $0 to $250,001)
- standard interest rate
- 1.00% p.a.(for $0 to $5,000,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Minimum deposit of $200 and no withdrawals in the month.
- Access
- Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Bankwest Hero Saver
Go to site
Your selected savings accounts
Thanks!
Please check your inbox for your shortlisted savings accounts
Send to someone else
We're very sorry - something went wrong!
Your selected savings accounts
Thanks!
Please check your inbox for your shortlisted savings accounts
Send to someone else
We're very sorry - something went wrong!
Your selected savings accounts
Thanks!
Please check your inbox for your shortlisted savings accounts
Send to someone else
We're very sorry - something went wrong!
Your selected savings accounts
Thanks!
Please check your inbox for your shortlisted savings accounts
Send to someone else
We're very sorry - something went wrong!
Your selected savings accounts
Thanks!
Please check your inbox for your shortlisted savings accounts
Send to someone else
We're very sorry - something went wrong!
^See information about the Mozo Experts Choice Savings Account 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.
