By Maria Gil · · 2 min read
Fact Checked
Advertiser disclosure
With each RBA cash rate hike, financial institutions have increased their variable interest rates too, some of which are on savings accounts.
Savings rates tend to move up slowly compared to home loan interest rates because banks obviously don’t benefit directly from more generous savings. Still, they have come a long way this year, in some cases climbing from around 1%, 2% and up above 3%. Now, there are currently 15 savings accounts in Mozo's database starting with a ‘4’.
This might be the limit though - Mozo’s banking expert Peter Marshall, says savings account interest rates are reaching their peak and will likely plateau just like term deposits.
“If the RBA pushes the cash rate up another 50 basis points that's about how much more savings rates will go up. But I do not think we will see savings rates starting with a '5',” he says.
Right now economists from Westpac, NAB and ANZ predict that we’ll see more cash rate increases well into 2023. But just because a higher cash rate is expected, it doesn’t mean savings accounts will increase.
So, Marshall says that if you’re looking to change your savings account, now is the time to do it, or start considering stashing your savings in a term deposit.
Below we’ve listed all the savings accounts starting with a ‘4’ to get you started on your search.
Bonus saver accounts
| Bank | Savings Account | Interest Rate (p.a) |
| Bank of Queensland | Future Saver Account - 14 to 35 years | 4.35% |
| ING | Savings Maximiser | 4.30% |
| Virgin Money | Boost Saver with Go Account (Lock Saver Feature) | 4.15% |
| Bank of Melbourne | Incentive Saver Account | 4.00% |
| BankSA | Incentive Saver Account | 4.00% |
| Move Bank | Growth Saver | 4.00% |
| St. George | Incentive Saver Account | 4.00% |
| Westpac | Life - 18-29 years old | 4.00% |
Introductory saving accounts
| Bank | Savings Account | Introductory interest rate (p.a.) | Revert Interest Rate (p.a.) |
| Macquarie | Savings Account | 4.25% | 3.45% |
| Rabobank | High Interest Savings Account | 4.25% | 3.00% |
| Bank of Melbourne | Maxi Saver | 4.00% | 0.85% |
| BankSA | Maxi Saver | 4.00% | 0.85% |
| St.George | Maxi Saver | 4.00% | 0.85% |
Youth/Kids savings accounts
| Bank | Savings Account | Interest rate (p.a.) |
| Virgin Money | Boost Saver with Go Account (Under 18 years old) (Lock Saver Feature) | 4.15% |
| Bank of Melbourne | Incentive Saver Account (Kids) | 4.00% |
If you're looking for ways to save more money make sure to check our Mozo’s savings guides and tips. Alternatively, start comparing savings accounts below.
Savings account comparisons on Mozo - last updated 16 March 2024
Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
-
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.
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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
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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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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
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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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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
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-
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.
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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
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-
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.
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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
-
Mozo experts choice awards won:
- High Interest Savings - 2023
For more information about these awards go here.
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.
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Bonus Saver 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.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the MyState Bank Bonus Saver Account
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^See information about the Mozo Experts Choice Savings Account Awards
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