By Cameron Thomson · · 3 min read
Fact Checked
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The cost of living crisis has brought household budgets down, with the bite of rapid interest rate rises still taking their toll. In times like these, it’s important to protect your savings with a high savings account interest rate that grows your cash while rates remain high.
Since November of last year, the RBA's been holding the cash rate and savings account providers have kept rates steady too. Right now, the Mozo database puts the average ongoing rate at 3.47% p.a. for all savings accounts we track.
While savings rates have seen some downward adjustments, the highest rate savings accounts are still sitting above 5.00%. Currently, Westpac and NAB have savings accounts at this level while both Commbank and ANZ's highest rate savings accounts are close at only 10 basis points below.
Check out which big four accounts have the highest rates:
- Westpac’s Life - 5.00% p.a.
- CommBank’s Goal Saver - 4.90% p.a.
- NAB’s Reward Saver - 5.00% p.a.
- ANZ Plus Save Savings Account - 4.25% p.a.
What requirements do the big banks’ savings accounts have?
Not all savings accounts are created equal though. Higher rate accounts tend to take the form of bonus rate accounts. This kind of account usually has strict requirements before receiving the bonus rate or you’ll receive a much lower base rate if you don't meet the conditions.
Here’s a breakdown of the requirements and conditions you must meet to qualify for the top rates offered by Westpac, CommBank, NAB and ANZ.
| Westpac Life | CBA Goal Saver | NAB Reward Saver | ANZ Plus Save | |
| Max rate | 5.00% p.a. | 4.90% p.a. | 5.00% p.a. | 4.90% p.a. |
| Base rate | 2.00% p.a. | 0.40% p.a | 0.35% p.a. | N/A |
| Monthly deposit requirement | Any amount | Any amount | Any amount | Any amount |
| Everyday transaction account | Required | Not required | Not required | Not required |
| Monthly balance growth | Not required | Required | Required ( no withdrawals allowed) | Not required |
How do the big four compare to smaller savings providers?
Keeping the same bank for all your financial needs might be comfortable, but it could mean you’re missing out on some of the best savings account rates. However, comparing savings accounts can be helpful when trying to augment your savings.
Remember, where you park your money matters – so always try to get more bang for your buck and compare providers. Plus, most savings accounts these days are 100% online so it’s easy to transfer money between accounts and open new ones from the comfort of your sofa. So, don’t let branch location get in the way of getting a good rate.
Below is a breakdown of our database’s top four ongoing savings account leaders** and their conditions.
| Rabobank High Interest Savings Account | Move Bank Growth Saver | ME HomeME Savings Account | ING Savings Maximiser | |
| Account Type | Introductory | Bonus | Bonus | Bonus |
| Max rate | 5.75% p.a. | 5.50% p.a. | 5.55% p.a. | 5.50% p.a. |
| Base rate | 4.20% p.a. | 0.10% p.a | 0.55% p.a. | 4.20% p.a. |
| Monthly deposit requirement | None | At least $200 | At least $2,000 | At least $1,000 |
| Everyday transaction account | A linked transaction account required | Not required | Required | Not required |
| Monthly balance growth | None | Required ( no withdrawals allowed) | Required | None |
However, depending on your financial goals, you might not want to park your savings in an account with a lot of conditions.
If that is the case, try a base rate account. With this kind of savings account, you won’t need to fulfil extra conditions to maintain the advertised rate.
Below, we’ve included some of the highest base rates for savings accounts in our database:
| Police Bank U30 Super Charge Account | Australian Unity Freedom Saver | ANZ Plus Save | Bank of Queensland Simple Saver Account | |
| Interest rate | 5.25% p.a. | 5.20% p.a. | 4.90% p.a. | 4.85% p.a. |
| Requirements | Full salary deposited to police bank, 18-29 year olds only | Link with Australian Unity transaction account | Balances over $250,000 will have a lower interest rate applied | Branch access for deposits only. |
Want to know how the big four compare to even more savings account providers? Check out the table below for more options, or head over to our savings account comparison hub for more information.
Savings account comparisons on Mozo- last updated 3 June 2024
Search promoted savings accounts below or do a full Mozo database search.Advertiser disclosure
Mozo experts choice awards won:
- Kick Start Savings - 2024
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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
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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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
- 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
- Standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Account fee per month
- $0.00
- 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
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
- Standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Account fee per month
- $0.00
- 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, Bills 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
- Standard interest rate
- 0.10% p.a.(for $0 and over)
- Account fee per month
- $0.00
- 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
- Standard interest rate
- 0% p.a.(for $0 and over)
- Account fee per month
- $0.00
- 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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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
- Standard interest rate
- 0.05% p.a.(for $0 and over)
- Account fee per month
- $0.00
- 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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** excluding age restricted accounts
^See information about the Mozo Experts Choice Savings Account Awards
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