‘Sleepy’ savings rates hurting SMSF returns
Unchecked savings rates are likely leaving self-managed super fund (SMSF) account holders significantly out of pocket, new data from financial product comparison site Mozo reveals, with cash holdings likely delivering half their current earning power.
Currently, the average SMSF savings account offers 2.22% in interest to account holders – a return of around $4,480 per year on a $200,000 super balance.
The highest SMSF savings rate, currently offered by Qudos Bank, is more than double this rate – at 4.45% – which would earn SMSF holders an average of around $9,080 per year on this same balance.
Over five years, and on an average balance of $200,000, this rate discrepancy adds up to more than $26,000 in additional interest.
Mozo compared 35 SMSF savings accounts, noting a 2.23% discrepancy between the average rate (at 2.22%) and the highest rate of 4.45%, Qudos’s DIY Super Saver.
Even the fifth highest rate of 4.05%, currently offered by Rabobank, would give SMSF savers more than $21,300 in interest over five years, Mozo noted.
“Many SMSF savers don’t realise that leaving their cash in a low interest account could be costing them tens of thousands of dollars, as when it comes to large SMSF balances, the tiniest difference in rates really adds up,” said Mozo’s Rachel Wastell.
“SMSFs are all about taking control of your financial future, and that includes ensuring your money is working as hard for you as it possibly can.”
Mozo’s top-ranked SMSF savings accounts (by interest returns) as at 3 April 2025:
| Provider Name | Product Name | Interest Rate* | Interest
(1 year) |
Interest
(5 years) |
| Qudos Bank | DIY Super Saver | 4.45% | $9,084 | $49,736 |
| Macquarie | Cash Management Accelerator Account | 4.40% | $8,980 | $49,115 |
| Bank First | Bonus Saver | 4.35% | $8,876 | $48,495 |
| Police Credit Union | Super MyWay | 4.10% | $8,356 | $45,419 |
| Rabobank | SMSF 90 Day Notice Saver | 4.05% | $8,252 | $44,809 |
| HSBC | Bonus Saver | 4.00% | $8,148 | $44,199 |
| Rabobank | SMSF PremiumSaver | 4.00% | $8,148 | $44,19 |
Rabobank, Qudos Bank, Macquarie and Bank First were featured as winners of Mozo’s Experts Choice Awards for SMSF Savings Accounts 2025.
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