Savings account news and advice

If you’re prepping your bank account or credit card for a big end of financial year shopping expedition, you’re not alone. A new Mozo study has found 81% of Australians are planning to hunt for discounted computers, software, office furniture and cars before the tax doors close on 30 June.

It’s hard to believe that the EOFY is almost upon us, but it is! We’re six months into the year and if you dread tax time, round about now you’ve probably got a sinking feeling. The good news is 86 400’s chief financial officer Belinda Hogan has given us some great tips on how to organise your tax return paperwork.

The trend of slow and steady interest rate reductions on savings accounts continued last month, with 10 cuts to ongoing bonus rates recorded by Mozo’s data team.

Putting money away in savings continues to be a top priority for Aussies in 2021, with the latest figures revealing households saved an extra $8.6 billion a month over the 12 months to March 2021.*Getting a decent interest rate on your savings is key to boosting your stash, and the good news is that a handful of financial institutions have just made this task a whole lot easier by boosting savings account interest rates in recent weeks.MyState and AMP have increased their maximum savings rates to 1.20% p.a. and 1.25% p.a. respectively, while Virgin Money has launched its new Boost Saver account offering up to 1.20% p.a. when bundled with a Virgin Money Go spending accountThese accounts now have some of the best unrestricted ongoing savings rates on the market, alongside ING’s Savings Maximiser offering up to 1.35% p.a. and 86 400’s Save Account offering up to 1.20% p.a.So, if saving money is top of your financial priority list this year, here are some of the top savings and term deposit accounts on the market right now to help you to make the most of your savings.

Whether you’re a tax-time veteran or approaching the EOFY as a newly-minted employee, you’ll want to get as much out of your tax return as possible. Knowing all the work-related expenses you can claim tax deductions on will help you in that mission. 

It’s rolled around far too quickly, but tax time is almost upon us once again. Like last year, you might have extra questions if you’ve been working from home or have taken up a side hustle over the last 12 months of COVID-induced workplace weirdness.

Queensland has become the latest state to announce a ban on bank-led school banking programs, including the Commonwealth Bank’s well-known ‘Dollarmites’ program.

Residents of the NT and Tasmania are the least optimistic about the next five years of work, according to a new survey from ADP Research Institute. The survey of more than 7,000 people living in the Asia Pacific region shows that around 30% of Tasmanians and Territorians are worried about the future of work.

While reductions to savings account interest rates have slowed in the last month, cuts have still dominated rate changes. This has left the average ongoing savings rate at just 0.44%.

Things have become pretty dismal in the savings world over the last year. Savings interest rates have gone from bad to worse, with the average ongoing savings rate in the Mozo database now sitting at just 0.44%*.