Guide to savings accounts

Best savings rates, high interest accounts, no fees savings... We all want lots of money. But the only thing worse than earning it, is putting it away for a rainy day when we're eighty. A high interest account is the simple answer to miser-free savings.

Savings Accounts

Australia's best savings accounts for July

Australia's best savings accounts for July

Here’s the list of top savings accounts with the highest rates or best features for this month reviewed by Mozo’s expert research team and money journalists. We track over 200 savings accounts in Australia from big banks, digital banks and customer owned banking providers.

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How much does the average Australian save?

How much does the average Australian save?

Most of us have had to tighten our belts over the past couple of years, and keeping a healthy stash of savings is one of the ways you can keep your head above choppy financial waters.

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How do you compare savings accounts?

How do you compare savings accounts?

With interest rates sitting at a bit higher than usual—and the next RBA meeting scheduled for February—now might be a good opportunity to take advantage. But with savings accounts coming in so many different shapes and sizes, it can be difficult to know which one is right for you.

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 How to make a personal financial plan in 7 easy steps

How to make a personal financial plan in 7 easy steps

They say that “failing to plan is planning to fail”, and nowhere is that more true than in personal finances. Having a solid financial plan is super important for making your money work for you.

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I have long-term savings goals. What kind of savings account do I use?

I have long-term savings goals. What kind of savings account do I use?

Did you know that if your savings are in an every day savings account instead of a high interest savings account, you could be missing out on a lot of extra savings?

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How to teach your kids about money basics

How to teach your kids about money basics

With the kids going back to school soon, you’ve probably been thinking about how to teach them new and better money habits. Starting early on is a great way to make sure your kids have the best chance possible at developing positive money habits and saving skills for later on in life.

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How much of my income should I save

How much of my income should I save

Half? A quarter? A dollar? It can be challenging to figure out how much of your income you should save. Thankfully, there are ways of figuring this out so that you can start saving for whichever goal you’re aiming for.

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Can I ask for a better rate on my savings?

Can I ask for a better rate on my savings?

With rates climbing upwards and the rising cost of living causing stress, we’re all looking to save money wherever we can. The first things we look at are always the big expenses - home loan repayments, credit cards - but could you be earning more on your savings?

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When to open a savings account for your children

When to open a savings account for your children

Teaching your kids how to save money early in life could help to set them up with money management habits which they’ll take into adulthood. So, when is the right time to open a savings account for your child? And what key features should you look for in a kids savings account?

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What to look for in student savings accounts

What to look for in student savings accounts

The student life might mean that you have a tight budget and there isn’t much wiggle room for anything else.

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How to keep your budget intact while working from home

How to keep your budget intact while working from home

With the rise of hybrid work, more of us are operating between the world of home offices and on-site work. But what’s the cost?

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Your essential guide to building an emergency fund

Your essential guide to building an emergency fund

An emergency fund is a sum of money you set aside that can support you if you experience a difficult financial time. It might be an unexpected event such as a medical emergency or losing your job, or you might be getting hit hard by the rising cost of living.

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What you need to know about gifting money to your kids

What you need to know about gifting money to your kids

Gifting money to your children or grandchildren can be a powerful way to provide financial support and impart valuable life lessons. It's an act of generosity that can have immediate and long-lasting impacts on their lives, helping them achieve their goals or navigate financial challenges.

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A Guide to the Financial Claims Scheme

A Guide to the Financial Claims Scheme

Ever wondered what might happen to your savings if your bank failed? The Australian Government's Financial Claims Scheme (FCS) is designed to protect you in such scenarios.

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How to create a budget

How to create a budget

Keeping track of what you’re spending is the best way to stay on top of all your bills and still be able to enjoy the finer things in life. But if you’re not sure how to get started with building a budget, don’t worry. We’re budgeting experts here at Mozo, so let's get into it together!

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Savings accounts vs term deposits

Savings accounts vs term deposits

Fixed or variable, that is the question. For most people, savings accounts are the standard option. However, term deposits offer a few of their own advantages that make them worth considering.

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What are joint savings accounts?

What are joint savings accounts?

If you’re planning on saving with someone you trust, it can be a hassle to calculate between separate accounts. That’s why a joint savings account can be pretty useful. But what are they and how do they work?

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Online savings accounts

Online savings accounts

The internet is not just for funny cat videos (although those are important too.) It’s also the perfect place to find yourself somewhere to park your hard earned savings.

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What is a savings account?

What is a savings account?

A savings account is a safe, secure and accessible place to store your money. But unlike everyday bank accounts you use to pay bills or cover expenses, a savings account allows you to deposit money for future needs while earning some interest.

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How savings account interest is calculated

How savings account interest is calculated

Savings accounts are a great way to grow your balance through interest. Not only do they provide a safe place to store your cash (as they are guaranteed under the government’s Financial Claims Scheme), but they also let you move your cash around quickly.

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High interest savings accounts explained

High interest savings accounts explained

So you finally made the decision to ditch the piggy bank you’ve had since you were twelve and upgrade to a high power savings account? Congrats!

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15 simple ways to save money in 2024

15 simple ways to save money in 2024

Saving up cash doesn't have to be a complicated process. At the most basic level, it requires spending less than you earn. Normally, this means having to cut out discretionary spending, although you can offset this by finding new sources of income.

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Types of Student Savings Accounts

Types of Student Savings Accounts

You'd think the hardest part about saving should be the saving, and deciding where to put your money would be a relative breeze. But then, what would banks do without all their fine print? Here are the major student savings account types:

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Student savings account fees and features

Student savings account fees and features

To ensure your student savings account is the handsomest bird of the bank flock, follow Mozo's quick high interest student account tips:

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The Ins & Outs of Savings Account Features

The Ins & Outs of Savings Account Features

With hundreds of savings accounts on the market, choosing the right one to grow your hard-earned dollars in can be a daunting experience. What’s more, savings accounts can have a range of features that can vary depending on the type of account you’re looking for.

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Types of Savings Account

Types of Savings Account

Whether you’re saving for a holiday, a home deposit or a new pair of shoes there’s a savings account out there for all savings scenarios! There are plenty of different types of savings account to choose from. Don’t be overwhelmed! Read this guide as we delve into the different types of savings accounts to help you decide which one best suits you and your hard earned savings. Then you can sit back and watch your savings grow!

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7 Steps to Savings Account Heaven

7 Steps to Savings Account Heaven

So here are the coveted, much anticipated and holiest of savings holies: the Seven Heavenly Savings Virtues - along with the Seven Deadly Sins of Spendthrift Iniquity. If you follow these steps you’ll reach your savings goal in no time!

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Kids Savings Accounts

Savings for children - tips and tricks

Savings for children - tips and tricks

Just because your kids are the sweetest, brightest-eyed customers in the bank queue doesn't mean they won't have to dodge a savings bullet or two. Here are our top tips to children's saving survival.

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Bank accounts for children - how to maintain kids savings motivation

Bank accounts for children - how to maintain kids savings motivation

Life’s uncertain, and as parents, we all want the best for our children and their future. One of the great ways you can help out is to get your kids into healthy money habits early on, whether that’s opening up their own savings account or teaching them to have savings goals they can commit to. That way, they’ll be well-equipped to handle their finances once they’re older and they’ll be more than ready to tackle the tricky financial challenges of adulthood.

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Savings for children - the Mozo guide

Savings for children - the Mozo guide

Bringing up a savings-savvy kid could save you a fortune in averted financial delinquency later on, so it pays to get them excited about saving and informed about making sure their cash is sitting in a kids savings account with one of the higher interest rates around.

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Savings account news

Sate your high-interest appetite with savings updates and belt-loosening news.

Articles

5 financial New Year goals to set and achieve

As we bid farewell to the previous financial year and welcome in the new one, it’s the perfect time to set fresh money goals. Whether you're aiming to boost your savings, reduce debt, or make smarter investments, setting clear and achievable goals can pave the way for a prosperous year ahead. Here are five financial New Year's goals to help you kick off the new financial year on the right foot.

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How to increase the interest on your savings

How to triple the interest on your savings

With inflation at an all time high and the cost of living having a choke-hold on many Australian families, it’s time to think smarter when it comes to making your money work harder for you. So what better time to boost your savings interest rate with a few smart moves that could triple your returns?

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Compare savings accounts and save

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