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. Whether you are looking for the best bonus saver, high interest or everyday savings account for you, your family or kids, we’ve got you covered.
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 to help you keep your head above choppy financial waters. As a result, the average Australian saver has burnt through their cash quickly.
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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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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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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?
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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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.
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?
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?
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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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?
Whether you’ve lost your rental bond while moving house, or are being hit hard by the rising cost of living, it can pay to have some extra savings up your sleeve—especially if it’s a lump sum solely dedicated to supporting you through difficult financial times.
Gifting money to your children or grandchildren can be a great, but the act of giving may be a bit tricker than you think – especially if you're on the Age Pension, or you receive other income support from Centrelink.
While a bank is among the safest places to keep your money, have you ever wondered what might happen to your hard-earned savings if your bank went under?
You’ve probably been told that you’ve got to budget your finances, and with good reason. If you ever find yourself constantly low on funds or you just never seem to be able to save up enough cash for that shiny new kitchen appliance, then a budget might just be the ticket.
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.
Are you living with your partner and sick of having to pay joint bills with separate bank accounts? Do you both have the same goals for your money? Can you be pretty confident your partner isn’t going to wake up in Vegas with no shoes, a new tattoo and a credit card bill as long as their arm?
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.
Chances are you’ve been told sometime in your life that having a savings account is important. While you tend to see these accounts bundled within banking apps, they can often stand alone as their own thing. So how do we define them?
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.
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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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.
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:
To ensure your student savings account is the handsomest bird of the bank flock, follow Mozo's quick high interest student account tips:
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.
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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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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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.
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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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.
Sate your high-interest appetite with savings updates and belt-loosening news.
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While rates are still high, making sure your savings account's interest rate is good can be helpful to your financial goals. It’s important to make sure your savings are not just idling but actively growing. One way to check how you’re going is by looking at how your account stacks up.
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The first quarter of the year has already flown by, and it's a good time to take stock of your financial progress. Did you manage to stick to your savings plan, or did unexpected expenses and financial challenges derail your goals?
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Interest rates in Australia have finally moved up from the record lows of recent years, and so there is now more choice when it comes to finding a decent earnings rate for your savings.But with so many different accounts on the market, from bonus rate savings accounts to fixed term deposits and fee-free everyday banking accounts, it can be daunting to decide which savings option is right for you.
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With the cash rate currently standing at 4.35%, some savings account providers have brought rates on offer up to and even over 5.00% p.a. This means that, while rates remain high, savers can see their cash earn them a fair amount if they get the highest rates possible.
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