EOFY deals trigger money rethink: Are you getting value from your everyday bank account?
As the end of financial year (EOFY) draws closer, new research shows more than 7 in 10 Australians plan to shop the sales this June – a clear sign that households are seeking ways to make their money go further.
But while big-ticket bargains may grab attention, experts say now is also the perfect time to rethink your banking setup and look for value beyond the checkout.
Aussies are shopping smarter in 2025
According to new research from PayPal, the overwhelming majority (85%) of Australians say they’re more price-conscious than they were five years ago, and over three quarters (76%) believe online sales events can help manage cost-of-living pressures.
Nearly half (47%) are looking to cut back on daily expenses to free up room for EOFY spending, while more than two thirds (42%) plan to stick to a strict budget.
Mozo banking expert Peter Marshall suggests EOFY is an opportunity to not only think about what you’re buying, but how you’re handling your money. “Since most everyday accounts are pretty similar, finding one with helpful features and extras can save you money – not just during sales but all year round,” he said.
Complaints data highlights need for better banking
The Australian Financial Complaints Authority (AFCA) banking and finance annual review found complaints related to banking and finance were up 12% year-on-year. Notably, complaints about online accounts rose by 36%, while personal transaction accounts saw a 20% increase in 2024.
These figures suggest that many Australians are dissatisfied with their current banking services, emphasising the importance of choosing an account that meets your needs.
Is your bank account helping or holding you back?
Everyday bank accounts rarely offer interest, but that doesn’t mean they’re all equal. In 2025, some providers offer extra value, including:
- Cashback offers on eligible spending
- Linked high-interest savings accounts
- In-app budgeting tools to track EOFY purchases
- No international transaction fees for online overseas orders
- Spending limits and temporary blocks to control account use
With digital wallets, mobile payments and debit card use consistently increasing, now may be a good time to reassess whether your account supports your spending habits.