3 tips to beat money woes in 2025
The start of a new year is the perfect time to take control of your family's finances. But where should you start?
According to Mozo money expert Rachel Wastell, there are three key steps to getting your money in order: review, consolidate, and plan ahead.
"Reviewing your finances is all about knowing your numbers - so the best place to start is with your interest rates," says Wastell. "If you don't know your rate, you don't know how much more you could be saving, or earning - and more often than not the interest rate is the main factor in determining costs."
1. Start by reviewing your home loan
If you’ve got a home loan this is particularly important.
Mozo research found that 42% of Australians with a home loan don't know their interest rate.
"That's a big problem because your rate is the key factor in determining how much your home loan is costing you," Wastell says.
She notes that over a dozen lenders currently offer rates of 5.99% or below, including both major banks and smaller lenders.
To put this in perspective, here’s an example: on a $500,000 loan over 25 years, the difference between a rate of 5.99% and the database average of 6.73% amounts to $230 in monthly savings.
2. Don't overlook savings conditions
When it comes to savings accounts, knowing your rate isn’t always enough.
“It's about knowing how to qualify for it and understanding the fallback rate if you don't meet the conditions," Wastell cautions.
Currently, some of the most competitive bonus rates in the market reach 5.50%, significantly higher than the average of 4.66%, as per the Mozo database. This difference can add up - on a $50,000 savings balance, earning 5.50% instead of 4.66% results in an extra $440 per year in interest.
For those who prefer simpler options, there are some unconditional savings accounts with high rates. In fact, the highest base rate account on our database is up to 5.10%—the Australian Unity Freedom Saver account.
3. Consolidate debts to save
Another key area to consider is your debts. Debt consolidation brings your finances together, making money management easier and ideally saving you more.
So what are your options?
According to the Mozo database, eight credit cards currently offer 0% balance transfers with a 1% fee, with terms ranging from 6 to 24 months. Some options extend up to 30 months for those needing more time, though with higher fees.
Alternatively, debt consolidation loans are available with rates as low as 5.76% p.a. (6.55% comparison rate) from lenders such as Harmoney, as per Mozo data.
"Consolidation is about cutting down on complexity and creating a clearer picture of your financial situation," says Wastell. "It's especially useful for anyone who feels overwhelmed or disorganised when it comes to managing their money."
The key to success is setting clear, achievable goals and breaking them down into manageable steps.
"Whether it's paying off debt, saving for a holiday, or building an emergency fund, define your goals for the year ahead," she says. "Small changes can lead to big results."
The bottom line is that planning leads to big savings in the future, and that starts with comparing. Check out the hub pages for home loan and savings account providers to get an idea of how your current accounts stack up.
Alternatively, to help you get started, we’ve listed some of the leading savings accounts on the market in the tables below.
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.
Savings account comparisons on Mozo
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Hi Saver
5.00% p.a. (for $0 and over)
0.50% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Earn bonus interest on your savings for the first four months from the date you open the account, even if you make withdrawals. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.
CompareCompareHi Saver
Earn bonus interest on your savings for the first four months from the date you open the account, even if you make withdrawals. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.
- Maximum rate
- 5.00% p.a. (for $0 and over)
- standard interest rate
- 0.50% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read reviews and learn more about P&N Bank savings accounts
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Bonus Saver
5.00% p.a. (for $0 and over)
0.50% p.a.(for $0 and over)
Yes up to $250,000
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
CompareCompareBonus Saver
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
- Maximum rate
- 5.00% p.a. (for $0 and over)
- standard interest rate
- 0.50% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening.
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read reviews and learn more about BCU Bank savings accounts
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Savings+Bonus
5.00% p.a. (for $1 to $250,000)
2.00% p.a.(for $1 to $250,000)
Yes up to $250,000
Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.
CompareCompareSavings+Bonus
Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.
- Maximum rate
- 5.00% p.a. (for $1 to $250,000)
- standard interest rate
- 2.00% p.a.(for $1 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $5.00
- Maximum rate conditions
- Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
- Access
- -
- Minimum balance
- $1.00
- Other restrictions
- Must become a First Option Bank member to open an account.
Read reviews and learn more about First Option Bank savings accounts
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Online Savings Account
5.20% p.a. (for $0 and over)
1.00% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate for the first 3 months from account opening.
Complement your banking with an introductory bonus rate offer. Earn additional bonus interest for the first 3 months. No minimum monthly deposit required to earn interest. No account keeping fees. No minimum opening balance. Manage your account 24/7 using the app.
CompareCompareOnline Savings Account
Complement your banking with an introductory bonus rate offer. Earn additional bonus interest for the first 3 months. No minimum monthly deposit required to earn interest. No account keeping fees. No minimum opening balance. Manage your account 24/7 using the app.
- Maximum rate
- 5.20% p.a. (for $0 and over)
- standard interest rate
- 1.00% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 3 months from account opening.
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Branch access is for deposits only. Must be linked to an Everyday Account, Home Loan or Credit Facility with this provider.
Read reviews and learn more about Newcastle Permanent savings accounts
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Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
Access a great variable rate when you grow your balance each month, in addition to other eligibility criteria. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Access a great variable rate when you grow your balance each month, in addition to other eligibility criteria. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read reviews and learn more about ING savings accounts
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