Extra sleep or potentially save $5000? How will you use the extra hour?

By Gabriella Margerison · · 2 min read
Fact Checked
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Instead of celebrating the end of daylight savings with a sleep in this Sunday, our advice to you is to grab your laptop and snuggle in for an hour of deal shopping-in-bed. And we don’t mean browsing the mid-season sales.

We’ve crunched the numbers to reveal that by switching from the average home loan, credit card and savings account to the most competitive deals in the Mozo database, you could clock up over $5,000 savings over the coming year.

Homeowners are up for the biggest windfall. By switching from the average variable rate home loan to the most competitive rate on a $500,000 home loan you’ll save $4,550. And if you’ve been looking for a reason to ditch your high interest accruing credit card now is a great time. The best rate in Mozo’s database is a huge 9.61% below the average interest rate, which would mean a saving of $384.40 a year.

We love a good sleep in, but we probably wouldn’t pay $5,000 for it.

Quick links:
Compare all home loans
Compare all credit cards

Here’s a look at the potential savings you could make by switching banking products:

Source: Mozo.com.au as at 28 March 2024.

And while you are snug up in bed, it’s also the perfect time to review your gas and energy plans. Last winter was one of the coldest on record and by switching to a more competitive plan you could save hundreds of dollars on your winter energy bill.

Finding the best deals in your area is easier than ever with our speedy energy comparison tool. Just plug in your postcode and we’ll reveal the best deals available to you. Check it out here or head on over to our energy guides section to read up on ways to save on your energy bill.

Or you could invest in a snuggie. Your call.

Home loan
Based on average rate of 6.80% p.a. vs best rate of 5.89% p.a. in the Mozo Database. $500,000 Owner Occupier Home Loan, Principal & Interest, LVR 80%, over a 25 year loan term. Accurate as at 28 March 2024.
Credit Card
Based on a balance in the next 12 months of $4,000 at average rate of 17.10% p.a. vs best rate of 7.49% p.a. in the Mozo Database.  Accurate as at 28 March 2024.
Savings Account
By banking the leading base savings rate of 5.55% instead of the average 3.27% on a $10,000 balance over 12 months in the Mozo Database. Accurate as at 28 March 2024

Compare more savings accounts below

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 250 savings accounts.
Last updated 24 November 2024 Important disclosures
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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  • Bonus Saver

    5.00% p.a. (for $0 and over)

    1.00% 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.

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    Details
  • 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.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

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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.

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    Details
  • Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $20 each month and make 5 Visa Debit transactions with a linked Glide account.

    Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.

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^See information about the Mozo Experts Choice Savings Account Awards

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.