Have you become a money zombie?
No matter where you live or what your age is, there is no escaping the rising cost of living. It’s everywhere from your essential spends on things like rent and mortgage payments, utility bills, petrol and groceries through to small luxuries like the daily coffee and take-out dinners.
And if you have found yourself increasingly disengaging from your banking app notifications each time you tap n’ go, or it’s been weeks since you’ve worked up the courage to check your credit card or energy bill, you could be becoming a money zombie.
In a recent Mozo survey ^, 62% of those surveyed said they are feeling out of control with their expenses and yet many admitted that rather than being proactive with their finances, they are just trying to ignore it.
Rachel Wastell, Mozo’s money expert says there is no use ignoring what could turn into a personal finance apocalypse.
“There’s so many different ways that people can reign in their expenses to give themselves a little more breathing room, but walking around like a zombie is definitely not one of them.
“The easiest way to cut costs? Don’t pay the loyalty tax. There’s some solid market competition at the moment, which means you can save hundreds of dollars a year by shopping around. If you’re smart, and face your finances head on, you can end up saving enough in one area to cover rising costs in another.”
What you could save by switching to a better deal (potential annual savings)*
- Mortgage - $4,024 - compare home loans
- Electricity - $464 - compare electricity plans in your postcode
- Gas - $204 - compare gas plans
- Broadband Plans - $658 - Find a better broadband deal
- Mobile Plans - $244 - compare mobile plans
Personal finance apocalypse survival tips
- Find your tribe: Could you team up with others to help you cut back on some of your costs or find new ways to save. Groceries are usually cheaper in bulk!
- Be informed: know the rates of your mortgage, your credit card, your savings account so that if you do see a better deal you can switch fast or negotiate a better deal with your current provider.
- Stop mindless tapping: Be sure to shop with purpose to avoid overspending and use an app to track your spending and monitor your savings goals. See our list of award-winning apps.
- Don’t stand still: Financial topics and management might seem daunting but they don’t need to be, so up your financial know-how . There are a lot of free educational resources online (including our own site) dedicated to helping you make your money count for more. The ASX has a range of free courses that can help you learn about investing, the national debt helpline has free step-by-step guides and the Govt Moneysmart website is also a great resource.
How much could you save by switching home loans?
We can show you the monthly repayment amount for a range of loans.
Boost your savings balance with a high interest account
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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.
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.^
CompareCompareSavings Maximiser
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.^
- 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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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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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.
CompareCompareBonus Saver 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.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% 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 when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read reviews and learn more about MyState Bank savings accounts
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MoneyMAX Account
No Current Offer
4.70% p.a.(for $1 and over)
Yes up to $250,000
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
CompareCompareMoneyMAX Account
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
- Maximum rate
- No Current Offer
- standard interest rate
- 4.70% p.a.(for $1 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- n/a
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Branch access for deposits only.
Read reviews and learn more about Unity Bank savings accounts
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Smart Saver Account
4.50% p.a. (for $0 and over)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Increase account balance by any amount and make no more than two withdrawals
Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.
CompareCompareSmart Saver Account
Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.
- Maximum rate
- 4.50% p.a. (for $0 and over)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Increase account balance by any amount (excluding interest) and make no more than two withdrawals in the month
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read reviews and learn more about Newcastle Permanent savings accounts
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*Based on Mozo Experts Choice Awards data comparing the best available offers against the most expensive options in each category. WARNING: The potential savings were calculated across 2022 - 2023 when conducting analysis for each award category: Energy - October 2022, Broadband - April 2023, Mobile Plans - July 2023. Mortgage savings is based on the average big 4 variable home loan rate (80% LVR) and the lowest in our database for a $400K owner occupier as at 4/10/23.
^Mozo.com.au commissioned a nationally representative consumer research survey via Researchify, surveying 2,141 Australians, aged 18 years and over, from 30th August to 11th September 2023.
^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.