What is your risk of recession? New budget app lets you know

The Australian economy walks an increasingly delicate line between inflation and recession – and neither is good for ordinary people and their bank accounts.
Rising prices push essential goods and services out of reach for those who need them most; recessions threaten livelihoods.
Yet despite the increasing risks, a recent poll on Mozo’s Twitter reveals that people may not know if they can actually withstand a recession.
QUESTION 😟 How confident are you that you could handle a #recession?
— mozo.com.au (@mozo_au) June 15, 2023
“I think it's difficult to want to see the changes,” finance journalist Leigh Stark told Mozo.
“We all know prices are going up, but it’s such a pain point, and it's often easier to just live in the now and deal with it later, grumbling throughout it all.”
Luckily, Stark’s new budgeting app Simplsaver, known for crunching the cost of living, has just added a new exciting feature: a recession risk calculator.
How the CPI and inflation actually affect your budget

Thanks to runaway inflation, more and more Australians have turned to budgeting apps to weather the storm. But even some of the best budget apps don’t show you how price rises affect you – and how dangerous inflation truly is to your savings.
However, Simplsaver takes a different approach. What if it used the Consumer Price Index (CPI), a quarterly government measure of price changes, to see how well you can absorb inflation?
“Costs go up, but you never get a great gauge of ‘by exactly how much’. If you're trying to budget, that's a problem,” says Stark.
“It means we're all spending more than we'd like, and trying to change our habits largely in real-time.”
Instead, Simplsaver will look at the items in your budget, from groceries to rent to streaming, and compare them with how much costs are rising. Based on your salary, the app generates a risk of recession score: low, medium, high, or extreme.
If you’re in the red, Simplsaver encourages you to take steps to avoid the budget spiral. Knowledge is power, after all.

“If we can make budgets more predictive, we can break down budgeting barriers and help people ride the risk of recession into cooler, calmer waters,” says Stark.
As a budget app, Simplsaver includes a useful lineup of features: it doesn’t sell your data, budgets your monthly take home, and is free to download for iOS. (Android users, don’t worry: Stark told Mozo he’s working behind the scenes to deliver an Android version soon). It’s one of many competitive offers on the market, including three-time Mozo Expert’s Choice Award winner Frollo.
“I think we all know what's coming,” warns Stark.
“Reading the news doesn't typically make it any easier, and if it doesn't happen, even better. But getting a nudge about this and putting some money aside just in case might be the best approach.
“This feature aims to do that, giving you a glimpse of what could happen and how it will affect your budget, which is better than no nudge at all.”
Love mobile banking? Compare the best mobile banking apps at your fingertips with the 2023 Mozo Experts Choice Banking Apps & Tech Awards.
Compare savings accounts below.
Compare savings accounts - last updated 9 December 2023
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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.
CompareCompareReward Saver Account
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.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- 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.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Reward Saver Account
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Mozo experts choice awards won:
- No Strings Savings - 2023
Savings Account
5.50% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first four months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
- Maximum rate
- 5.50% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first four months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Savings Account
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Reward Saver
5.25% p.a. (for $0 to $100,000)
0.30% p.a.(for $0 and over)
Yes up to $250,000
Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.
CompareCompareReward Saver
Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.
- Maximum rate
- 5.25% p.a. (for $0 to $100,000)
- standard interest rate
- 0.30% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Grow your balance each month and must have linked Bendigo Everyday or Student Account to be eligible.
- Access
- BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Reward Saver
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High Interest Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Deposit at least $200 to either Spend or Save account from an external source each month.
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
CompareCompareHigh Interest Save Account
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
- Maximum rate
- 5.10% p.a. (for $0 to $250,000)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Deposit at least $200 to either Spend or Save account from an external source each month.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and saving account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the High Interest Save Account
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Mozo experts choice awards won:
- Kick Start Savings - 2023
- No Strings Savings - 2023
High Interest Savings Account
5.75% p.a. (for $0 to $250,001)
4.40% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- 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, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the High Interest Savings Account
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