If you're an investor looking to streamline your finances, a cash management account might be the solution you need. Whether you're managing your own super fund, investing in shares, or collecting rental income from an investment property, a cash management account (SMA) can help. In short, it keeps your investment money separate from your everyday spending while still earning competitive interest rates.
Bank accounts can differ based on their interest rates, fees, features and security. If you’re a senior looking for a bank account that better suits your needs, we’ve done some of the hard work here to help.
Living in a shared or ‘share’ house can be a cost-effective way of renting, but it often comes with its fair share of challenges – particularly when managing finances.
Are you considering switching your bank account? Whether you're looking for better rates, fewer fees, or improved services, changing your bank account can be a smart financial move. This guide will walk you through the process in four easy steps.
Osko is a fast and convenient payment network that operates under the NPP (New Payments Platform) in Australia. Launched in 2018, it allows users to make real-time payments between participating banks and financial institutions, ensuring money is transferred almost instantly.
Open banking is an innovative process aimed at revolutionising traditional banking systems across the world and has been implemented in Australia since 2020. The notion of consumer-centric banking has the potential to change how you handle your personal finances. It’s important to be aware of what open banking means for your future money management.
There's a growing movement in Australia to combat climate change and promote ethical practices across various industries. One area gaining significant attention is the banking sector, with many Australians now considering the environmental and social impact of their financial choices. If you're contemplating a switch to ethical banking, this comprehensive guide will walk you through everything you need to know.
Gone are the days when you had to pull out your wallet or write a cheque to pay back a friend or settle a bill. With internet banking and online accounts, sending money to friends, family, or businesses is a breeze.
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By offering digital only access, providers can make banking a more convenient service. But what exactly are online banks and how do they differ from traditional banks?
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When deciding who to manage your money with, there’s more than just traditional banks to choose from. So, what makes mutual banks, and credit unions different? Let’s have a closer look.
When comparing NBN plans, it’s important to weigh up speed, price, and data needs. If you’re looking for discounts on NBN 100 plans, we’ve researched a range of deals currently available.
When you first start to compare NBN plans, you might be understandably stumped by what each NBN speed actually means. To determine which speed is right for you, you’ll want to consider how many people are using the internet in your household, and what their usage is like.
If you’re searching for an internet plan, you might have noticed that two of the major options available to you are NBN and 5G home internet. But which exactly is the better choice?
Disney+ : It’s the happiest streaming platform in the world! Whether you’re a die-hard Disney fan or a Marvel maniac – with its massive content library, Disney+ has something for everyone.
Streaming services have provided hours upon hours of entertainment for Aussie families, with households able to utilise their broadband to access a multitude of movies and series at our fingertips like never before.
Choosing the right mobile broadband plan for your lifestyle can be a difficult task. With a range of providers all offering different plans, it can be hard to decide which one may suit.
It’s 2023 folks, which means you’ve probably got more app and streaming subscriptions than you can count on one hand. But managing multiple subs can feel like a full-time job - and can cost a tonne.
So, you’re a gamer looking for a broadband plan to suit your gaming needs? Well, you’ve come to the right place!
The NBN is now commonplace for many Aussies, with around 8 million households and businesses connected to the network as of 2021, according to the ACCC .
Whether you’re no longer happy with your current NBN provider, or you’re simply after a better deal - there are plenty of reasons as to why you might want to switch broadband plans.
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An SMSF term deposit is designed to help the members of a self managed super fund save money. In short, the SMSF can invest a sum for a fixed period of time, be it a few months or a few years, and build on that initial investment through a fixed interest rate. Just as is the case with a regular term deposit, interest can be paid monthly, quarterly or at the end of the term.
See more business banking guides
In November 2021, a survey from SaaS cloud banking platform Mambu showed that Aussies love Buy Now Pay Later (BNPL), with 24% of Aussies using BNPL compared to just 11% of people globally, and the trend has continued.
See more buy now pay later guides
Looking for cheap car insurance in Australia? The right policy should keep costs down without sacrificing cover. This guide helps you compare options, find great value and lock in a deal that works for you.
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In the world of car insurance, your excess is the amount you pay out-of-pocket whenever you make an insurance claim. While it’s never fun to pay out of pocket, it’s actually designed to keep your premiums manageable. Want to learn how it does that and the role it plays in car insurance?
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When you want to understand your rights and responsibilities with any particular car insurance policy, the product disclosure statement (PDS) is your go-to resource.
Car insurance is a must-have product for many Aussies across the country, but you shouldn't have to fork out big bucks for a little peace of mind.
There’s almost no experience more embarrassing or stressful than having your car break down during peak-hour traffic or having a blown tyre throw a wrench into your road trip plans. That’s where roadside assistance comes in. Let’s see what it’s all about and how to add it to your car insurance policy.
Car registration costs vary depending on your state or territory, and take into account factors like your vehicle's weight, what you use it for, and where you drive it.
Each year thousands of car accidents and injuries happen as a result of mobile phone use behind the wheel. This form of distracted driving is a serious issue in many parts of the world, and Australia is no outlier.
Driving into the golden years doesn't have to mean driving up your car insurance premiums. If you're over 60 and on the hunt for a more wallet-friendly policy, we've got your back. We've sifted through the details to bring you insights into securing affordable car insurance tailored to seniors.
If you drive for or are considering driving for ridesharing platforms like Uber or Didi, you can often extend your private, personal-use car insurance policy to cover your business-related activities. In this guide, we'll explain how this works, along with the insurance options available to you.
Under 25 and gearing up for a drive? Before you zip off for beach trips or late-night snack runs, let’s get you sorted with a car insurance policy that’s got your back for everything from bumper bingles to major oopsies.
Dealing with car troubles can be a real hassle and often quite expensive. If you’re caught in a jam trying to foot the bill for a big service or unexpected repairs, you might consider taking out a car repair loan (also referred to as a personal loan) to help cover the cost.
That exciting moment has arrived - you're ready to buy your first car. While the prospect of hitting the road in your own vehicle is thrilling, the path to car ownership involves more than just picking out your dream ride.
If you’re looking to finance a new set of wheels, Mozo’s tips and tricks could help you shave thousands of dollars off your car loan.
*If you’re experiencing financial hardship, It may be worth speaking a service like the National Debt Helpline
Looking to buy a new car this year? The excitement of car shopping often overshadows the most crucial question: what can you actually afford?
Cars are expensive, and paying a large sum upfront isn't always possible. Car loans provide the finance you need for your desired vehicle.
Ready to buy a car? Whether you're eyeing a brand-new vehicle or a pre-loved model, it's an exciting milestone. While some might have savings ready to go, most people need financing. The two main options? Car loans and dealer finance.
If you bought your car with a secured loan, then selling it isn't quite as straightforward as you might think.
If you’re buying a car, you’ll either need to have saved up the full purchase price, or you’ll need to find a way to finance it. While most Australians will buy a car using dealership finance or a car loan, these aren’t your only options.
When buying a car, where do you start? Will your decision be based on the shape, the brand or how many passengers it can carry?
When it comes to credit cards, we always think of that classic piece of advice: “Don’t spend beyond your means”. There’s a little more to it than that when it comes to managing your credit card balance, so buckle up! We’re diving in.
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The world of banking and financial technology has come a long way in recent years, with card payments fast replacing cash as Australia’s preferred payment method, and emerging payment technologies such as mobile wallets and wearable payments becoming increasingly popular alternatives.
As exciting as it is to head on holidays, planning can be prone to stresses of its own. One of the many choices you’ll have to make is how to finance your trip.
Credit cards may not have the best reputation, as the media is often quick to portray the negative connotations associated with them. If you lack self-discipline, a credit card can run you into trouble with debt levels beyond your comfort. On the other hand, credit cards are a very useful financial tool and when used properly, there are many benefits to having the card available in your wallet.
Being a pensioner might make getting a credit card more difficult, but it does not necessarily disqualify you.
If you've never taken out a person loan before or investigated getting a credit card, you may not have come across the concept of a credit rating or 'creditworthiness'. But if you are looking for some kind of financing in the future, this score and the file it sits in could impact the kind of loan options you can access.
Whether you’re new to the game, or you’ve been swiping your credit card for years, I think we can all agree that the whole ‘interest-free period’ thing can be totally discombobulating! Which is why we’ve put together this guide for you! So you can walk away knowing what credit card interest-free days are and how they work.
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A few years ago, you may have never come across the term “interchange fees”. Instead it was reserved for those in the banking world to discuss the profit margins of banks.
Looking for a rewards credit card from one of the big four banks? But don't know whether to choose Westpac, NAB, CommBank or ANZ?
Your credit card has many benefits and features you may not even be aware of; some help you out when travelling, others will save you money while and you can even get a credit card that makes you feel like a celeb! So take a look at Mozo’s comprehensive list of plastic perks so you make the most of your credit card features.
Energy prices have been climbing in Australia over the last few years and Aussies are feeling the pressure.
When you rent, you’re often at the mercy of the property’s existing appliances, gas and electricity fixtures, and how well your place retains or keeps out the heat.
Every find it annoying when you're trying to read your electricity bill, only to get stuck at all the confusing terminology? Nothing worse than paying for something you don't understand!
Have you ever felt like you’re overpaying for electricity? It might be time to switch energy plans. Thousands of Australians fight back against rising electricity bills each year by comparing the electricity plans available in their area and switching to save money.
Is the cost of your energy bill a shock to the system and a burden on your bank account? It’s easy to overuse energy without realising, resulting in an expensive energy bill.
In the face of overwhelming but completely understandable climate anxiety, it’s time to get proactive. So roll up your sleeves: let’s see what you can do.
Water heating is a fairly large cost on most household energy bills, accounting for up to 30% on average. While we’ve previously written some tips to cut down on the cost of hot water, installing a solar hot water system could dramatically decrease the amount you spend on home energy.
Green hydrogen is a growing industry, with billions of dollars of investment in what has been described as a “fuel of the future”. But as the clean energy transition continues around the world, where does green hydrogen fit into the picture?
With energy providers flocking to clean power initiatives, carbon offset programs have seen a rise in population. While they differ from bringing renewable energy into your household or taking part in a GreenPower program, carbon offsetting is an efficient way to cut down on the emissions of your home.
With a rise in solar panels and other renewable energy sources, virtual power plants are growing in popularity around Australia as more communities take charge of their own power.
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Imagine a fire breaks out and destroys one of your home’s upstairs bedrooms. The quote to fix it is $50,000 but your insurance says ‘sorry, you’re underinsured. We can only give you $25,000’.
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Home insurance excess is the amount you pay out-of-pocket whenever you make a claim. It applies whether you have home (building) insurance, contents insurance or a combined policy that covers both.
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A product disclosure statement (PDS) is one of the most important documents you’ll come across when considering home insurance. It’s your single source of truth - everything you need to know about your policy is packed into this document.
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Exploring cheap home insurance in Australia? This guide cuts through the complexity, helping you find a policy that’s both affordable and reliable. Whether you're trimming expenses or seeking essential coverage, we provide the key insights to help you compare home insurance policies effectively so you can get the best deal possible.
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Your child kicks a soccer ball inside, and—smash—it’s through the living room window. Accidental damage insurance covers these everyday mishaps, unlike standard home and contents insurance, which focuses on events like theft or natural disasters.
Natural disasters like bushfires, floods, cyclones, and hailstorms are a fact of life in Australia, with risks only intensifying as our climate changes. The tricky part? No two home insurance policies define or cover these events quite the same way, and the differences can be more unexpected than you’d think.
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If you own a holiday home, your insurance options fall into two categories: one for renting the property out, and another for personal use only.
Starting life in a new rental often means unpacking boxes, finding the nearest coffee shop, and making the space your own. Insurance might not top your to-do list, but it probably should.
Home is where the heart is, and ensuring it's protected with the right home insurance is key to peace of mind. When faced with unexpected events like fire, theft or vandalism, knowing how to navigate the claims process is crucial.
Understanding how home insurance premiums are calculated isn't just about peeking behind the curtain. It's about taking an active role in the process and equipping yourself with the knowledge to make smart decisions about your cover.
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The First Home Super Saver Scheme (FHSS scheme or FSSSS) lets you make voluntary contributions to your super and withdraw them later for a first home deposit. Unlike regular superannuation contributions that are locked away until retirement, FHSSS funds are accessible for first homebuyers, while still benefiting from tax advantages.
Buying a home for the first time can be both stressful and liberating. So naturally, most people have a lot of questions about how it all works. To make the process easier, we’ve compiled the most frequently asked questions about home loans, covering everything from the difference between fixed and variable rates, to the right time to make an offer on a property.
As Australian home prices continue to rise, the amount we need to save to get a home loan increases too. But what is the average home deposit in Australia in 2024?
Thinking of refinancing? You’re certainly not alone. The era of RBA rate rises has got many borrowers rethinking their home loan rates, features, and commitments, and seeking better options.
For most Australians, paying off a home loan is a decades-long task. But what happens if you pass away before you get a chance to pay it off and discharge your mortgage?
Your investment portfolio can actually boost your borrowing power and impress a lender, however there are some caveats to be aware of when using your shares to strengthen your application.
The banking industry loves complex jargon. Even after working full-time in finance for the past three years, I still come across new terms and acronyms that need deciphering.
Buying or selling property can be a stressful process, but a conveyancer is one person we strongly recommend retaining to help you along the way.
Paying off your mortgage ahead of time can feel like a daunting task, but there are ways to pay down your home loan faster – and doing so can save you thousands in repayments.
Most people understand the basic concept of refinancing – switching out your home loan for a new one with a lower rate, better features, or a more favourable loan term. This is usually known as a rate-and-term refinance.
Shrinkflation is the practice of shrinking the size of consumer products while maintaining the price.
Official interest rates, also known as the cash rate, have been the source of countless news stories in recent years, with each movement generating plenty of chatter about the state of the economy, monetary policy, and the general direction it’s all heading.
When shopping for a home loan, you’ve probably noticed something called a comparison rate sitting beside the interest rate. But what is the difference between the two? Why is the comparison rate important?
The Reserve Bank of Australia has held interest rates steady for two months in a row. Inflation has slowed meaningfully enough for the central bank to wait and see for now, which is great news for those struggling under the weight of rate hikes.
Rainy day funds are essential, and earning interest is a fantastic and easy way to give them a boost. But how do the banks calculate your interest payments?
When you take out a loan, whether it’s a car loan, home loan or amount on a credit card, you’ll have to pay back both the amount you borrowed and interest on top of it. But what do we mean by that?
There are a lot of things you need to research and consider before making any kind of financial decision. One of those is your interest rate.
Good question. An interest rate is a fee you're charged for borrowing money, expressed as a percentage of the total amount of the loan.
The flip side of variable interest rates, fixed interest rates are one of the two main types of interest you’ll come across when choosing a loan or bank account.
Mozo has compiled this handy guide to give you the rundown on the facts, features, pros and cons of variable interest rates.
Sending money overseas from Australia? While most people first look at the exchange rate, there's more to the story than just the rate you'll get for your Aussie dollars. Hidden fees and unexpected charges can take a surprisingly big bite out of your transfer amount, leaving you or your recipient with less than you planned.
International Money Transfer (IMT) is a way of electronically transferring cash to someone in another country. Typically there have been some distinct big players in this space, but innovation from digital providers has seen traditional banks get a bit more competition in recent years.
When sending money overseas, choosing the right service can potentially save you time and money. PayPal and international money transfer (IMT) providers are two popular options, but they cater to different needs. This guide breaks down their pros, cons, and ideal uses to help you decide which is best for your situation.
Receiving money from overseas is a part of life for many Aussies — whether you're an expat, a business owner, or simply getting payments from friends or family abroad. The process can seem straightforward, but there are a few key things you should know to make sure you get the most out of the transfer, avoid unnecessary fees, and understand the tax implications.
Whether you're off on a backpacking adventure, studying abroad for uni, taking a job transfer, or making a permanent move to another country, managing your money across borders is one thing you want to get right.
Thinking about importing a car from overseas? Whether you’ve found your dream ride — a classic Corvette from the US — or scored a deal on an electric car from China, understanding international money transfers can save you paying unwanted extra costs.
Peer-to-peer (P2P) transfers let you send money overseas using a platform that connects you directly with another person, rather than going through a bank or currency exchange. This method can offer more competitive rates, with the potential to get closer to the real exchange rate (mid-market rate), which is typically reserved for larger financial institutions.
Planning to send money overseas from Australia and curious about how it all works? From choosing the right transfer service to understanding fees and limits, we've got you covered. Here's a quick guide to get you started on everything you need to know about international money transfers.
With Aussies swapping the Outback for Oxford and Brits trading Big Ben for Bondi Beach, sending money between Australia and the UK has become as common as debating Marmite versus Vegemite.
According to the World Bank , China is one of the top receiving countries for international money transfers, with Australia being the biggest contributor. The number of Australians investing in Chinese businesses and property is on the rise and there also continues to be a large influx of Chinese people migrating to Australia.
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While it can be tricky to think about, life insurance can be a useful financial safety net for your family if you’re no longer able to provide for them. From death cover to income protection insurance, there’s a range of policies available for a variety of needs.
Having a financial plan to look after your family when you can’t anymore is a hard but important conversation to have. This is where life insurance can help step in.
For most Australians, covering essential expenses like rent, groceries and power bills will get tricky without a paycheck coming in. It only gets more complicated if you’re providing for a family or paying off a home loan.
If you haven't investigated it before, life insurance can seem a bit complicated. To start with, the term itself is a catch-all for different kinds of coverage, including income protection cover, total and permanent disability cover, and death cover.
After you’ve worked out whether or not you need life insurance, the next step is working out what level of cover you should opt for. The key? Finding the right balance for your situation.
Whether you work for yourself or as an employee, life insurance exists to ensure your needs and those of your family are met if you’re no longer able to provide financial support.
When you purchase a vehicle from a car dealer, you'll probably be offered a whole lot of extras. While an alarm system may be worth forking out extra for, one add-on you should avoid at all costs is life insurance.
If you’ve decided to bite the bullet and buy a life insurance policy, you should take the time to work out which of the key features on offer are important to you. After all, this is one insurance policy you could wind up sticking with for the rest of your life.
In October 2016 the Australian Securities and Investments Commission (ASIC) handed down a report into the handling of claims by the life insurance industry. This was in responses to criticisms of outdated definitions being used to avoid payouts and conflicting interests in the sale of policies.
Life insurance is meant to be a safeguard for the tough times in your life. It should give you peace of mind in the event of a loved one's death or to guarantee your financial safety if something happens to you and you’re unable to work.
See more life insurance guides
Black Friday deals can nab you some serious savings, including from mobile phone plan providers.
When you Optus, and Vodafone.
Mobile data can be a great way to stay connected. Zippy downloads, live games, and seamless streams: what more could you want? (Well, perhaps a good value mobile phone plan, too!)
Looking for a mobile phone plan with international roaming add-ons so you can use your mobile phone while overseas?
These days most mobile plans come with unlimited call and text credits, so a major factor to consider when you compare mobile phone plans is how much data is included.
When you compare mobile phone plans, you’ll often see two types: prepaid and postpaid. While the names are supposed to be obvious, the difference between the two isn’t always completely understood.
When you’re planning on travelling overseas, there’s a lot to think about. You might need to compare travel insurance, sort out travel money cards, find accommodation and flights, and more. But one of the more overlooked parts of travelling is working out if you’re going to be able to use your phone (and mobile phone plan) overseas.
Absence makes the heart grow fonder. Luckily, it’s easier than ever to compare mobile phone plans with international minutes attached, so you can stay connected wherever you are.
Planning a trip around Australia? Amazing! Our beautiful country abounds with places to visit and things to do, so it’s important to have your phone so you can waterproof your phone first!)
Maybe you have a nice smartphone. You take care of it, everything works, and it’s a decent brand. You’d like to spring for the latest model, but is it worth the money? And besides, you already have one. If it ain’t broke, as they say…
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With sustainability at the top of mind for many Australians, getting a green loan can be a way to make costly lifestyle changes without blowing the bank.
A short term personal loan is useful if you need to borrow money but don’t want to be committed to a long term debt.
Ever wondered what difference choosing between a variable and fixed rate personal loan really makes? If you're a little more cautious or have trouble adjusting to change, a fixed rate loan could be just what you need.
When you're short on funds, a personal loan can help you reach your financial goals. There are different types of personal loans that can especially help with large expenses, so selecting the right one depends on your needs and financial situation.
If you’re planning on applying for a home loan or a personal loan, prepare to have your credit reviewed. What does this mean, exactly? Your credit history tells your story as a borrower, covering even things that took place a long time ago. Lenders use this information to check if you're someone they can rely on and comfortably lend money to. Ultimately, they want to be sure you're in a good position to repay the loan!
From the invitations to the venue, the cost of a wedding can add up quickly. However, a wedding loan can be a useful way to handle the bill. Like any personal loan, the right wedding loan can come with competitive interest rates and flexible features - all you have to do is find the one!
When looking for a credit option to fund a big upcoming expense like a holiday, home renovation or wedding, two banking products are likely to come to mind – a personal loan or a credit card.
The freedom of working for yourself also comes with a lot of hard work, especially when it comes to sorting out your finances.
So, the kids have all left the nest, work has become a distant memory, and you’re lapping up life in retirement. While work stress may be a thing of the past, you can still face financial pressure in your twilight years.
Understanding credit and all of its terms can be confusing, especially when they all sound so similar. Terms like credit score, credit file and credit history are all as equally important to understand as the next.
Australia is known for producing some scorching summers. Heat stroke is a serious risk for animals during high temperatures, potentially leading to significant health issues and costly veterinary treatments. This article delves into the symptoms of heat stroke in pets, preventive measures, and how pet insurance can assist with treatment costs.
When you compare pet insurance policies, you might see pet dental insurance as an optional add-on. It’s designed to cover a portion of the costs associated with your pet’s oral health care, and since dental issues can significantly impact a pet’s overall wellbeing, having this coverage can be beneficial.
Your veterinarian plays a crucial role in your pet's life, providing everything from routine check-ups and vaccinations to handling emergencies and serious health issues. Choosing the right vet ensures your pet receives the best possible care throughout their life, helping to keep them healthy and happy.
While there’s nothing we wouldn’t do to protect our furry friends, sometimes pet insurance premiums can have us howling. And no wonder!
Keeping up to date with vaccinations is an essential part of owning a pet. Most pet insurance policies that offer routine care benefits will cover the full or partial cost of vaccines, though this will depend on the provider, and limits and exclusions may apply.
Medibank has more than 45 years of experience when it comes to insuring Australians. You no doubt would have heard the name before when it comes to health, life, and travel insurance, but did you know Medibank also offers pet insurance? In fact, it’s award-winning!
Coles was named top of its class in the 2022 Mozo Experts Choice Pet Insurance Awards^, taking the grand title of Pet Insurance Provider of the Year.
RAC has a long history of providing car insurance to Aussies, along with services like roadside assistance. So, yes, the company’s name – Royal Automobile Club of Western Australia – is rather apt. But did you know that it also offers pet insurance? In fact, it’s award-winning!
Do you have a four-legged best buddy? Are you keen to make sure all their healthcare needs are met? Well, we think you should ‘knose’ about Knose.
If you’re looking for quality and value-for-money pet insurance at a range of different budgets, then Petcover is a provider to watch this year. Taking out trophies across three different categories, Petcover’s Safety-Net Economy, Key + Routine Care, and Superior pet insurance policies all caught the eyes of our judges in the 2022 Mozo Experts Choice Awards^.
Have you been stacking up credit card reward points throughout the pandemic? Are you lost when it comes to getting the most bang for your rewards buck? Well, that’s where this guide comes in.
If you’re tossing up between a rewards card and a regular piece of plastic, then you might be wondering just what the benefits of having points earning power in your corner are.
You don’t have to be a mathematician when it comes to calculating rewards points. While it can be confusing as no reward program is the same, there is a fairly simple equation you can follow that will calculate the rewards points currency. This guide will hopefully help you make sense, the process of calculating rewards points so you can earn your free ticket to Bali in no time.
Choosing a credit card is a challenge in itself then deciding on the best rewards program to attach to your card can be just as testing. You may just throw your hands in the air and declare it all too difficult! But don’t, stop there and take a breath, as Mozo has come to the rescue. This guide will help you through the process of choosing a rewards program that is the best fit for you and one that will having you reaping in the benefits.
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On the hunt for a credit card that’s going to reward you for spending? If so, you’re in the right spot! This guide will take you through all the different types of rewards credit cards you can choose from. With so many reward card options out there, find one that you will benefit from most, with perks to suit your lifestyle and needs.
Who doesn’t love something for nothing?! Well, welcome to the world of reward credit cards, your ticket to receiving freebies for spending money. There are so many types of reward programs from frequent flyer, cashback rewards, travel, and shopping rewards just to name a few.
See more rewards credit card guides
Gifting money to your children or grandchildren represents more than just financial assistance—it's an opportunity to provide meaningful support and lessons about money.
If you've ever reached the end of your pay cycle and wondered "Where did all my money go?", you're not alone. Good news though, there is a solution!
Fixed or variable, that is the question. For most people, savings accounts and their variable interest rates are the standard option. However, term deposits and their fixed rates offer their own advantages that make them worth considering.
No matter what you’re saving for—whether it’s a holiday, a home deposit, or a new pair of shoes—there’s a savings account suited for every savings goal.
A savings account is a secure and easily accessible place to store your money. Unlike a regular transaction account, which you use to pay bills and cover expenses, a savings account is designed for depositing funds for future needs while earning interest.
Savings accounts can be a great way to earn interest on your hard-earned money. Not only do they provide a safe place to store your cash (as they are guaranteed under the government’s Financial Claims Scheme), but many offer quick access to your cash if needed.
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Half? A quarter? A dollar? It can be challenging to figure out how much of your income you should save. Thankfully, there are ways of figuring this out so that you can start saving for whichever goal you’re aiming for.
Choppy financial waters have meant that the average saver has burnt through their cash quickly this year. In fact, Mozo’s 2024 savings report found that 1 in 6 (16%) Aussies are putting their savings goals on hold.
Ever wondered what might happen to your savings if your bank failed? The Australian Government's Financial Claims Scheme (FCS) is designed to protect you in such scenarios.
An emergency fund is a sum of money you set aside that can support you if you experience a difficult financial time. It might be an unexpected event such as a medical emergency or losing your job, or you might be getting hit hard by the rising cost of living.
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‘CHESS’ stands for Clearing House Electronic Subregister System. What this means is that it’s a computer system that facilitates the buying and selling of shares on the Australian Securities Exchange (ASX).
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When researching brokerage platforms, you've probably heard that Australian shares are either CHESS sponsored or in a custodial model. As an investor, understanding the difference between the two can help you to decide what brokerage platform you might prefer. Let’s examine them.
In share trading, a Holder Identification Number (HIN) serves as a unique identifier assigned to anyone who purchases shares on the Australian Securities Exchange (ASX). Understanding your HIN is crucial for managing your investments effectively.
Investing in the stock market can be a good way of storing wealth. However, most working-age adults don’t have the time to research individual companies and consistently pick winners. That’s why a lot of retail investors will generally opt for a managed fund.
Portfolio diversification is one of the central tenets of the share trading world. It’s a time-tested strategy that serves to mitigate risk by balancing a portfolio of investments, ultimately generating stable returns.
Over the past few years, the popularity of cryptocurrency (like Bitcoin) has exploded amongst those in the share trading world. However, the volatility of many digital currencies has forced investors to look for more stable ways to purchase crypto.
The share market is characterised by regular bouts of volatility, and even the most experienced traders sometimes have difficulty pinpointing the best times to invest. One strategy for dealing with this uncertainty is dollar-cost averaging (DCA).
‘Buying the dip’ means investing in a company when it drops in value due to wider concerns within the market, rather than investors jumping ship from said company due to performance concerns over the long run.
Whether you're a seasoned investor, or a complete beginner, you'll likely want to consider where your money goes and what it invests in.
Your comprehensive guide to share trading and stock market investing for beginners in 2022.
Whether you're running a small business, a big company or a new start-up, there's a good chance that you'll need some extra funding at some point along the way.
Becoming your own boss - it's the ultimate dream for many working Australians and one that thousands take a chance on each year by starting their own businesses. In fact, according to the latest figures from the Australian Bureau of Statistics (ABS), there were over 2.6 million actively trading businesses in Australia in 2024, with the number of new business entries increasing by 2.8% in the 2023-24 period.
Managing cash flow is crucial to the success of any business. But accurately forecasting how much money comes and goes can be difficult, particularly if you depend on the timely payment of invoices by customers.
It’s a term you may have come across before, but what exactly is a business overdraft? Essentially it’s a line of credit attached to a business bank account or debit card which allows businesses to draw on money (up to an approved limit) beyond what they actually have in the account.
Choosing a business banking account is about packing all the transaction facilities you need into the smallest possible monthly fee. There's a wide range of options, often varying from bank to bank, but here are some small business finance tips.
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There’s a world of opportunity for university students these days, with the option to do a global exchange program being a dominant one - but it comes with large costs that can seem out of reach for many young Aussies.
Tracking your spending and making the most of your money while at uni can often be tough, but the creators of QPay may have found a solution to make saving for students easier.
G'Day! So, you're planning on studying in Australia? There are plenty of things you'll need to get sorted before you make the big move like deciding what university course you’ll be studying, where you’re going to live and how you will manage your finances.
This is the second part of Mozo’s Frugal Student’s Survival Guide. Read the first part (where we tackled the money sinkhole that is textbook shopping) here.
Welcome to Mozo’s Frugal Student’s Survival Guide. ‘Survival guide to what?’ we hear you ask. Well, to everything you might need to spend your very finite money supply on. We’re offering tips for tackling #studentlife without being forced to sell a young and well-educated limb on the black market. Let’s start with the biannual wallet clear-out that is purchasing textbooks.
The result of a wild one night stand between a bank card and a credit card, the debit card could be the answer to your student money problems.
It’s easy to get caught up in the complex world of savings accounts, credit cards and personal loans, but you shouldn’t forget to find a home for your regular ol’ dough.
Being a student is the best time of your life. Between term break trips, backpacking around Asia and roadtripping up the coast in your first car, life as a student is basically one big party (with a couple of exams thrown in).
Let’s start with the #realtalk: saving money as a student is bloody hard. Primarily - no, wait, let’s try that again - entirely because you don’t have much of it to save in the first place.
So, you're looking for your first credit card? Great! Well done, you! 10 points to Gryffindor! (Or, realistically, Ravenclaw. They always seemed like the financially responsible house.)
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Ethical super funds have taken off as a way to align our values with our money: saving for retirement while saving the planet. But what is an ethical super fund? And how can you tell if it’s the real deal? Let’s find out!
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Starting a new job usually comes with a bit of admin: tax file number, bank details, onboarding docs… and somewhere in there, your employer will ask where to pay your super.
Have you ever noticed the term 'unique superannuation identifier' (USI) popping up in your superannuation paperwork or online statements?
The super guarantee rate—sometimes called the superannuation rate or compulsory superannuation rate—is a key part of how Australians save for retirement.
A self-managed super fund (SMSF) offers a unique opportunity to take full control of your superannuation investments, provided you're ready for the commitment involved,
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Curious about how much superannuation you need for a comfortable retirement? Many sites will toss you the average super balance for people your age and call it a day. However, averages aren't always helpful, as outliers can skew the figures, and they fail to indicate if the 'average' Australian is truly saving enough for retirement.
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Retail super funds give Aussies the chance to have their retirement savings managed by banks and large investment companies. But is this the right choice for you? Let’s explore what they offer and weigh up the pros and cons.
If you start a new job and don’t nominate a superannuation fund, there are regulations in place to ensure your money doesn’t end up in a high-fee account. Instead, it will be invested in an option within your employer's default fund that meets the government-endorsed MySuper standard.
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When you select a super fund, you're essentially deciding which company or organisation will manage your money. However, each fund also offers you some degree of personal control through the investment options they offer.
Spreading your retirement savings across multiple super funds is a surefire way to increase your mental load and potentially raise your fees. If that’s your thing, more power to you. But for the rest of us, consolidating those superannuation accounts is probably the smarter move.
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It’s not very likely to happen, but what happens to your term deposit if your bank fails or closes?
Looking for a secure way to grow your savings beyond a standard savings account? Term deposits offer a dependable option that lets you lock away your money for an agreed period in exchange for a guaranteed return. This comprehensive guide will help you understand how term deposits work and whether they're the right choice for your financial goals.
Considering a term deposit for your money? While these accounts can provide stability with a fixed interest rate, they also have some limitations. To understand term deposits and see if they fit your needs, it's important to have the complete picture of advantages and disadvantages.
Even when you’ve planned everything perfectly, there are times when you’ve got to spend on emergencies like surgery or repairs. So, if you’ve got some cash locked up in a term deposit, can you dip into your funds before the maturity date?
Earning interest on your savings is attractive, but it comes with tax obligations. If you're considering a term deposit, it's important to understand how the interest you'll earn is affected by tax. Let's explore what you need to know about paying tax on term deposit interest.
Choosing the right interest payment schedule for your term deposit can significantly impact your savings strategy. Term deposit providers usually offer options, including monthly payments, annual payouts, or a lump sum at maturity. Understanding which of these choices is important as they can affect the total interest earned.
Before you decide that a term deposit is for you, it’s worth considering what kind you want to keep your funds in. Whether you're a short-term saver or a long-term investor, there's likely a term deposit option that fits your needs.
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Travel insurance doesn’t have to cost an arm and a leg. We’ve crunched the numbers and identified the cheapest travel insurance options for a variety of travel needs. Read on to discover our top picks.
World cuisines are lovely and diverse, but if you have dietary restrictions, travelling can feel extra stressful.
European cities, summer beaches, winter skiing – here we come! With more people travelling overseas for a holiday, it’s time to reevaluate how we pack our bags. This one’s for the rusty but wanderlust-y.
Influencer: “Travel is the one thing you buy that makes you richer." Your bank account: "Nope."
A scene: you’re packing your luggage, excited to go, but then freeze in cold panic. “Wait...what have I forgotten?!"
Travel is back on. With borders relaxing, airports filling up, and the world reopening, every day brings more choice of holiday destinations. But which places are the safest to go, even with travel insurance?
So, you’re creating life – good on you! While becoming a parent is certainly an exciting time in your life, pregnancy shouldn’t stop you from doing the things you love, including travelling.
Tourism in Australia suffered a massive blow during the COVID-19 pandemic, but the industry looks to be recovering steadily since border restrictions were scrapped almost two years ago, in November 2021.
Keen to hit the slopes and carve up some fresh powder this snow season? Now that ski resorts are opening back up after the lockdowns rudely froze-over our winter getaway plans, heading to the snow might be number one on your priorities list. But what cover is available in the event that you or one of the crew come into contact with COVID-19?
Vietnam, a land with a troubled past, but a vibrant future in tourism opportunities. From great food, to buzzing nightlife, and beaches dotted all along its coastline, this Southeast Asian nation has lots on offer.
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Is the countdown finally on until your next getaway? Have you been stuffing every spare banknote into your piggy bank until it could burst at any moment?
Holidaying overseas is a huge part of the Australian way of life, with thousands of keen travellers jet-setting across the world every day.
Travelling is one of life’s greatest joys. You get to explore every nook and cranny of a totally fresh destination, experience new cultures and of course form fond memories that will last a lifetime. But your dream holiday can quickly turn into a nightmare if your hard-earned holiday funds are stolen or you find yourself the victim of identity theft.
Planning a big overseas holiday? Whether it be a trail-heavy adventure of the Andes or a soothing two-week stay at a resort in Sumatra, you’re going to need a few things ticked off your travel checklist before you leave Australian shores.
While many credit card travel insurances have some great features, it's still important to read the fine print to make sure that your credit card has the right coverage for the adventure you're planning.
Almost as exciting as booking your idyllic holiday, high-flyer biz trip or irritatingly long stay in some exotic location is the exciting world of currency conversion. Hold on to your hats, as Mozo cruises through the four basic ways to spend money overseas.
Nothing can obliterate a post-holiday glow like discovering the damage you've done on your credit card. But with a few simple strategies, you might come back pleasantly surprised instead of suffering a cash-related comedown.
Arm yourself against excessive international fees, skimming, and the aftermath of card theft with our pre-holiday checklist.
A couple of months ago, we gave you the lowdown on Australia Post’s Load & Go Visa Prepaid – our national postie’s first Visa card. We were impressed with its novel prepaid approach which allowed people to enjoy all the benefits of Visa’s worldwide network, without having to go through the fussy sign-up process normally associated with credit cards. However, we found its lack of travel money features disappointing, which made the Load & Go an expensive choice for travellers wishing to make purchases in currencies other than Aussie dollars.