MEDIA RELEASE

AUSSIES URGED TO SNAP OUT OF SAVINGS SLUMBER

5 April 2023

  • Savings interest rates hit a 10 year high in March
  • Switching from the average ongoing savings rate of 2.78% to the leading rate of 5.00% would see Aussies bank an additional $230 in interest per year on a $10,000 balance 
  • The leading bonus savings rate in the Mozo database is 5.00%, with ING’s Savings Maximiser account. The leading base rate is with ANZ Plus Saving Account, at 4.25%.
  • Great Southern Bank was crowned Everyday & Savings Bank of the Year in the 2023 Mozo Experts Choice Deposit Awards. Other standout winners include AMP, HSBC, Bankwest and Macquarie

31 March, 2023: Saving interest rates reached a ten year high this month and the money experts at financial comparison site mozo.com.au are urging Aussies to snap out of complacency, and actively chase down higher interest rates on their savings. 

Mozo’s database shows that the last time bonus saving interest rates were above 5% was in February 2013. Currently, the leading bonus savings rate in the Mozo database is 5.00%, with ING’s Savings Maximiser account. The leading base rate is ANZ Plus Saving Account, with a rate of 4.25%.

“It’s time for Aussies to shake themselves out of the savings slumber from the last few years as interest rates are now on the move,” said Mozo Director and money expert, Kylie Moss. “People are potentially throwing away hundreds of dollars in interest each year by sticking with low interest earning accounts and that’s a foolish situation to be in, especially when household budgets are so stretched with the higher cost of living.” 

Mozo crunched the numbers and found that switching from the average ongoing savings rate of 2.78% to the leading rate of 5.00% would see Aussies cash in on an additional $230 in interest per year on a $10,000 balance. If they were to shift that money from a standard bank account earning no interest, to the average ongoing savings account then they would earn $282 in extra interest.

“Just getting your money to work harder for you is one of the easiest things you can do right now while interest rates are heading upwards. Plus, it by far beats having to cut back on little luxuries like your morning coffee to save a few dollars,” Moss added. 

There are over 500 deposit products in the market, which means finding and comparing the best savings can be perceived as tiresome work. But, the experts at Mozo have done the leg work for Aussies and analysed deposit products from 92 providers as part of the 2023 Mozo Experts Choice Awards for Bank Accounts and Savings.

Customer owned, Great Southern Bank was crowned Everyday & Savings Bank of the Year, winning awards across categories including Exceptional Everyday Bank Account, High Interest Savings, Term Deposits, and even awards for Kids, Teen, and Youth savings categories.

Other standout winners include: 

  • Best High Interest Savings: ING Savings Maximiser, AMP Saver, BOQ Smart Saver
  • Best No String Savings: ANZ Save, Bankwest Easy Saver, Australian Unity Freedom Saver
  • Best Kick Start Savings: Macquarie Savings Account, Rabobank High Interest Savings  
  • Young Adult Savings Account: BOQ Future Saver, Westpac Life

For a full list of winning accounts see the Mozo Experts Choice Savings Account Awards page.

-ENDS-

Mozo Experts Choice Awards - Saving Accounts 2023:

The Mozo Experts Choice Awards for Saving Accounts  aim to recognise insurance providers that consistently offer exceptional quality and value products. For the at call savings categories annual interest rates were collected at a series of three dates over a 3 month period (30th November 2022, 31st December 2022 and 31st January 2023) applicable to deposit amounts that vary depending on the award category. The three rates at each date were then averaged to identify the accounts that consistently offer higher saving returns. For the full list of winners and Awards methodology, visit: https://mozo.com.au/expertschoice/savings-accounts.. 

Notes: Rates correct as at 31 March 2023. 

Media Contacts 
Kylie Moss: kylie.moss@mozo.com.au 0430 302 424