Get your s@#t together on savings accounts

• The best savings rates right now will make $512 over a year on $10k
  
• Miss the conditions half the time and you only make $268 in a year
  
• The best term deposit rate will make $470 over a year on $10k

Tuesday 18 April 2023: There are a shed load of different types of savings accounts out there according to Mozo.com.au, and many of them have really exceptional rates right now. 

Many of the ‘bonus savings’ rates, especially at the regional and challenger banks, are at 5 per cent, which is the highest in 10 years, and you don’t have to lock away your money to get that. However, the devil is in the detail says Peter Marshall, Mozo’s banking guru.

“Interest rates of 5 per cent are awesome, but banks aren’t giving that away for free! To some extent they are relying on at least some of us being disorganised, and not meeting the criteria in the small print.

“Most bonus savings accounts require five to six transactions in a month, and a minimum monthly deposit. If you are good with setting yourself alarms to remind you to do the transfer, and switch the cards in your Apple wallet, then you are on to a winner.”

Mozo’s experts have done the calculations for you. Over a year, if you have $10k in your account you can make $512 at 5.00%, which is the current highest rate. That’s a good few nights out, or a lot of extra coffee treats.

But if that kind of admin is just not your deal, however hard you try, then you need to look at other options, because if you only make the grade half the time, that interest comes down to $268 over a year.

“Some of the savings accounts without conditions still have good rates, and term deposits are worth looking at. Locking away your money stops you from frittering it away, and it also means you have a guaranteed rate. At the current top term deposit rate of 4.70%, with Gateway Bank, you can make $470 in a year on $10k” says Marshall.

Research by Mozo shows that only just over a third of us (36 per cent) have ever had a term deposit, and that many people (28 per cent) have either never heard of them or didn’t know they still existed. Check out mozo.com.au, it’s worth comparing your options.

Mozo.com.au shows that the top rates in each category of accounts right now are:

-ENDS-

Notes: Rates correct as at 17 April 2023. 

Media Contacts 

Vanessa Puli: vanessa.puli@mozo.com.au 0416623377

About Mozo.com.au

Mozo compares more than 1,800 products from over 200 banking, insurance and energy providers to help thousands of Australians find a better deal each month via its award-winning comparison tools and calculators. As one of the most visited comparison sites in Australia, our team of experts routinely provides financial commentary and advice for major news outlets in Australia.