Savings account news and advice

A third of Australians are planning to dedicate a portion of their savings to travel over the next 12 months, according to July Australian Bureau of Statistics (ABS) figures.

While savings interest rates began to plateau over the last few months, the new financial year has brought further reductions.

When you apply for a home loan, it is ideal to have at least a 20% deposit saved up. That is 20% of the property purchase price banked and ready to pay up front. 

It's the start of a new financial year and people all across the country will be whipping out receipts for their tax return. The question is, what are you going to do with this year’s influx of cash?

Countless studies and research have suggested that women are more careful with money than men. The latest of these from Kiwi bank ASB finds that women in NZ are more likely to have a savings account and typically hold around 600 NZ dollars more in savings than men.

Savings account interest rates held steady over the last month, with the rapid reductions of 2020 slowly petering off as we shift into a new financial year.

If you’re prepping your bank account or credit card for a big end of financial year shopping expedition, you’re not alone. A new Mozo study has found 81% of Australians are planning to hunt for discounted computers, software, office furniture and cars before the tax doors close on 30 June.

It’s hard to believe that the EOFY is almost upon us, but it is! We’re six months into the year and if you dread tax time, round about now you’ve probably got a sinking feeling. The good news is 86 400’s chief financial officer Belinda Hogan has given us some great tips on how to organise your tax return paperwork.

The trend of slow and steady interest rate reductions on savings accounts continued last month, with 10 cuts to ongoing bonus rates recorded by Mozo’s data team.

Putting money away in savings continues to be a top priority for Aussies in 2021, with the latest figures revealing households saved an extra $8.6 billion a month over the 12 months to March 2021.*Getting a decent interest rate on your savings is key to boosting your stash, and the good news is that a handful of financial institutions have just made this task a whole lot easier by boosting savings account interest rates in recent weeks.MyState and AMP have increased their maximum savings rates to 1.20% p.a. and 1.25% p.a. respectively, while Virgin Money has launched its new Boost Saver account offering up to 1.20% p.a. when bundled with a Virgin Money Go spending accountThese accounts now have some of the best unrestricted ongoing savings rates on the market, alongside ING’s Savings Maximiser offering up to 1.35% p.a. and 86 400’s Save Account offering up to 1.20% p.a.So, if saving money is top of your financial priority list this year, here are some of the top savings and term deposit accounts on the market right now to help you to make the most of your savings.