Rising cost of living pressures have begun to ease as inflation slows, but household budgets remain tight in 2025. With the RBA's last 25 basis point cut bringing the cash rate down to 3.85% – and another likely in August – being aware of good savings rates is important.
Rising prices at the checkout, at the petrol pump, and pretty much everywhere in between have pushed many Aussies to re-evaluate their weekly budgets. And while inflation may have cooled slightly, cost-of-living pressures are far from over.
Despite the Reserve Bank of Australia (RBA) keeping the cash rate at 3.85 % at its last meeting, Australian banks have been aggressively trimming term deposit rates in recent weeks.
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The RBA's recent monetary policy decisions have shifted the playing field for Australian savers.
AMP Bank GO, launched earlier this year, is offering no-strings-attached savings accounts that challenge the big banks and ditch the usual bonus-rate traps.
If you’ve got plans to kick-start your savings nest egg this new financial year, popular digital bank ubank, has just made some changes to its High Interest Save Account including a higher balance limit you can earn interest on, and for new customers, a 5.00% p.a. welcome rate for the first 4 months.
Savings rates are slipping again – and for Aussies trying to grow their nest egg, that means finding smarter ways to save has never been more important.
You work hard for your money and it should work just as hard for you! That’s why, each year Mozo’s team of money experts assess and evaluate every savings account, term deposit and everyday bank account in our database to determine the best value options for Australians.
The Reserve Bank of Australia (RBA) was widely expected to cut rates at its latest monetary policy meeting. However, that decision did not come to pass. Some would-be homebuyers may be tempted to hold off on entering the market until further cuts are announced.
Mozo recently released the findings of our annual savings report and shockingly, despite the high cost of living, many Aussies continue to throw money down the drain.