4 of the best saving tools you can get from your bank

With tightened economic conditions squeezing budgets, more Aussies are beginning to wonder how they can cut their expenses and start saving more.   

One way is by making use of the tools provided by banks to help you not only manage your money but increase it. Here are some of the best tools to help you achieve better savings.

Budgeting apps

While budgeting can seem like a boring exercise in excel chart making, modern banking apps have allowed savers to more easily get their finances in order. 

Most banking apps have a goal setting and tracking feature that can be useful for keeping you focused on a “why” for your savings. This can be as simple as an emergency fund, saving for a holiday, or building the cash for your home deposit

Banking apps like those from Macquarie and Commonwealth banks achieve this through an automatic categorisation system that classifies purchases into groups such as groceries, travel, and leisure. In a way this can help you have an unbiased external view of your spending habits and how you’re allocating your money.

Offset accounts 

If you’ve got a mortgage, chances are that the RBA’s rate hikes have taken a serious blow to your budget. However, did you know that your savings can actually work for you to give you a lot less interest on your repayments? That’s the magic of offset accounts.

Offset accounts are, in essence, savings accounts where you can deposit and withdraw cash. So how does it affect the mortgage? As an example, say you have $50,000 in your offset account and a loan of $500,000—in this case, you’ll be paying interest on $450,000 instead of the full amount. 

The best bit? You can still access these funds if you need to. Just be aware that if you do take out cash from the account that your interest rate repayment will rise. 

Deals & discounts

Some banks and apps offer discounts and deals for utilising their service which can help you to save more than you might otherwise have. Remember that even $5 at a time saved consistently over time adds up. 

One notable example is the Macquarie Marketplace which allows customers to get discounts on over 50 different retailers. Other apps that allow access to deals are online coupon extension Honey and Groupon amongst others.

Savings & term deposits

One benefit of interest rate hikes is that savings account and term deposits have had much higher rates which has helped savers to grow their cash quicker. 

Savings accounts are great for savers who need to keep their cash liquid. This may be because you’re using it as an emergency fund or you only need to save for a short period of time before making a purchase.

Meanwhile, term deposits are great if you’re looking to lock away cash for a longer period of time. This may be for a longer term goal or it can also be from a lack of trust in self-control. Either way, both high interest savings accounts and term deposits are useful tools that can help grow your cash. 

Whatever tools you may choose to use, having a savings account with a good interest rate is something that you should consider. At Mozo we have comparisons of all the best high interest savings account providers to help you make the best decision.

Savings account comparisons on Mozo - last updated 29 May 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

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    Details
  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

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    Details
  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

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    Details
  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend, Bills or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

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  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

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^See information about the Mozo Experts Choice Savings Account Awards

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