4 of the best ways to save: What type of saver are you?

couple on a bed with a laptop researching how to be better savers

We’ve all been told that we should save money, whether it's for a new car, a holiday to Japan or simply to have in case of emergencies. And 60% of Australians have some kind of savings in their budget, says a recent survey from NAB. 

That’s all fine and dandy but the real question is, what type of saver are you? Take a look below to see which one sounds like you or which type of saver you’d like to become.

1. Habitual saver

A habitual saver makes it a routine to save for everything and anything. You could say it's in their DNA. These types of savers are likely to be saving for a house deposit or have an investment strategy.  They also allocate an amount of their pay to savings and are big on sinking funds.

How to be a habitual saver

The key to being a habitual saver is creating a habit just like the name implies. If you are looking to become this type of saver, we suggest that you plan your month of spending by creating a budget that lets you see where your money is going.

2. “Make it a game” saver

Who doesn’t like a good saving challenge? People who gamify saving find themselves following quirky ways to make sure that their savings are always growing. And by making it a game, saving can become fun rather than a task that you must do.

How to be a “make it a game” saver

First things first, find a money saving challenge that could be fun to stick to. Some of our favourite challenges are: the Weather Wednesday Challenge, and the $5 saving challenge. If you are stuck on what challenge you should do, check out our money saving challenge list.

3. Goal-driven saver

A goal-driven saver tends to save when they have a goal in mind. They are motivated by their goal to reduce expenses and find ways to save extra cash. People who are goal-driven savers tend to have separate savings accounts for each of their goals and look for ways to maximise their savings with high interest accounts.

How to be a goal-driven saver

For starters find one or two things you’d be interested in buying or having in the future. Once you do, create a savings account and start depositing money every time your paycheck lands on your everyday account. Sinking funds are great for those looking to become a goal-driven saver.

4. “When I remember” saver

Saving money is a skill you gain over time, so there are many Aussies who are when I remember savers. There is nothing wrong with not having a savings account or goal. 

How to be a “when I remember” saver

Just like the name entails, put some money into a savings account whenever you remember. It’s as easy as that!

No matter what type of saver you are or choose to be, remember that saving is just like getting fit– it takes time and discipline but you may surprise yourself at how rewarding it can be.

If you want to read more on how to grow or get started on your savings check out our savings news and advice for more tips and tricks. Or, if you’re interested in looking for a new savings account take a look at the interest rates on offer below.

Savings account comparisons on Mozo - last updated 4 March 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • 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.

  • 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 . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

  • Hero Saver

    4.60% p.a. (for $0 to $250,001)

    1.00% p.a.(for $0 to $5,000,001)

    Yes up to $250,000

    Minimum deposit of $200 and no withdrawals in the month.

    Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.

  • Mozo Expert Choice Badge
    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.

  • Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.


^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.