Aussies focus on saving money amid higher costs

Two people are walking along a street holding shopping bags as they start thinking about saving

It seems many Aussies are spending less on discretionary goods and services in recent months, based on data from Commbank’s Consumer Insights report. 

Maybe it’s because the rising cost of living has driven up household expenses, leaving a smaller budget for recreational spending.

In fact, data in this report showed almost a quarter of Australians are finding it difficult to keep up with unavoidable expenses. 

So to stay on top of the bills or avoid falling into the negative, an average of $450 is set aside each month. This money is either deposited in a savings account or used to cover living costs. 

Saving during the cost of living crisis

Person is crunching numbers on a calculator to find out her savings

Of those surveyed in Commbank’s report, 90% are keeping an eye on spending choices, as well as any deals that can be taken advantage of.

It appears that many financial adjustments have been made to accommodate the cost of living crisis. So on top of shopping around for the best deals and discounts, Aussies may be looking for other creative ways to minimise costs and increase funds.

If you have some extra cash and are looking for a way to grow your money, you might consider getting a savings account. You can even get an estimate of how much you’ll potentially save in a few years using a savings calculator.

Take this scenario: if you deposit $10,000 in savings and your interest rate is at 5.00% p.a., you could earn $2,209 in interest over 4 years - not bad! 

According to Mozo’s database, it’s possible to enjoy high interest rates this month, as some providers are offering customers interest rates of more than 5.00%. Moreover, there is the potential to save on various account fees depending on your provider, so it’s best to do your research to find the right savings account for you.

Find a savings account

Think you might find a better savings rate than the one you currently have? Why not check out the best savings accounts as tracked by our experts at Mozo this month. You can also compare some of the top options below first.

Savings account comparison table - last updated 21 June 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • 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 2024 Mozo Experts Choice Award winner.

    Compare
    Details
  • PremiumSaver

    5.45% p.a. (for $0 to $250,001)

    1.50% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

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    Details
  • Mozo Expert Choice Badge
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

    Compare
    Details

^See information about the Mozo Experts Choice Savings Account Awards

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