Confidence down after RBA rate cut, but Aussies know how to budget

Woman shopping

Consumer confidence dropped 2 points to 87.7 over the past week after a significant increase the week before, says Roy Morgan.

The upward momentum that might have been expected following the Reserve Bank’s interest rate cut didn't hold and this is notable because last time the RBA cut rates in late 2020, confidence rose for two straight weeks and for five of the six weeks after the cut.

When optimists outnumber pessimists, the number moves above 100. However, ongoing inflation pressure hasn't helped confidence levels of late.

How do Aussie families feel about their money?

Consumer confidence can be measured in many ways and one of the more interesting angles for households is around personal finance. 

Specifically, only about a fifth of Australians (23%) say their families are ‘better off’ financially than this time last year, while 47% say their families are actually ‘worse off’, as per Roy Morgan.

Further still, views on personal finances over the next year weakened significantly (after being the biggest positive driver a week ago) with 34% of respondents expecting their family will be ‘better off’ financially this time next year, but 29% still expect to be ‘worse off’. 

Spending money as needed

Contrary to these recent confidence figures, spending on goods pushed up overall spending in late 2024, and there was a 1.5% rise for services in January, as per the Australian Bureau of Statistics.

This came as households spent more on health services, air travel, and sports and physical recreation services.

NAB data from earlier this year supports this idea: it showed that four in 10 Australians are actively budgeting for a major expense, with almost half of those (47%) saving for travel.

Other goals included new cars, household gadgets and home deposits, the report said.

These differences can be a bit confusing but indicate that Aussies are budgeting for certain costs when they need to, even if consumer confidence ebbs and flows.

Saving up: handling higher living costs

Higher living costs won’t just disappear and in fact Bendigo Bank recently reported that for households, “the most important outcome in 2025 will be moving on from the cost-of-living shock.” 

There's no easy way to combat steeper costs but having a savings buffer in place can be a good idea in uncertain economic periods. Indeed the government's Moneysmart site recommends setting up a separate high-interest savings account as an emergency fund.

"A separate account will mean you're less tempted to dip into it for everyday expenses," Moneysmart says.

This is why we monitor savings accounts rates closely at Mozo because we don’t think it’s worth sticking to a meagre rate - not when every penny counts!

Take a look at our Savings Accounts hub page to compare some of the best savings rates in the Mozo database. Or you can simply start with the savings rates in the table below!

Last updated 26 March 2025 Important disclosures
  • Promoted

    Boss Saver

    Maximum rate
    5.10 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Go to site
    • Bonus interest for the first four months
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app
  • Promoted

    Online Savings Account

    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    Bonus rate for the first 3 months from account opening.
    Standard rate
    1.00 % p.a.
    (for $0 and over)
    Go to site
    • Introductory bonus rate for the first 3 months
    • No minimum monthly deposit
    • 24/7 account management via the app
  • Promoted

    Savings Maximiser

    Maximum rate
    5.40 % p.a.
    (for $0 to $100,000)
    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • Zero ING fees to pay
    • Move money easily via app
    • Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024^
  • Savings Maximiser

    Maximum rate
    5.40 % p.a.
    (for $0 to $100,000)
    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • Zero ING fees to pay
    • Move money easily via app
    • Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024^
  • Savings Accelerator

    Maximum rate
    5.15 % p.a.
    (for $150,000 to $500,000)
    New customers who open an account by 30 June 2025 receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    Standard rate
    2.60 % p.a.
    (for $0 to $50,000)
    Go to site
    • No monthly deposit requirements or lock-in terms
    • No ongoing fees
    • Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024^
  • Boss Saver

    Maximum rate
    5.10 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Go to site
    • Bonus interest for the first four months
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app
  • Savvy Saver Account

    Maximum rate
    5.10 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Go to site
    • No minimum balance required
    • Move money in and out and still earn interest
    • Transfer or make payments using the mobile app
  • Online Savings Account

    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    Bonus rate for the first 3 months from account opening.
    Standard rate
    1.00 % p.a.
    (for $0 and over)
    Go to site
    • Introductory bonus rate for the first 3 months
    • No minimum monthly deposit
    • 24/7 account management via the app
  • Smart Saver Youth Account

    • under 25
    Maximum rate
    5.00 % p.a.
    (for $0 to $50,000)
    Increase account balance by any amount and make no more than two withdrawals
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • No monthly account fees
    • 2 free everyday transactions each month
    • Access your money wherever Visa is accepted
  • Savings+Bonus

    Maximum rate
    4.75 % p.a.
    (for $1 to $250,000)
    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
    Standard rate
    2.00 % p.a.
    (for $1 to $250,000)
    Go to site
    • Enjoy bonus interest when you meet criteria
    • Access your money at any time via app
    • $250K maximum balance
  • Bonus Saver

    Maximum rate
    4.75 % p.a.
    (for $0 and over)
    Standard rate
    0.25 % p.a.
    (for $0 and over)
    Go to site
    • Bonus interest for the first four months
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app
  • Hi Saver

    Maximum rate
    4.75 % p.a.
    (for $0 and over)
    Bonus rate for the first 4 months from account opening
    Standard rate
    0.25 % p.a.
    (for $0 and over)
    Go to site
    • Earn bonus interest for the first four months
    • No Minimum balance required
    • Transfer or make payments using the mobile app
  • Bonus Saver Account

    Maximum rate
    4.75 % p.a.
    (for $0 to $250,000)
    Deposit at least $20 each month and make 5 Visa Debit transactions with a linked Glide account.
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • No fees or penalties for withdrawing money
    • Personalised insights via the MyState Bank app
    • Fast online application
  • MoneyMAX Account

    Maximum rate
    4.35 % p.a.
    (for $1 and over)
    Standard rate
    4.35 % p.a.
    (for $1 and over)
    Go to site
    • Interest is calculated daily and paid monthly
    • No fees or penalties for withdrawing money.
    • Online access only
  • Smart Saver Account

    Maximum rate
    4.25 % p.a.
    (for $0 and over)
    Increase account balance by any amount and make no more than two withdrawals
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • No monthly account fees
    • Earn bonus interest (T&Cs apply)
    • 24/7 account management via the app
  • SwiftSaver Account

    Maximum rate
    4.25 % p.a.
    (for $0 to $250,000)
    Minimum deposit of $10 and no withdrawals in the month
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site
    • Earn bonus interest each month (T&Cs apply)
    • Open up to five accounts
    • No monthly fees or minimum balance
  • Kids Saver Account

    Maximum rate
    3.50 % p.a.
    (for $0 to $10,000)
    Standard rate
    3.50 % p.a.
    (for $0 to $10,000)
    Go to site
    • Help your child develop good spending and saving habits.
    • 3.50% p.a. interest applies to the first $10,000.
    • Savings account for children under 17.
Showing 14 results from 252 savings accounts. Use the filters to see more

^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.