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

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!
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Promoted
Boss Saver
- Maximum rate
-
5.10
%
p.a.
(for $0 to $100,001)
- Standard rate
-
0.55
%
p.a.
(for $0 and over)
- Bonus interest for the first four months
- No minimum balance, ongoing fees or withdrawal penalties
- Manage your money easily on the BCU Bank app
- Standard rate
-
Balances from $0: 0.55% p.a.
- Maximum rate
-
Balances from $0: 5.10% p.a.
Balances from $100,001: 0.55% p.a.
- Maximum rate conditions
-
Minimum of $500 deposited into a linked BCU Access Account, and at least 5 eligible Visa Card transactions made from that linked account.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
BPay, Branch access, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
-
- Other benefits
-
-
Read reviews and learn more about BCU Bank savings accounts
Go to site -
Promoted
Online Savings Account
- Maximum rate
-
5.00
%
p.a.
(for $0 and over)
- Standard rate
-
1.00
%
p.a.
(for $0 and over)
- Introductory bonus rate for the first 3 months
- No minimum monthly deposit
- 24/7 account management via the app
- Standard rate
-
Balances from $0: 1.00% p.a.
- Maximum rate
-
Balances from $0: 5.00% p.a.
- Maximum rate conditions
-
Bonus rate for the first 3 months from account opening.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
BPay, Branch access, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Branch access is for deposits only. Must be linked to an Everyday Account, Home Loan or Credit Facility with this provider.
- Other benefits
-
-
Read reviews and learn more about Newcastle Permanent savings accounts
Go to site -
Promoted
Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
- Maximum rate
-
5.40
%
p.a.
(for $0 to $100,000)
- Standard rate
-
0.05
%
p.a.
(for $0 and over)
- Zero ING fees to pay
- Move money easily via app
- Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024^
- Standard rate
-
Balances from $0: 0.05% p.a.
- Maximum rate
-
Balances from $0: 5.40% p.a.
Balances from $100,000: 0.05% p.a.
- Maximum rate conditions
-
For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
Phone banking, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
- Other benefits
-
No minimum deposits or transactions needed to receive bonus rate when linked with Orange Everyday Youth Account
Read reviews and learn more about ING savings accounts
Go to site
-
Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
- Maximum rate
-
5.40
%
p.a.
(for $0 to $100,000)
- Standard rate
-
0.05
%
p.a.
(for $0 and over)
- Zero ING fees to pay
- Move money easily via app
- Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024^
- Standard rate
-
Balances from $0: 0.05% p.a.
- Maximum rate
-
Balances from $0: 5.40% p.a.
Balances from $100,000: 0.05% p.a.
- Maximum rate conditions
-
For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
Phone banking, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
- Other benefits
-
No minimum deposits or transactions needed to receive bonus rate when linked with Orange Everyday Youth Account
Read reviews and learn more about ING savings accounts
Go to site -
Savings Accelerator
- Maximum rate
-
5.15
%
p.a.
(for $150,000 to $500,000)
- Standard rate
-
2.60
%
p.a.
(for $0 to $50,000)
- No monthly deposit requirements or lock-in terms
- No ongoing fees
- Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024^
- Standard rate
-
Balances from $0: 2.60% p.a.
Balances from $50,000: 3.50% p.a.
Balances from $150,000: 4.45% p.a.
Balances from $5,000,000: 0.00% p.a.
- Maximum rate
-
Balances from $0: 3.30% p.a.
Balances from $50,000: 4.20% p.a.
Balances from $150,000: 5.15% p.a.
Balances from $500,000: 4.45% p.a.
Balances from $5,000,000: 0.00% p.a.
- Maximum rate conditions
-
New ING personal savings 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. Reverts to variable ongoing rate.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
Phone banking, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Must link to a transaction account
- Other benefits
-
-
Read reviews and learn more about ING savings accounts
Go to site -
Boss Saver
- Maximum rate
-
5.10
%
p.a.
(for $0 to $100,001)
- Standard rate
-
0.55
%
p.a.
(for $0 and over)
- Bonus interest for the first four months
- No minimum balance, ongoing fees or withdrawal penalties
- Manage your money easily on the BCU Bank app
- Standard rate
-
Balances from $0: 0.55% p.a.
- Maximum rate
-
Balances from $0: 5.10% p.a.
Balances from $100,001: 0.55% p.a.
- Maximum rate conditions
-
Minimum of $500 deposited into a linked BCU Access Account, and at least 5 eligible Visa Card transactions made from that linked account.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
BPay, Branch access, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
-
- Other benefits
-
-
Read reviews and learn more about BCU Bank savings accounts
Go to site -
Savvy Saver Account
- Maximum rate
-
5.10
%
p.a.
(for $0 to $100,001)
- Standard rate
-
0.55
%
p.a.
(for $0 and over)
- No minimum balance required
- Move money in and out and still earn interest
- Transfer or make payments using the mobile app
- Standard rate
-
Balances from $0: 0.55% p.a.
- Maximum rate
-
Balances from $0: 5.10% p.a.
Balances from $100,001: 0.55% p.a.
- Maximum rate conditions
-
Minimum of $500 deposited into a linked P&N & Transaction Account, and at least 5 eligible Visa Card transactions made from that linked account.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
BPay, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Must link to a transaction account
- Other benefits
-
-
Read reviews and learn more about P&N Bank savings accounts
Go to site -
Online Savings Account
- Maximum rate
-
5.00
%
p.a.
(for $0 and over)
- Standard rate
-
1.00
%
p.a.
(for $0 and over)
- Introductory bonus rate for the first 3 months
- No minimum monthly deposit
- 24/7 account management via the app
- Standard rate
-
Balances from $0: 1.00% p.a.
- Maximum rate
-
Balances from $0: 5.00% p.a.
- Maximum rate conditions
-
Bonus rate for the first 3 months from account opening.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
BPay, Branch access, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Branch access is for deposits only. Must be linked to an Everyday Account, Home Loan or Credit Facility with this provider.
- Other benefits
-
-
Read reviews and learn more about Newcastle Permanent savings accounts
Go to site -
Smart Saver Youth Account
- under 25
- Maximum rate
-
5.00
%
p.a.
(for $0 to $50,000)
- Standard rate
-
0.05
%
p.a.
(for $0 and over)
- No monthly account fees
- 2 free everyday transactions each month
- Access your money wherever Visa is accepted
- Standard rate
-
Balances from $0: 0.05% p.a.
- Maximum rate
-
Balances from $0: 5.00% p.a.
Balances from $50,000.01: 4.75% p.a.
- Maximum rate conditions
-
Increase account balance by any amount (excluding interest) and make no more than two withdrawals in the month
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
BPay, Branch access, Internet banking
- Kids ages
-
Under 25
- Minimum balance
-
$0.00
- Other restrictions
-
Account for customers under 25 years of age and automatically rolls to the standard Smart Saver after the owner turns 25.
- Other benefits
-
-
Read reviews and learn more about Newcastle Permanent savings accounts
Go to site -
Savings+Bonus
- Maximum rate
-
4.75
%
p.a.
(for $1 to $250,000)
- Standard rate
-
2.00
%
p.a.
(for $1 to $250,000)
- Enjoy bonus interest when you meet criteria
- Access your money at any time via app
- $250K maximum balance
- Standard rate
-
Balances from $1: 2.00% p.a.
Balances from $250,000: 0.40% p.a.
- Maximum rate
-
Balances from $1: 4.75% p.a.
Balances from $250,000: 3.15% p.a.
- Maximum rate conditions
-
Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
- Interest paid
-
Monthly
- Account fee per month
-
$5.00- Monthly membership fee is waived if total balance exceeds $1000, or has a loan or credit card with bank.
- Access
-
-
- Kids ages
-
-
- Minimum balance
-
$1.00
- Other restrictions
-
Must become a First Option Bank member to open an account.
- Other benefits
-
-
Read reviews and learn more about First Option Bank savings accounts
Go to site -
Bonus Saver
- Maximum rate
-
4.75
%
p.a.
(for $0 and over)
- Standard rate
-
0.25
%
p.a.
(for $0 and over)
- Bonus interest for the first four months
- No minimum balance, ongoing fees or withdrawal penalties
- Manage your money easily on the BCU Bank app
- Standard rate
-
Balances from $0: 0.25% p.a.
- Maximum rate
-
Balances from $0: 4.75% p.a.
- Maximum rate conditions
-
Bonus rate for the first 4 months from account opening.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
BPay, Branch access, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
-
- Other benefits
-
-
Read reviews and learn more about BCU Bank savings accounts
Go to site -
Hi Saver
- Maximum rate
-
4.75
%
p.a.
(for $0 and over)
- Standard rate
-
0.25
%
p.a.
(for $0 and over)
- Earn bonus interest for the first four months
- No Minimum balance required
- Transfer or make payments using the mobile app
- Standard rate
-
Balances from $0: 0.25% p.a.
- Maximum rate
-
Balances from $0: 4.75% p.a.
- Maximum rate conditions
-
Bonus rate for the first 4 months from account opening
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
BPay, Branch access, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
-
- Other benefits
-
-
Read reviews and learn more about P&N Bank savings accounts
Go to site -
Bonus Saver Account
- Maximum rate
-
4.75
%
p.a.
(for $0 to $250,000)
- Standard rate
-
0.05
%
p.a.
(for $0 and over)
- No fees or penalties for withdrawing money
- Personalised insights via the MyState Bank app
- Fast online application
- Standard rate
-
Balances from $0: 0.05% p.a.
- Maximum rate
-
Balances from $0: 4.75% p.a.
Balances from $250,000: 0.05% p.a.
- Maximum rate conditions
-
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Must link to a transaction account
- Other benefits
-
-
Read reviews and learn more about MyState Bank savings accounts
Go to site -
MoneyMAX Account
- Maximum rate
-
4.35
%
p.a.
(for $1 and over)
- Standard rate
-
4.35
%
p.a.
(for $1 and over)
- Interest is calculated daily and paid monthly
- No fees or penalties for withdrawing money.
- Online access only
- Standard rate
-
Balances from $1: 4.35% p.a.
- Maximum rate
-
-
- Maximum rate conditions
-
n/a
- Interest paid
-
Monthly
- Account fee per month
-
$5.00- $0 if you maintain combined min. $5,000 membership balance throughout the entire month. Please refer directly to bank’s website for other exemption criteria.
- Access
-
BPay, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Branch access for deposits only.
- Other benefits
-
-
Read reviews and learn more about Unity Bank savings accounts
Go to site -
Smart Saver Account
- Maximum rate
-
4.25
%
p.a.
(for $0 and over)
- Standard rate
-
0.05
%
p.a.
(for $0 and over)
- No monthly account fees
- Earn bonus interest (T&Cs apply)
- 24/7 account management via the app
- Standard rate
-
Balances from $0: 0.05% p.a.
- Maximum rate
-
Balances from $0: 4.25% p.a.
- Maximum rate conditions
-
Increase account balance by any amount (excluding interest) and make no more than two withdrawals in the month
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
BPay, Branch access, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
-
- Other benefits
-
-
Read reviews and learn more about Newcastle Permanent savings accounts
Go to site -
SwiftSaver Account
- Maximum rate
-
4.25
%
p.a.
(for $0 to $250,000)
- Standard rate
-
0.05
%
p.a.
(for $0 and over)
- Earn bonus interest each month (T&Cs apply)
- Open up to five accounts
- No monthly fees or minimum balance
- Standard rate
-
Balances from $0: 0.05% p.a.
- Maximum rate
-
Balances from $0: 4.25% p.a.
Balances from $250,000: 0.05% p.a.
- Maximum rate conditions
-
Minimum deposit of $10 and no withdrawals in the month
- Interest paid
-
Monthly
- Account fee per month
-
$0.00
- Access
-
BPay, Internet banking
- Kids ages
-
-
- Minimum balance
-
$0.00
- Other restrictions
-
Must link to a transaction account
- Other benefits
-
-
Read reviews and learn more about P&N Bank savings accounts
Go to site -
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)
- 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.
- Standard rate
-
Balances from $0: 3.50% p.a.
Balances from $10,000: 0.02% p.a.
Balances from $20,000: 0.05% p.a.
Balances from $50,000: 0.08% p.a.
- Maximum rate
-
-
- Maximum rate conditions
-
n/a
- Interest paid
-
Quarterly
- Account fee per month
-
- Access
-
ATM, EFTPOS, Visa Debit, BPay, Internet banking, Bank@Post
- Kids ages
-
Under 17
- Minimum balance
-
-
- Other restrictions
-
-
- Other benefits
-
-
Read reviews and learn more about Transport Mutual Credit Union savings accounts
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Your selected savings accounts
^See information about the Mozo Experts Choice Savings Account Awards
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