Do you have an old smartphone sitting in a drawer? It’s one in a pile worth $7.8 billion
There are currently more mobile phone connections (close to 33 million) than there are people in Australia, according to the consumer data researchers at Statista.
Unless you can text simultaneously in each hand, this means there are heaps of powered-down phones just taking up space.
Rather than let your old smartphone sit in the odds-and-ends drawer and become less relevant by the day, you could think about selling it.
EBay estimates there is $7.8 billion in unused smartphones languishing in Australian households. The digital marketplace juggernaut says potential sellers could make up to $386 more by selling well-preserved devices via its platform instead of trading in after an upgrade.
And it looks like plenty of Aussies are jumping on board, with 76,626 secondhand smartphone sales recorded on eBay since the beginning of 2020 – that’s around 11 handsets changing hands every hour.
Gumtree’s Second Hand Economy Report also shows there are big bucks to be made through more sustainable selling. It calculates the pre-loved economy is worth $42 billion in 2020, which is a $3 billion increase on the nine previous years analysed by Gumtree.
Staying connected sustainably
Whether you’re an Apple fan or on team Android, it can be difficult to invest sustainably in technology. While an antique lounge is built to stand the test of time (and style), mobiles see constant upgrades and reinventions, and some components like batteries are intentionally built to degrade over time.
So, if you’ve well-and-truly busted up your old device and reselling isn’t an option, make sure you recycle it properly.
Longstanding government e-waste recycling initiative MobileMuster collected more than 84 tonnes of mobile phone components in 2019 alone. At least 95% of these old parts are transformed into valuable materials.
Another important ‘r’ to remember is ‘reuse’. MobileMuster’s 2019 report showed people repairing mobile devices (33%) and buying pre-loved (21%) are both on the up, especially in younger demographics.
If you’ve saved big on a bunch on a savvy tech purchase or sales, think about squirreling the cash away in one of the savings accounts below for future sustainable shopping sprees.
Compare savings accounts - last updated January 23, 2021
Bonus Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.20% p.a. (for $0 to $250,000)0.10% p.a.(for $0 and over)Yes up to $250,000Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.
CompareCompareBonus Saver Account
Winner of a Mozo Experts Choice Award 2020 in the Regular Saver category.^ No monthly account fees and no minimum balance requirements.
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Everyday or Glide transaction accounts.
- Access
- BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Bonus Saver Account
Serious Saver
Maximum rate
standard interest rate
Govt Deposit Guarantee
0.90% p.a. (for $0 to $1,000,000)0.05% p.a.(for $0 and over)Yes up to $250,000No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.05% rate after*
CompareCompareSerious Saver
$0 monthly account fee. Link to any Australian bank account.
- account fee per month
- $0.00
- Maximum rate conditions
- No withdrawals in the month. Bonus rate for first 4 months, reverting to 0.05% rate after*
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Serious Saver
Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.10% p.a. (for $0 to $1,000,000)0% p.a.(for $0 and over)Yes up to $250,000Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).
CompareCompareSaver Account
No monthly fees and earn up to 1.10% interest when you make 5 card purchases per calendar month. Automatically receive a $5 bonus into your new Up account when you use the special code MOZO5SAVE at sign up.
- account fee per month
- $0.00
- Maximum rate conditions
- Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and saving account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Saver Account
Online Saver
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.10% p.a. (for $0 to $500,000)0.35% p.a.(for $0 and over)Yes up to $250,000Bonus rate for the first 4 months from account opening
CompareCompareOnline Saver
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account.
Read our Mozo Review to learn more about the Online Saver
^See information about the Mozo Experts Choice Savings Accounts Awards
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