How to improve your budget with the right savings account


Have you been budgeting, but not making much progress when it comes to growing your cash? It could be that your current savings account isn’t offering you a high enough interest rate.

Let’s consider what type of savers are on offer. 

Comparing savings accounts

It can be difficult to tell if you’ve got a good savings account relative to the rest of the market. Thankfully, that’s where the database at Mozo can come in handy.

We track over 200 savings accounts and, by crunching the numbers, have found the averages across a bunch of savings categories. 

Savings Account Averages
All Ongoing
Only Bonus
Only Intro
Only Base

* Personal account of $10,000, correct as of 25 January 2024

You can see here that the type of savings product you select does matter, especially when it comes to the rate of interest you get. More on that in a minute.

How different rates affect your budgeting goals

One aspect of a successful budget or savings plan is proper goal setting—even if it’s as simple as building an emergency fund. Depending on the time frame, higher or lower savings rates can change how quickly you can finish a goal. 

One way you can get an idea of how quickly you’ll achieve your goal is with a savings account calculator. With some very basic info, this is an easy way to measure how your savings can grow over time.

Compound interest is another aspect of savings account interest rates that can help you achieve your budgeting goals faster. Essentially, this is when you are earning interest on your interest. By its nature, though, it works better for longer term goals.  

Does the kind of savings account matter?

Yes, depending on the goal of your budget, it can matter what kind of savings account you get. For instance, a short term goal may be better suited to an introductory rate account. Intro rate accounts usually offer high rates for periods of 3 to 6 months before reverting to a base (much lower) rate. 

If you have a longer term goal for your budget, then a high interest savings account like a bonus rate may be the better option. This is because bonus rate accounts usually require no withdrawals (or a balance growth), meaning that they’re better suited for cash that doesn’t need to be accessed right away. 

Also, unlike a term deposit which will only let you contribute more at maturity, a bonus rate savings account can be deposited into whenever you have the cash to spare.

If you’re keen to explore savings accounts some more and find the best one to suit your needs, why not start comparing the top savers below.

Savings account comparisons on Mozo - last updated 25 February 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.

  • 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.

  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

  • Mozo Expert Choice Badge
    Bonus Saver Account

    5.00% p.a. (for $0 to $250,000)

    0.05% p.a.(for $0 and over)

    Yes up to $250,000

    Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.

  • Mozo Expert Choice Badge
    Savings Account

    5.50% 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.