How to NOT give up your daily coffee (hint - savings accounts are involved!)

girl figuring out her finances

Listen, we're all tired of people telling us to give up our daily cup of joe to save money. Well, we’re here to tell you it doesn’t have to be that way! You can save money and buy your daily caffeine guilt free.

But how?

The answer is simple: get a savings account with a high interest rate

If you have a savings account with a 5.00% interest rate and regularly deposit a couple of hundred dollars monthly, you should earn enough interest to cover some of your regular coffees. 

It’s that easy!

However, if you’re not in the position to be putting aside hundreds of dollars into your savings account, never fear. There are other basic ways to save and keep your flat white.

Other ways to save for your coffee

Saving money sometimes means cutting back on spending to keep some extra bucks in your pocket. Or finding cheaper deals on utilities you already have to budget for.

Some simple ways to save include:

Every little bit helps, especially if it means securing funds for your daily liquid gold. And if you have extra cash to spare, consider putting it in a savings account.

Best savings account

But not all savings accounts are created equal and not everyone has the time to spend hours researching which ones are the best. Thankfully, Mozo’s expert judges have done all the hard work for you and declared the cream of the crop with the Mozo Experts Choice Savings Awards

Alternatively, check out our savings account comparison table below to discover the perfect account for your money.

Savings account comparisons on Mozo - last updated 27 May 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • 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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

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  • 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 2023 Mozo Experts Choice Award winner.

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    Details
  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

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  • 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, Bills 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.

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  • 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.

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  • 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.

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^See information about the Mozo Experts Choice Savings Account Awards

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