How to save money fast

Have you found your savings pool exhausted? Building up your cash pile fast can be a bit difficult when economic times are tough. But what strategies can you take beyond just getting a promotion?

Here are some ways you can save cash quickly. 

Money saving actions you can take

The fastest way to save money is dependent on the kinds of actions you take to either reduce spending or increase earnings. Some of the things you can do to increase your savings include: 

1. Reduce discretionary spending  

By reducing the amount you’re spending on non-essential items, you can leave yourself with more available income. This can include streaming subscriptions, take-away, or even going to the movies.

2. Change how you eat

Considering the total cost of eating is another way to cut back on spending. Generally, cooking your own food will be the cheapest option. You can find plenty of budget recipes online that can help you save while keeping up the amount of variety you have available to you. 

3. Automate your savings

Since most savings apps are online, many of them come with handy features that can help you automate your savings. One example are round-up tools which will round purchases to the nearest dollar and deposit the difference. There are also automatic transfers which can be another helpful way of saving money. 

4. Get a budget

Budgeting is often talked about in personal finance circles, but a lot of savers neglect it. You can make them fairly flexible, acting as a spending guide that helps you keep on track. Check out how to make a budget or use our handy budget calculator to plan yours out. 

5. Build an emergency fund

An emergency fund is a pool of cash meant specifically for unforeseen financial situations like surgery, car repairs, or temporary unemployment. This is important for savings as well, since some high interest savings accounts require no withdrawals for the maximum rate. 

That’s why both savers and investors want to make sure they’ve got an emergency fund set up. That way, if anything goes wrong, you won’t have to withdraw from your main savings account, term deposit, or brokerage account. 

Get a high interest savings account to save faster

A high interest savings account is one of the best ways to save at a faster rate. With a higher interest rate, the benefits of compound interest take effect sooner. That’s why it’s important to compare savings accounts and make sure you’ve got an account that works for your situation while still maintaining a high interest rate. 

You can compare some savings accounts on our hub page or check out some of the best savings accounts for the month. 

Savings account comparisons on Mozo - last updated 25 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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    Details
  • 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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  • Savings+Bonus

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

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.

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^See information about the Mozo Experts Choice Savings Account Awards

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