How to upskill your financial know-how in 2021

woman on her laptop upskilling her financial know-how

Whether you are looking to switch your home loan, opt for a high interest savings account or get a fresh set of wheels with a car loan, 2021 could be the year to get more financially savvy. 

So, how can you improve your money know-how this year? It’s all about what you look for when choosing your financial products. 

There are three main things to consider: 

  • Interest 
  • Features 
  • Fees 

Read on as we take a deep dive into how they work for different financial products and what you need to know about finding a good deal. 

First off ... interest, interest, interest 

One of the most important things to get to know when it comes to your finances is interest rates

Many banking products have interest rates, but they don’t all work in the same way.

For loan products (like home loans, personal loans, car loans, business loans and credit cards) interest is what the bank or lender charges the customer for the money they borrow. 

Whereas for deposit products (like savings accounts, term deposits and bank accounts) interest is what you, as the customer, earn on the money you put into the bank. 

So to put things simply, when borrowing you want to opt for a low interest rate, and when depositing you want to opt for a high interest rate

For more on how different interest rates work and to compare products, check out the Mozo Interest Rates page

Throw in a handful of bonus features  

With so many different financial products out there, it pays to be picky when it comes to weighing up your options. 

This is where bonus features can really make the difference. 

For example, some savings accounts reward customers with bonus interest when they make regular deposits and purchases. Or some accounts may have cashback offers when you first sign up. 

When it comes to loans, there are a whole bunch of features to keep your eyes peeled for. These include extra repayments, redraw facilities, offset accounts, repayment frequency and more. 

And for credit cards, customers can look for things like rewards, balance transfer offers, interest-free days etc. 

Ultimately, you need to consider what types of features best suit your financial situation and where you can get them for the lowest possible price.     

Try to dodge pesky fees 

Fees are an unfortunate part of banking, but an easy way to upskill your financial know-how is to familiarise yourself on how to dodge them (or at least as many as you can). 

Here are a bunch of fees you may face on your financial products: 

  • Upfront fees (application, establishment fee etc) 
  • Annual fees 
  • Monthly service fees 
  • Early repayment fees 
  • Late payment fees 
  • Transaction fees 
  • International fees

While it may be hard to avoid every fee, when weighing up your options take into consideration which products have less fees that others. Also remember to crunch the numbers in relation to the different fees. While a $10 monthly fee may not seem like much at first, it can add up over time and may outweigh the cost of a one-off application charge. 

Want to start weighing up some savings accounts right now? Check out these options below or head over to our savings accounts comparison hub for more!

Compare savings accounts - last updated 23 April 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 . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

  • 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.

  • 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
    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.

  • 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

    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.

  • 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.


^See information about the Mozo Experts Choice Savings Account Awards

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