How your savings might help cover more than just essentials

Couple are using their savings to have fun at an amusement park

Many households have experienced a decline in discretionary spending over the last year to keep up with the necessities, according to a recent report by ANZ Bank.

The study reveals spending on clothing has gone down by 15% over the week ending 4th November 2023, compared to the same period last year. 

Meanwhile, spending on groceries and electricity has trended upwards by 2.4% and 13.4%, respectively.

It’s safe to say the cost-of-living crisis has impacted many, with the balance of budgets tipping back and forth to try and stay in front.

But making room for a bit of spending on the fun stuff is still possible by having a good savings plan. And to do that you also need a top savings account. Let’s explore why. 

More in the bank with a savings account

A savings account isn’t just a place to park some money for a rainy day, but a way to gain interest. And with a high interest savings account, you might expect some competitive short term rates to boost your savings.

Take Rabobank’s High Interest Savings Account, which has an impressive 4-month introductory rate of 5.75% p.a. (with an ongoing rate of 4.40% p.a. after this period) when you save any amount up to $250,000. This means that if you were to lock away $5,000 over the course of 3 years at the above rate, you could earn $748 in interest (which includes the 4-month bonus rate period of 5.75% p.a.) for example.

If you’re not sure how much interest you’ll earn on a savings account, crunch the numbers using a savings calculator

It’s important to shop around and compare your options - especially interest rates. Additionally, it’s good to be mindful of any fees or conditions you’ll need to meet in order to receive the full interest rate, such as making a minimum deposit each month.

Compare savings accounts

Thinking of switching savings accounts? Take a look at some of the best savings accounts that our experts at Mozo have tracked this month, or compare your top picks below!

Savings accounts comparison table - last updated 2 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 . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

    Compare
    Details
  • 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.

    Compare
    Details
  • 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.

    Compare
    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.

    Compare
    Details

^See information about the Mozo Experts Choice Savings Account Awards

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