July savings snapshot: Prepare your savings for the new financial year

Man drinking coffee and using phone, computer and notes to prepare his savings for the EOFY.

Savings account interest rates held steady over the last month, with the rapid reductions of 2020 slowly petering off as we shift into a new financial year.

There were 13 cuts to ongoing savings rates in the Mozo database in June, as well as one increase of 0.35 basis points to the 4-month introductory rate on Bank of Queensland’s WebSavings Account.  

This has left the average ongoing savings rate in Mozo’s database at 0.44%, a figure which has remained relatively stable since February. While this is a rather dreary offer for anyone looking to earn interest, it highlights why pays to shop around for a better rate. 

Leading bonus savings rates are still sitting at 1.35% (ING Savings Maximiser) for all nest egg builders and 3.00% (Westpac Life (18 - 29 years old)) for younger savers. Just keep in mind there are various criteria you’ll need to meet each month to earn these top rates.

New financial year resolutions

Planning out your next financial steps after EOFY can also benefit your savings stash in the long-run. Here are a few financial resolutions to follow from July 1.

  • Be smart about your tax return this year. Get your return sorted out with haste so you can make the most of any cash that’s returned to your pocket. Read up on how to file your return efficiently with 86 400’s CFO, Belinda Hogan.
  • Get a high interest savings account sorted ASAP. You don’t want to leave your extra tax time cash languishing in a bank account (or shoebox) where it’s not earning any interest. Instead, check out these high interest savings accounts for your tax return.
  • Start a system for recording tax deductible expenses now. Pulling together 12-month-old receipts and loose paperwork isn’t an enjoyable tax time activity for most. For a more streamlined approach, check out the myDeductions tool on the Australian Taxation Office (ATO) app. It’s a convenient way to record your expenses and income in one place, including photos of receipts and invoices if they are in paper form.
  • Organise your side hustle banking. If you started doing some freelance work over the last year, it’s time to get organised for your side hustle future. Read our list of must-knows for freelancers at tax time, and some of the business banking options you may want to consider as your side-gig grows.

Compare bonus interest savings accounts - last updated 20 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.

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    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.

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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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    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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  • 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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^See information about the Mozo Experts Choice Savings Account Awards

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