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 31 July 2021

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
    • Mozo Expert Choice Badge
      Bonus Saver Account
      Maximum rate
      Standard interest rate
      Govt Deposit Guarantee
      1.20% p.a. (for $0 to $250,000)
      0.10% 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 Everyday or Glide transaction accounts.

      Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

      Details
    • Boost Saver with Go Account
      Maximum rate
      Standard interest rate
      Govt Deposit Guarantee
      1.20% p.a. (for $0 to $250,000)
      0.10% p.a.(for $0 and over)
      Yes up to $250,000

      Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

      Enjoy a savings account bundled with a spending account. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

      Details
    • Serious Saver
      Maximum rate
      Standard interest rate
      Govt Deposit Guarantee
      0.30% p.a. (for $0 to $1,000,000)
      0.15% p.a.(for $0 and over)
      Yes up to $250,000

      Bonus rate for first 3 months, reverting to 0.15% rate after

      $0 monthly account fee. Link to any Australian bank account.

      Details
    • Grow Saver
      Maximum rate
      Standard interest rate
      Govt Deposit Guarantee
      0.65% p.a. (for $0 and over)
      0.10% p.a.(for $0 and over)
      Yes up to $250,000

      Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

      Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

      Details
    • Online Saver
      Maximum rate
      Standard interest rate
      Govt Deposit Guarantee
      1.10% p.a. (for $0 to $500,000)
      0.35% p.a.(for $0 and over)
      Yes up to $250,000

      Bonus rate for the first 4 months from account opening

      No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.

      Details
    • Fast Track Saver Account
      Maximum rate
      Standard interest rate
      Govt Deposit Guarantee
      1.05% p.a. (for $1 to $250,000)
      0.05% p.a.(for $1 and over)
      Yes up to $250,000

      Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.

      Earn 1.05% p.a. Bonus Interest in the following month on your Fast Track Saver Account balance. Earn Bonus Interest on your savings, with no minimum balance required.

      Details
    • Flexi Saver
      Maximum rate
      Standard interest rate
      Govt Deposit Guarantee
      0.25% p.a. (for $0 to $5,000,000)
      0.05% p.a.(for $0 to $5,000,000)
      Yes up to $250,000

      Increase balance by at least $300 in the month

      No upfront or ongoing fees. Unlimited free transactions. Great for regular contributions.

      Details
    • WebSavings Account
      Maximum rate
      Standard interest rate
      Govt Deposit Guarantee
      1.00% p.a. (for $2,000 and over)
      0.05% p.a.(for $2,000 and over)
      Yes up to $250,000

      Bonus rate for the first 4 months from account opening on balances over $2,000 only, available to new customers only.

      A high interest savings account that still lets you access your cash, no monthly account keeping fees and top up as many times as you like.

      Details

^See information about the Mozo Experts Choice Savings Account Awards

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