81% of Aussies will take advantage of EOFY sales, according to Mozo research

If you’re prepping your bank account or credit card for a big end of financial year shopping expedition, you’re not alone. A new Mozo study has found 81% of Australians are planning to hunt for discounted computers, software, office furniture and cars before the tax doors close on 30 June.
The survey of more than 2,000 Aussie shoppers found 45% have been stocking up their savings accounts to make EOFY purchases, with a quarter of the group putting away between $1,500 to $6,000 for the sale spree.
When asked about the payment methods they’d use to make these purchases, 46% plan to use debit cards and 35% will use cash to pay up front. For those putting their purchases on credit, 29% will pull out their credit cards and 24% will turn to Buy Now Pay Later platforms.
The significant presence of cash in this payment method breakdown is somewhat unusual. The RBA has recorded a consistent decline in cash transactions – down to 23% of in-person transactions in 2021 from 32% in 2019.
Talking on The Finance Burrito Podcast this week, Mozo’s Senior Research Analyst Mitchell Pollard said convenience really is key when it comes to using digital payment methods.
However, he said “cash exists as the ultimate privacy tool” for shoppers who don’t want to be targeted with advertising or have their spending data used in other ways.
“With every transaction you make, you can assume it’s being tracked by someone, whether that’s your own bank with a simple transaction history or a supermarket chain logging your purchase habits so they can build their own customer insights,” Pollard said.
Mozo spokesperson Tom Godfrey said this trend may also point to an increase in savings. Current Australian Bureau of Statistics (ABS) figures show the household savings ratio jumped in the June quarter last year to 22% and is now around 11.6%.
“With household savings reaching record levels over the past year it’s clear Aussies are in a great position to tap their debit cards or reach into their wallets for cash this sales season,” Godfrey said.
If you’re considering an EOFY splurge, make sure you keep the rest of your stash safe and earning interest with a high interest savings account like one of the below:
Compare high interest-earning savings accounts - last updated 25 June 2022
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Future Saver Account - 14 to 35 years
Maximum rate
standard interest rate
Govt Deposit Guarantee
3.00% p.a. (for $0 to $50,001)0.05% p.a.(for $0 and over)Yes up to $250,000Transfer a minimum of $1,000 into your linked Everyday Account and make 5 eligible transactions. Bonus interest criteria waived for account holders 14-17 years of age.
Enjoy bonus interest each month when you meet the criteria. No monthly fees. Open an account in minutes. Open up to 9 accounts. Transaction round-up for faster saving. Personalised insights and goal tracking. For customers aged 14-35 years.
CompareCompareFuture Saver Account - 14 to 35 years
Enjoy bonus interest each month when you meet the criteria. No monthly fees. Open an account in minutes. Open up to 9 accounts. Transaction round-up for faster saving. Personalised insights and goal tracking. For customers aged 14-35 years.
- Maximum rate
- 3.00% p.a. (for $0 to $50,001)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Everyday Account and 5 eligible transactions are made by the linked account. Bonus interest criteria waived for account holders 14-17 years of age.
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $1.00
- Other restrictions
Read our Mozo Review to learn more about the Future Saver Account - 14 to 35 years
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Mozo experts choice awards won:
- Regular Saver - 2022
- SMSF Savings Bank of the Year - 2022
AMP Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.35% p.a. (for $0 to $250,000)0.10% p.a.(for $0 to $5,000,000)Yes up to $250,000Minimum deposit of at least $250 in the previous month.
An ongoing total variable bonus rate of up to 1.35% per annum will apply each month if you deposit $250 in the previous month. Available only on balances up to $250,000. AMP Bank, winner of the Mozo Experts Choice Awards 2022 in the Savings category.^
CompareCompareAMP Saver Account
An ongoing total variable bonus rate of up to 1.35% per annum will apply each month if you deposit $250 in the previous month. Available only on balances up to $250,000. AMP Bank, winner of the Mozo Experts Choice Awards 2022 in the Savings category.^
- Maximum rate
- 1.35% p.a. (for $0 to $250,000)
- standard interest rate
- 0.10% p.a.(for $0 to $5,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Ongoing total variable bonus rate of up to 1.35% per annum applies if customers deposit $250 in the previous month. Available only on balances up to $250,000.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Ongoing total variable bonus rate of 1.35% p.a. is earned on your account balance the month after you deposit $250 and is paid the following month. Available on balances up to $250,000. Maximum balance per customer name is $5,000,000.
Read our Mozo Review to learn more about the AMP Saver Account
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Featured Product
Mozo experts choice awards won:
- Regular Saver - 2022
Bonus Saver Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.60% p.a. (for $0 to $250,000)0.05% p.a.(for $0 and over)Yes up to $250,000Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Winner of a Mozo Experts Choice Award 2022 in the Regular Saver category. No monthly account fees. Available only on balances up to $250,000.
CompareCompareBonus Saver Account
Winner of a Mozo Experts Choice Award 2022 in the Regular Saver category. No monthly account fees. Available only on balances up to $250,000.
- Maximum rate
- 1.60% p.a. (for $0 to $250,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Bonus Saver Account
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Youth eSaver
Maximum rate
standard interest rate
Govt Deposit Guarantee
No Current Offer3.25% p.a.(for $0 to $5,001)Yes up to $250,0003.25% p.a. interest rate on balances up to $5,000; 1.00% p.a. interest rate on balance over $5,000. $0 monthly account fees to pay. Add and withdraw your savings without affecting your interest rate. Comes with an Everyday Youth Account. Available to applicants aged 10 to 17 only.
CompareCompareYouth eSaver
3.25% p.a. interest rate on balances up to $5,000; 1.00% p.a. interest rate on balance over $5,000. $0 monthly account fees to pay. Add and withdraw your savings without affecting your interest rate. Comes with an Everyday Youth Account. Available to applicants aged 10 to 17 only.
- Maximum rate
- No Current Offer
- standard interest rate
- 3.25% p.a.(for $0 to $5,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- n/a
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $1.00
- Other restrictions
- Child must be aged 10-17 and sole account owner. Max 1 Youth eSaver account per eligible child. Must link to a transaction account.
Read our Mozo Review to learn more about the Youth eSaver
^See information about the Mozo Experts Choice Savings Account Awards
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