One-third of Australians plan to up their emergency savings

As businesses are forced to shut up shop alongside a stream of predictions about rising unemployment, you may feel less frazzled about your finances if you have an emergency savings fund.
Supporting this sentiment, a new report has revealed intentions to grow a rainy day savings pool have increased since the beginning of the pandemic.
Around 32% of Australians plan to knuckle down and start contributing more to their emergency fund once the COVID-19 crisis has passed, according to the most recent joint report from tech company Toluna and digital research consultants Harris Interactive.
So why are savers waiting to get cracking on their emergency fund? What stands out is low confidence in the current climate.
Half of the 1,046 Aussies who were surveyed from April 9 to 14 said they weren’t confident in their personal finances since lockdown measures were brought into effect and only 24% feel secure in their jobs.
Post-coronavirus resolutions
If you feel like your financial dreams are on pause right now, planning ahead can be cathartic. The report detailed a few post-lockdown resolutions for inspiration:
- After weeks stuck inside attempting living room workouts to stave off lethargy, 39% of Australians plan to be more health conscious post-pandemic
- 35% are planning to go out to restaurants, bars and cinemas more than their pre-pandemic selves
- In light of the environmental impacts of COVID-19 lockdowns, 23% plan to be more sustainable.
If you want to get on top of your future emergency fund asap, head to Mozo’s savings account comparison page, or check out the high interest savings account options in the table below.
High interest 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
^See information about the Mozo Experts Choice Savings Account Awards
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