Savings review: Why 2024 was the year of thoughtful spending

By Cameron Thomson and JP Pelosi
Fact Checked
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Saving money
Image: Getty

Amid higher costs, Aussies have been trying to save money in 2024. But economic uncertainty and the sluggish fight against inflation hasn’t helped. 

Throughout this period, savers have had to become more strategic in their financial decisions, balancing careful spending with smarter saving habits. We’ve seen a lot written about this, including that many Australians have trimmed down travel-related costs in 2024.

It’s been a more frugal era for sure, and a few key numbers can help illustrate the impulse to save. 

Better decisions helping consumer (and saver) confidence?

One way to see how people are handling their money is with consumer confidence figures. In December, confidence reached its highest level since May 2022, with the ANZ-Roy Morgan Consumer Confidence Index climbing 2.7 points to 88.4. 

This improvement might reflect sharper financial management rather than pure optimism, though. For instance, recent Black Friday stats from NAB reveal that while overall spending increased by 4% compared to 2023, transaction volumes actually dropped by 4%.

Fewer purchases can typically mean more deliberate shopping.

"Australians are spending more thoughtfully and choosing quality over quantity," says NAB executive business metro, Julie Rynski, noting that consumers showed interest in high-value items.

Essential items are a priority for many

The emerging trend of making more intentional and well-considered financial decisions is particularly noticeable in the way Aussies are making ‘major purchases’. 

For example, ANZ-Roy Morgan data shows nearly a third of Australians (31%) currently view it as a good time to buy major household items, the highest level since April 2022.

This is one purchasing category that usually demands research and greater consideration, and typically doesn’t lend itself to ‘impulse buying’. 

Getting the most from your savings accounts  

A focus on thoughtful spending can also typically see an improvement in savings habits. More money saved and put in the bank is great, but switching to a higher savings rate is even better. 

Research from Mozo’s ‘SOS’ Savings Report for 2024 shows that those who switched in the past 12 months are enjoying an average savings rate of 4.53% p.a., significantly higher than the 3.71% p.a. earned by non-switchers.

Also of note, our report shows that 69% of Australians have never switched savings accounts. These savers could potentially miss out on better returns during a relatively high interest rate environment.

Every little bit helps, especially in more challenging economic times. 

Don't forget to compare

To see what leading providers are offering, head over to our high interest savings account page (or start with the below list).

After all, simple switch might help you make the most of your more thoughtful spending!

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 252 savings accounts using the filters.
Last updated 17 December 2024 Important disclosures

Savings account comparisons on Mozo

  • Promoted

    High Interest Savings Account

    Maximum rate
    5.60 % p.a.
    (for $0 to $250,001)
    Bonus rate for the first 4 months from account opening
    Standard rate
    4.35 % p.a.
    (for $0 to $250,001)
    Go to site

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

  • Promoted

    Savings Accelerator

    Maximum rate
    5.40 % p.a.
    (for $150,000 to $500,000)
    New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    Standard rate
    2.85 % p.a.
    (for $0 to $50,000)
    Go to site

    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

  • Promoted

    Savings+Bonus

    Maximum rate
    5.00 % p.a.
    (for $1 to $250,000)
    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
    Standard rate
    2.00 % p.a.
    (for $1 to $250,000)
    Go to site

    Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.

  • Promoted

    Smart Saver Account

    Maximum rate
    4.50 % p.a.
    (for $0 and over)
    Increase account balance by any amount and make no more than two withdrawals
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site

    Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.

  • High Interest Savings Account

    Maximum rate
    5.60 % p.a.
    (for $0 to $250,001)
    Bonus rate for the first 4 months from account opening
    Standard rate
    4.35 % p.a.
    (for $0 to $250,001)
    Go to site

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

  • Savings Maximiser

    Maximum rate
    5.50 % p.a.
    (for $0 to $100,000)
    Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Go to site

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

  • Savings Accelerator

    Maximum rate
    5.40 % p.a.
    (for $150,000 to $500,000)
    New customers receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    Standard rate
    2.85 % p.a.
    (for $0 to $50,000)
    Go to site

    Enjoy the flexibility to access your funds with no monthly deposit requirements or lock-in terms. No ING fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

  • PremiumSaver

    Maximum rate
    5.35 % p.a.
    (for $0 to $250,001)
    Increase balance by $200 by the end of each month
    Standard rate
    1.45 % p.a.
    (for $0 and over)
    Go to site

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

  • Savvy Saver Account

    Maximum rate
    5.10 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Go to site

    Earn a great variable rate each month when you meet the criteria. No need to lock your savings away. Move your money in and out and still earn interest. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

  • Savings+Bonus

    Maximum rate
    5.00 % p.a.
    (for $1 to $250,000)
    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
    Standard rate
    2.00 % p.a.
    (for $1 to $250,000)
    Go to site

    Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.

  • Bonus Saver

    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    Standard rate
    0.50 % p.a.
    (for $0 and over)
    Go to site

    Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.

  • Hi Saver

    Maximum rate
    5.00 % p.a.
    (for $0 and over)
    Bonus rate for the first 4 months from account opening
    Standard rate
    0.50 % p.a.
    (for $0 and over)
    Go to site

    Earn bonus interest on your savings for the first four months from the date you open the account, even if you make withdrawals. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

  • Bonus Saver Account

    Maximum rate
    5.00 % p.a.
    (for $0 to $250,000)
    Deposit at least $20 each month and make 5 Visa Debit transactions with a linked Glide account.
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site

    Open a Bonus Saver Account in under 5 minutes. There are no fees to pay or penalties for withdrawing money. Get a seamless personalised insights and online statements via the My State Bank app.

  • MoneyMAX Account

    Maximum rate
    4.70 % p.a.
    (for $1 and over)
    Standard rate
    4.70 % p.a.
    (for $1 and over)
    Go to site

    Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.

  • Smart Saver Account

    Maximum rate
    4.50 % p.a.
    (for $0 and over)
    Increase account balance by any amount and make no more than two withdrawals
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site

    Work towards your savings goals with this account. Earn bonus interest when you grow your balance and make no more than 2 withdrawals each month. Earn a guaranteed standard rate of interest each month on your savings. No monthly account keeping fees to pay. Use the app or internet banking to manage your account 24/7.

  • SwiftSaver Account

    Maximum rate
    4.50 % p.a.
    (for $0 to $250,000)
    Minimum deposit of $10 and no withdrawals in the month
    Standard rate
    0.05 % p.a.
    (for $0 and over)
    Go to site

    Earn bonus interest each month by depositing $10 or more and making no withdrawals. A great on-going rate. No monthly fees to pay. Open up to five accounts to make saving for different goals simple. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.

  • EasySaver Account

    Maximum rate
    3.70 % p.a.
    (for $0 and over)
    Standard rate
    3.70 % p.a.
    (for $0 and over)
    Go to site

    Enjoy a straight-forward variable savings rate with the Bendigo Bank EasySaver Account. Watch your savings grow without any monthly service fees to pay. Minimum opening balance of just $1. e-banking and phone banking anywhere, anytime. Branch access Australia wide, with 2 free branch withdrawals per month. No card access but transact online via e-banking or the Bendigo Bank app, through phone banking or at any branch.

Showing 13 results from 252 savings accounts. Use the filters to see more

^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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