The price of convenience: DIY lunchbox snacks could save Aussie parents over $700 each year
Convenience comes at a steep cost with Aussie parents paying hugely marked-up prices for pre-packed lunchbox snacks, Mozo’s recent research has shown.
Aussies are paying up to $716 more per child for convenient, pre-packed snacks then they would if they were to purchase larger packs of the same product and portion out snacks at home. Based on the unit price of each item over a 196 day school year, multipack lunchbox fillers were unfailingly over double the price of larger quantity products.
Mozo Director Kirsty Lamont said Aussie parents could avoid this price premium by “putting a small amount of effort into portioning out lunchbox snacks, rather than reaching for the multipacks.”
“Some of the most surprising mark-ups offered very little advantage in terms of convenience – for example, parents prepared to slip a few sultanas into a snap lock bag will avoid the 227% increase for Sunbeam’s Mini Snack Packs, which contain the exact same product,” she said. That’s a saving of $53 per year.
RELATED: Frugal family: 5 easy way to cut household costs
The biggest difference - an incredible 589% mark-up - was between DIY sliced cheese and crackers and Munchables cheese and crackers multipacks. Parents stand to save $312 over the school year by swearing off this pre-packaged convenience.
Other products with remarkable mark-ups included:
Coles Squeezie Vanilla Yoghurt Pouch (217% or $108 more expensive than a 1kg container of the same product)
SPC Aussie Diced Peaches in Mango Nectar Snack Pack (149% or $149 more expensive than an 825g tin)
Just Juice 100% Apple Juice Box (140% or $94 more expensive than 3L of the same product)
“We know that parents feel the pinch at the start of the school year, forking out for uniforms and books, but the good news is a little lunchbox effort can save a lot of money,” Lamont said.
Switching to DIY snacks and looking for somewhere to park all those incredible savings? Check out Mozo’s list of high interest savings accounts to get more bang for your buck.
Savings account comparisons on Mozo - last updated 9 October 2021
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Boost Saver with Go Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.50% p.a. (for $0 to $250,000)0.10% p.a.(for $0 and over)Yes up to $250,000Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. 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. No monthly fees. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account
CompareCompareBoost Saver with Go Account
Enjoy a savings account bundled with a spending account. No monthly fees. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account
- Maximum rate
- 1.50% p.a. (for $0 to $250,000)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. Bonus interest only applies when you deposit $2,000 into your Go Account and make 5 debit card purchases, direct debit or BPAY payments in the previous month. If you are between 18 and 25 you need to deposit $1,000 and fulfil the other criteria.
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and savings account only accessible through iOS or Android app. Bonus introductory interest rate of 1.50% available for accounts opened by 30 Nov 2021.
Read our Mozo Review to learn more about the Boost Saver with Go Account
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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 $250,000Bonus rate for the first 4 months from account opening
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
CompareCompareOnline Saver
No account keeping fees. No minimum balance required. Unlimited phone and internet transactions.
- Maximum rate
- 1.10% p.a. (for $0 to $500,000)
- standard interest rate
- 0.35% 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 for the first 4 months from account opening
- 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 Online Saver
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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 $250,000Make 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.
CompareCompareGrow Saver
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.
- Maximum rate
- 0.65% p.a. (for $0 and over)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Savings account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Grow Saver
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High Interest Savings Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
1.35% p.a. (for $0 to $250,001)0.25% p.a.(for $0 to $250,001)Yes up to $250,000Bonus rate for the first 4 months from account opening
Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.
CompareCompareHigh Interest Savings Account
Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.
- Maximum rate
- 1.35% p.a. (for $0 to $250,001)
- standard interest rate
- 0.25% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the High Interest Savings Account
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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 $250,000Ongoing 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.
CompareCompareFast Track Saver 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.
- Maximum rate
- 1.05% p.a. (for $1 to $250,000)
- standard interest rate
- 0.05% p.a.(for $1 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 Day2Day Plus account and 5 eligible transactions are made by the linked account.
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $1.00
- Other restrictions
- Bonus interest rate criteria is effective from 1 February 2020.
Read our Mozo Review to learn more about the Fast Track Saver Account
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Fast Track Starter Account
Maximum rate
standard interest rate
Govt Deposit Guarantee
2.50% p.a. (for $1 to $10,000)0.05% p.a.(for $1 and over)Yes up to $250,000Ongoing bonus rate applied and 5 eligible transactions are made by the linked accountif in the previous month $200 or more is credited to the linked Day2Day Plus account.
3.00 %P.A. Bonus Interest on balances up to $10,000 when the Bonus Criteria is met. Free withdrawals to your linked Day2Day Account while still earning Bonus Interest. Only available between the ages of 14 - 24 years.
CompareCompareFast Track Starter Account
3.00 %P.A. Bonus Interest on balances up to $10,000 when the Bonus Criteria is met. Free withdrawals to your linked Day2Day Account while still earning Bonus Interest. Only available between the ages of 14 - 24 years.
- Maximum rate
- 2.50% p.a. (for $1 to $10,000)
- standard interest rate
- 0.05% p.a.(for $1 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 $200 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $1.00
- Other restrictions
- Bonus interest rate criteria is effective from 1 February 2020.
Read our Mozo Review to learn more about the Fast Track Starter Account
^See information about the Mozo Experts Choice Savings Account Awards
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