Which of these 5 different savers are you?

Five people, representing five different types of saver.

Although one saving method does certainly not fit all, there are a few common traits that (most of us) subscribe to when it comes to stashing cash for a rainy day.

With this in mind, we’ve done some research and come up with five different types of saver. You may fit solidly into one saving persona, or you may be a mix of two or three. Read on to see which one sounds like you and how you can up the ante, when it comes to saving dollars and cents.

The high interest seeker

Always wanting to be ahead of the game, the high interest seeker is forever in pursuit of the most competitive interest rates. To this end, they have no qualms about switching banks three, four, maybe even five times in the same year!

Mozo’s top tip: Introductory interest rates usually only last around three or four months, so if you want to chase the highest interest you can, you will need to be organised. Set a reminder in your calendar, a week before the introductory rate is due to end, so that you have time to open a new account and transfer your funds across. Bookmark our high interest savings page, so that you always have a reference at hand for the market’s most competitive rates.

The squirreller 

Putting money away for a rainy day is almost second nature to the squirreller. Whether they intend to be or not, the squirreller is a dedicated saver. This tendency to save rather than splurge, usually arises from a need to be prepared for an emergency. So squirreller’s quite literally save in case of a rainy day.

Mozo’s top tip: Setting yourself up with an emergency savings fund is definitely a good thing to do. Plus, as a natural saver, the good news is that there are many options for the squireller to earn bonus interest. Every account will have different deposit or withdrawal criteria, so find one that will suit your goals. Start by comparing current bonus rate savings deals.

The goal kicker

The kind of person who works well on a deadline, the goal kicker likes to have a reason to save. When the goal kicker has a clear motivation they can fast track their savings in no time. However, they may struggle to get the ball rolling when they don’t feel like there’s anything to save for.

Mozo’s top tip: It can be hard to play the long savings game, however, there are a number of savings accounts available, designed to help you stay savings motivated. For instance,  ME Bank’s Online Savings Account allows you to open multiple accounts and earn interest on all of them, up to $250,000. Another example is 86 400’s Save Account, which allows you to open and earn interest on up to three savings accounts!

The avoider

To the avoider, the subject of finances full stop is not a palatable one. This could be for a few reasons, including ‘it’s just boring’ or ‘it’s too depressing to think about.’ The avoider has dreams, they just don’t like talking about money and they don’t think they’ll ever have enough to make much of a difference.

Mozo’s top tip: Avoiders, technology is your savings best friend. Most banks these days offer nifty features to help you fast track your savings. For instance, you can set up automated transfers and savings round up tools which put money directly into your savings account, each time you make a transaction. Check out reviews of Bank Australia, ING and Up Bank to learn more.

The optimist

When it comes to saving money, the optimist is full of aspirations. The only problem is they can never quite manage to meet their goals. This could be because they are too busy spending their money on other people, or because they simply find it difficult to stick to a plan.

Mozo’s top tip: Between social media advertising and real life advertising, we can see how saving money is a bit tricky sometimes. If you want to make sure you’re not dipping into your savings all the time, why not put some in a term deposit? That way you can lock it away for a certain period of time, you’ll get a guaranteed rate of return and best of all it will be much harder to access.

Want to read more about how you can get going with your savings? Why not check out our savings guides for more tips and tricks. Or, if you’re interested in switching to a new savings account, take a look at the interest rates on offer below.

Compare savings accounts - last updated 26 February 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

  • Hero Saver

    4.60% p.a. (for $0 to $250,001)

    1.00% p.a.(for $0 to $5,000,001)

    Yes up to $250,000

    Minimum deposit of $200 and no withdrawals in the month.

    Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.

  • Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.


^See information about the Mozo Experts Choice Savings Account Awards

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