Which of these 5 different savers are you?
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 20 April 2024
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Mozo experts choice awards won:
- Kick Start Savings - 2024
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.
CompareCompareHigh Interest Savings Account
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.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% 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 Rabobank High Interest Savings Account
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Savings Account
5.35% p.a. (for $0 to $250,000)
4.75% p.a.(for $0 to $1,000,000)
Yes up to $250,000
Bonus variable rate is available for the first four months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first four months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
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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, Bills 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.
CompareCompareHigh Interest Save Account
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.
- Maximum rate
- 5.10% 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
- Deposit at least $200 to either Spend, Bills or Save account from an external source each month.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Account can only be opened through iOS or Android app, but may be accessed through internet banking.
Read our Mozo Review to learn more about the ubank High Interest Save Account
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Mozo experts choice awards won:
- High Interest Savings - 2024
AMP Saver Account
5.40% p.a. (for $0 to $250,000)
1.20% p.a.(for $0 to $5,000,000)
Yes up to $250,000
Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
CompareCompareAMP Saver Account
No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.40% p.a. (for $0 to $250,000)
- standard interest rate
- 1.20% 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 5.40% per annum applies if customers deposit $1,000 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 up to 5.40% p.a. is earned on the balance the month after you deposit $1,000 and is paid the following month, on balances up to $250k. Max balance per customer name is $5 million.
Read our Mozo Review to learn more about the AMP Bank AMP Saver Account
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Savings+Bonus
5.00% p.a. (for $0 to $250,000)
2.00% p.a.(for $0 to $250,000)
Yes up to $250,000
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
CompareCompareSavings+Bonus
Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.
- Maximum rate
- 5.00% p.a. (for $0 to $250,000)
- standard interest rate
- 2.00% p.a.(for $0 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $5.00
- Maximum rate conditions
- Minimum $100 monthly deposit and no withdrawals to earn bonus interest.
- Access
- -
- Minimum balance
- $1.00
- Other restrictions
- -
Read our Mozo Review to learn more about the First Option Bank Savings+Bonus
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Your selected savings accounts
Your selected savings accounts
Your selected savings accounts
^See information about the Mozo Experts Choice Savings Account Awards
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