Which of these 5 different savers are you?
![Five people, representing five different types of saver.](https://cdn.mozo.com.au/images/atwood/10965/types_of_saver_content.jpg)
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
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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 4 months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 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 2024 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 4 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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Mozo experts choice awards won:
- High Interest Savings - 2024
Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.
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.^
CompareCompareSavings Maximiser
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.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the ING Savings Maximiser
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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.
CompareCompareReward Saver Account
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.
- Maximum rate
- 5.25% p.a. (for $0 to $1,000,000)
- standard interest rate
- 0% 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 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.
- Access
- ATM, EFTPOS, Visa Debit, Cheque book, BPay, Branch access, Phone banking, Internet banking, Bank@Post
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the IMB Bank Reward Saver Account
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Bonus Saver Account
5.00% p.a. (for $0 to $250,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate when at least $20 is deposited each month and five Visa Debit transactions are made each month using linked Glide transaction account.
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
CompareCompareBonus Saver Account
Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.
- Maximum rate
- 5.00% 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 MyState Bank Bonus Saver Account
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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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
CompareCompareHigh Interest Savings Account
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.
- 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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^See information about the Mozo Experts Choice Savings Account Awards
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