Guide to savings accounts

Best savings rates, high interest accounts, no fees savings... We all want lots of money. But the only thing worse than earning it, is putting it away for a rainy day when we're eighty. A high interest account is the simple answer to miser-free savings.

Savings Accounts

How to calculate interest on a savings account

How to calculate interest on a savings account

Savings accounts can be a great way to earn interest on your hard-earned money. Not only do they provide a safe place to store your cash (as they are guaranteed under the government’s Financial Claims Scheme), but many offer quick access to your cash if needed.

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Types of Savings Account

Types of Savings Account

Whether you’re saving for a holiday, a home deposit or a new pair of shoes, there’s a savings account out there for all savings scenarios. Your specific needs will determine your goals and therefore which account you decide on. Let’s take a closer look.

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How much of my income should I save

How much of my income should I save

Half? A quarter? A dollar? It can be challenging to figure out how much of your income you should save. Thankfully, there are ways of figuring this out so that you can start saving for whichever goal you’re aiming for.

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How much does the average Australian save?

How much does the average Australian save?

Choppy financial waters have meant that the average saver has burnt through their cash quickly this year. In fact, Mozo’s 2024 savings report found that 1 in 6 (16%) Aussies are putting their savings goals on hold.

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A Guide to the Financial Claims Scheme

A Guide to the Financial Claims Scheme

Ever wondered what might happen to your savings if your bank failed? The Australian Government's Financial Claims Scheme (FCS) is designed to protect you in such scenarios.

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Your essential guide to building an emergency fund

Your essential guide to building an emergency fund

An emergency fund is a sum of money you set aside that can support you if you experience a difficult financial time. It might be an unexpected event such as a medical emergency or losing your job, or you might be getting hit hard by the rising cost of living.

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What you need to know about gifting money to your kids

What you need to know about gifting money to your kids

Gifting money to your children or grandchildren can be a powerful way to provide financial support and impart valuable life lessons. It's an act of generosity that can have immediate and long-lasting impacts on their lives, helping them achieve their goals or navigate financial challenges.

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15 simple ways to save money in 2024

15 simple ways to save money in 2024

Saving up cash doesn't have to be a complicated process. At the most basic level, it requires spending less than you earn. Normally, this means having to cut out discretionary spending, although you can offset this by finding new sources of income.

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What are joint savings accounts?

What are joint savings accounts?

If you’re planning on saving with someone you trust, it can be a hassle to calculate between separate accounts. That’s why a joint savings account can be pretty useful. But what are they and how do they work?

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How to create a budget

How to create a budget

Keeping track of what you’re spending is the best way to stay on top of all your bills and still be able to enjoy the finer things in life. But if you’re not sure how to get started with building a budget, don’t worry. We’re budgeting experts here at Mozo, so let's get into it together!

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What is a savings account?

What is a savings account?

A savings account is a safe, secure and accessible place to store your money. But unlike everyday bank accounts you use to pay bills or cover expenses, a savings account allows you to deposit money for future needs while earning some interest.

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Savings accounts vs term deposits

Savings accounts vs term deposits

Fixed or variable, that is the question. For most people, savings accounts are the standard option. However, term deposits offer a few of their own advantages that make them worth considering.

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Can I ask for a better rate on my savings?

Can I ask for a better rate on my savings?

With rates climbing upwards and the rising cost of living causing stress, we’re all looking to save money wherever we can. The first things we look at are always the big expenses - home loan repayments, credit cards - but could you be earning more on your savings?

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Savings account news

Sate your high-interest appetite with savings updates and belt-loosening news.

Whats your spending personality

What’s your spending personality?

I’ll admit it, I’m a big spender. I regularly splash out on the latest kicks (especially during sale season), eating out, weekends away and buying my kids toys they definitely don’t need. But all this spending has got me thinking, surely I’m not the only person in Australia with a spending problem?

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How to increase the interest on your savings

How to triple the interest on your savings

With inflation at an all time high and the cost of living having a choke-hold on many Australian families, it’s time to think smarter when it comes to making your money work harder for you. So what better time to boost your savings interest rate with a few smart moves that could triple your returns?

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Australias best savings term deposits and bank accounts unveiled

Australia's Best Savings, Term Deposits and Bank Accounts Unveiled

Interest rates in Australia have finally moved up from the record lows of recent years, and so there is now more choice when it comes to finding a decent earnings rate for your savings.But with so many different accounts on the market, from bonus rate savings accounts to fixed term deposits and fee-free everyday banking accounts, it can be daunting to decide which savings option is right for you.

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Compare savings accounts and save

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