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.
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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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.
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.
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.
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.
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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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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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?
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!
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.
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.
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?
Sate your high-interest appetite with savings updates and belt-loosening news.
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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In great news for Aussie savers, after being stuck at gloomily low levels for what seemed like an eternity savings rates have made a comeback throughout 2024.
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Living in the moment is great - until it leaves your bank account on empty! Here at Mozo we agree that it could be time for us Aussies to take a step back from the YOLO economy and rethink our “you only live once” spending habits.
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A few weeks before the RBA decision on the official cash rate, Macquarie Bank has notably bumped up the interest rate on its savings account of balances up to $250,000.
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