A survey of 3,000 Australians by finance advice platform 'She's on the Money', found 60% of consumers were spending up to $150 weekly on groceries and takeaway food. 

But Australians were also being more savvy with their finances, with more than half switching banks in the last two years to take advantage of a lower interest rate and save money. 

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure

Savings Account

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
More details
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
  • No monthly or international fees on any of your transactions.
Disclosure

Save Account

  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
  • No monthly or international fees on any of your transactions.
More details
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

AMP Saver Account

  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
Disclosure

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
More details
Disclosure
  • Increase your balance by $200 each month to earn the maximum interest
  • No account keeping fees
  • No minimum balance
  • Interest paid monthly

More details
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of November 23, 2024. View disclaimer.

Important Information and Comparison Rate Warning

She’s on the Money Founder and financial planner Victoria Devine said cutting down on food costs and shopping around for better deals on electricity and phone bills were quick and easy ways to save cash.

“Because Australians are panicking about how much they are spending on food, they are turning to free apps like GetReminded to get their finances under control," Ms Devine said.

"This is helping them understand what they are paying each year on household services and reminding them when those contracts are due to expire so they have time to shop around."

The survey found two of the financial goals for respondents were financial freedom and money to buy a home. 

However, many felt overwhelmed with the task of getting on top of their finances and didn't know where to cut back.

"There is an increasing number of people who want to feel empowered over their finances and are taking steps to educate themselves about money, many who are highly educated with tertiary qualifications in other fields," Ms Devine said.

“Families can save up to $3000 a year simply by having the time to shop around for a better deal but instead they leave it too late and just pay the bill when they have to.”

Co-Founder of GetReminded Tim Nicholas said the app had seen a 70% increase in downloads in the past month as people rushed to take control of their finances in the New Year. 

“Insurance, mobile phones and electricity are the main areas people are setting reminders so they have the time to find a better deal and save money," Mr Nicholas said. 

GetReminded is a free-to-use mobile app, available on Android and iOS, that boasts it can save families $3,000 per year on bills and contracts, simply by sending them early reminders and encouraging them to switch.

[Related: Our top 10 best budgeting and money saving apps]

Mr Nicholas said Aussies could cut back on mobile phone plans by reviewing how much data they needed, looking to bundled deals, and weighing up whether prepaid or postpaid would be cheaper in the long run. 

For energy bills, he suggested evaluating your household pricing tariffs, considering green energy, setting up direct debits, and making sure to shop around instead of your plan automatically renewing. 

For home and car insurance, Mr Nicholas said to ensure your cover accurately reflected the value of both assets, review optional extras, and not to accept increased renewal premiums from your current provider.