5 costly savings mistakes stealing your interest in 2025

By Cameron Thomson · · 2 min read
Fact Checked
Advertiser disclosure

New research from Mozo reveals that Australians are leaving significant money on the table through simple savings missteps. The 2025 Savings Report analysed 264 savings products from 84 providers and surveyed over 1,000 Australians, uncovering five critical errors that could be costing you hundreds in potential interest.

1. Keeping money in transaction accounts

One-third of Australians store savings in everyday transaction accounts, and almost 70% of these accounts that we track on our database pay zero interest. Even accounts that do offer interest typically pay less than 0.10% p.a., with only Macquarie reaching 2.50% p.a. – still far below dedicated savings accounts. We suggest keeping your extra funds in one of the best high interest savings accounts instead.

2. Not knowing your interest rate

A staggering 51% of Australians surveyed didn't know their savings account interest rate. With rates ranging from 0% to 4.85% p.a., this blindspot can mean you’re missing out on significant savings if you’re on the lower end of the scale. On a $10,000 balance, the difference between the lowest and highest rates equals approximately $500 annually – rising to over $1,200 on $25,000 unconditional rates.

3. Missing bonus conditions

Twenty percent of savers aren't sure if their rate has conditions attached. The average bonus rate is 4.48% p.a., but if conditions aren't met, accounts typically revert to just 0.26% p.a. This 4.22% difference means you could be missing out on $431 annually on $10,000 and over $1,000 on larger balances.

4. Big Four bank loyalty

Savers who switched to a non-Big Four bank reported average rates of 4.87% p.a., compared to just 4.19% p.a. at major banks. This 0.68% loyalty tax translates to $71 less annual interest earned on $10,000 and $177 less on $25,000.

5. Not comparing with award winners

Mozo Experts Choice Award winners consistently outperform other accounts. 2025 Award-winning unconditional accounts averaged 4.51% p.a. versus non-winners at 1.24% p.a. This difference could generate up to $335 more cash in your pocket annually on a $10,000 balance, or $839 on $25,000.

Stop losing interest: Simple steps to better savings in 2025

"Australians work hard for their money, so their savings should be working just as hard for them," says AJ Duncanson, Mozo's Data Director. Simple changes like moving funds to dedicated savings accounts, checking your rate, tracking bonus conditions, and comparing options beyond the Big Four could help you reach savings goals significantly faster.

Review your savings strategy today. Check your current rate, verify any bonus conditions, and compare your account against top performers. With interest differences potentially worth hundreds of dollars annually, these small adjustments could deliver substantial rewards for minimal effort.

Looking to get started with a new savings account? Head over to the hub page and compare today or check out some of the providers in the tables below… 

Last updated 19 April 2025 Important disclosures
  • Promoted

    Boss Saver

    Maximum rate
    5.10 % p.a.
    (for $0 to $100,001)
    Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
    Standard rate
    0.55 % p.a.
    (for $0 and over)
    Go to site
    • Bonus interest for the first four months
    • No minimum balance, ongoing fees or withdrawal penalties
    • Manage your money easily on the BCU Bank app
  • Promoted

    Savings Accelerator

    Maximum rate
    5.15 % p.a.
    (for $150,000 to $500,000)
    New customers who open an account by 30 June 2025 receive an introductory bonus 0.70% p.a. variable kick starter rate for the first 4 months on balances up to $500,000.
    Standard rate
    2.60 % p.a.
    (for $0 to $50,000)
    Go to site
    • No monthly deposit requirements or lock-in terms
    • No ongoing fees
    • Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^
  • Promoted

    High Interest Savings Account

    Maximum rate
    5.45 % p.a.
    (for $0 to $250,001)
    Bonus rate for the first 4 months from account opening
    Standard rate
    4.00 % p.a.
    (for $0 to $250,001)
    Go to site
    • Easy set up, online and mobile banking app
    • No fees, no minimum balance, no minimum monthly deposit and no minimum term
    • Kick start your savings with the 4 month introductory variable rate
  • Promoted

    High Interest Save Account

    Maximum rate
    5.10 % p.a.
    (for $0 to $100,000)
    Deposit at least $500 to either Spend, Bills or Save account from an external source each month.
    Standard rate
    0.00 % p.a.
    (for $0 and over)
    Go to site
    • No monthly fees on any of your save accounts
    • Split your money with up to 10 Save accounts.
    • Set savings targets and track on the app
Showing 4 results from 250 savings accounts. Use the filters to see more

^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Today's savings account rates