By Jack Dona · · 3 min read
Fact Checked
Advertiser disclosure
Is 2023 the year you’ll finally get your finances together? Smash your savings goals two weeks at a time with the bi-weekly savings challenge.
The last year has been financially tough for many Australians, particularly young ones.
With the after-effects of the pandemic and global conflict contributing to a cost-of-living crisis, it’s understandable that for a lot of people, the prospect of reaching their savings goals seems impossible.
One way to shake off the dollary-blues of 2022 and boost your dollarydoos in the new year is to gamify your finances with a good old-fashioned savings challenge.
What is the bi-weekly savings challenge?
The bi-weekly savings challenge is a way to reach your savings goal by the end of one year.
It’s also known as the 26-week savings challenge, which, if you stick to it, could see you (metaphorically) rolling around in a pile of cash by the end of 2023.
It works best for those who get paid fortnightly, but you can still complete the challenge if you get paid weekly, monthly, or if you’re a freelancer who gets paid sporadically.
It can be customised to suit your goal, lifestyle, and pay cycle.
How to do the bi-weekly savings challenge
There are two main ways to do the bi-weekly savings challenge. These include:
- The one-up method
- The set-and-forget method.
The one-up approach to the bi-weekly savings challenge involves choosing a set amount you wish to begin with and then increasing your contribution by that amount every two weeks until the end of the year.
For example, you might start off by saving $5 the first week. Next fortnight you would contribute an extra $5, saving $10. After two more weeks, that number jumps by an extra $5 to $15, and so on.
Here’s how much you could save by the end of one year, starting with only $5:
| Week No. | Save | Total saved |
| 1 | $5 | $5 |
| 2 | $10 | $15 |
| 3 | $15 | $30 |
| 4 | $20 | $50 |
| 5 | $25 | $75 |
| 6 | $30 | $105 |
| 7 | $35 | $140 |
| 8 | $40 | $180 |
| 9 | $45 | $225 |
| 10 | $50 | $275 |
| 11 | $55 | $330 |
| 12 | $60 | $390 |
| 13 | $65 | $455 |
| 14 | $70 | $525 |
| 15 | $75 | $600 |
| 16 | $80 | $680 |
| 17 | $85 | $765 |
| 18 | $90 | $855 |
| 19 | $95 | $950 |
| 20 | $100 | $1,050 |
| 21 | $105 | $1,155 |
| 22 | $110 | $1,265 |
| 23 | $115 | $1,380 |
| 24 | $120 | $1,500 |
| 25 | $125 | $1,625 |
| 26 | $130 | $1,755 |
So, starting with $5, using the one-up method of the bi-weekly savings challenge, you could save $1,755 – and that’s not even considering savings account interest!
If you’re able to afford larger contributions, using the bi-weekly savings challenge could really help you smash your goals and raise your net worth in as little as one year.
The other approach to the bi-weekly savings challenge is known as the set-and-forget method.
Use this approach if you have a specific savings goal you want to reach. It’s a simpler method than the previous one, but just as effective if you stick to it.
The set-and-forget method works best for those with a consistent income.
What you’ll want to do is work out the amount which you want to save up by the end of the year, then divide it by 26 weeks to work out how much you’ll need to contribute each fortnight.
For example, if you want to save $5,000 by the end of the year, you’ll divide it by 26 (weeks), to get a figure of approximately $192.30.
So, you’ll need to be able to save $384.60 every two weeks – that works out to about $96.15 each week. Achievable.
Of course, your goal will need to reflect the amount of income you realistically receive. So, don’t go shooting for a million dollars in one year if you’re not saving somewhere in the ballpark of… $38,461.50 every fortnight.
Don’t get discouraged if you can only save a small amount of money every two weeks. Some savings is better than nothing, especially when you consider the transformative power of compounding interest.
How to make the most of the bi-weekly savings challenge
By pairing your bi-weekly savings challenge with a high-interest savings account, you could actually end up beating your savings goals.
Compound interest is a saver’s best friend.
By being consistent with your savings, which is what this savings challenge is all about, you’re rewarded with extra money at the end of each month.
That being said, some savings accounts come with extra requirements which you’ll have to meet in order to actually get your bonus interest. However, some could still reward your savings efforts with a good interest rate.
You can compare savings accounts with Mozo, as well as check out the best savings accounts in 2022, as chosen by the Mozo Experts Choice Awards, or have a look at some of the latest accounts below.
Good luck!
Savings account comparisons on Mozo - last updated 16 February 2024
Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
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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.
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Reward 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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-
Mozo experts choice awards won:
- Kick Start Savings - 2023
- No Strings Savings - 2023
For more information about these awards go here.
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 . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
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High Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.
- 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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Hero Saver
4.60% p.a. (for $0 to $250,001)
1.00% p.a.(for $0 to $5,000,001)
Yes up to $250,000
Minimum deposit of $200 and no withdrawals in the month.
Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.
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Hero Saver
Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.
- Maximum rate
- 4.60% p.a. (for $0 to $250,001)
- standard interest rate
- 1.00% p.a.(for $0 to $5,000,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Minimum deposit of $200 and no withdrawals in the month.
- Access
- Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Bankwest Hero Saver
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Reward Saver
5.25% p.a. (for $0 to $100,000)
0.30% p.a.(for $0 and over)
Yes up to $250,000
Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.
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Reward Saver
Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.
- Maximum rate
- 5.25% p.a. (for $0 to $100,000)
- standard interest rate
- 0.30% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Grow your balance each month and must have linked Bendigo Everyday or Student Account to be eligible.
- Access
- BPay, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Bendigo Bank Reward Saver
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High Interest Save Account
5.10% p.a. (for $0 to $250,000)
0.10% p.a.(for $0 and over)
Yes up to $250,000
Deposit at least $200 to either Spend or Save account from an external source each month.
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
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High Interest Save Account
No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.
- Maximum rate
- 5.10% p.a. (for $0 to $250,000)
- standard interest rate
- 0.10% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Deposit at least $200 to either Spend or Save account from an external source each month.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Account can only be opened through iOS or Android app, but may be accessed through internet banking.
Read our Mozo Review to learn more about the ubank High Interest Save Account
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-
Mozo experts choice awards won:
- High Interest Savings - 2023
For more information about these awards go here.
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.
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Bonus 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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Saver Account
4.35% p.a. (for $0 to $1,000,000)
0% p.a.(for $0 and over)
Yes up to $250,000
Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).
Earn bonus interest when you make 5 purchases per month. No fees. Set up multiple savers via Up’s award-winning app (all eligible for bonus rate). Innovative features include custom pay cycle, automations, round-ups, and automatic split payments across your savers when your pay arrives. Winner of 2023 Mozo Experts Choice Award Excellent Banking App^.
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Saver Account
Earn bonus interest when you make 5 purchases per month. No fees. Set up multiple savers via Up’s award-winning app (all eligible for bonus rate). Innovative features include custom pay cycle, automations, round-ups, and automatic split payments across your savers when your pay arrives. Winner of 2023 Mozo Experts Choice Award Excellent Banking App^.
- Maximum rate
- 4.35% 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
- Make 5 or more successful card purchases per calendar month using your Up debit card and digital wallets (ATM transactions excluded).
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Bank and saving account only accessible through iOS or Android app.
Read our Mozo Review to learn more about the Up Saver Account
Go to site
-
Mozo experts choice awards won:
- No Strings Savings - 2023
For more information about these awards go here.
Savings Account
5.50% 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 four months.
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
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Savings Account
Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.
- Maximum rate
- 5.50% 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 four 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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