The platform also found users were paying 57% more bills in the first half of 2020 compared to the previous non-COVID period. 

Deferit allows users to split any bill into four fortnightly payments, doesn't fund discretionary purchases, and has helped Aussies pay off more than 400,000 household bills like telco and energy worth over $70 million to date. 

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

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
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

Savings Maximiser (<$100k)

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

Saver Account (<$250k)

  • Earn up to 5.40% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
4000$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

Savings Account (Amounts < $250k)

  • 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
05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Maximum Age - 24

Goal Saver

  • Maximum Age - 24
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Download the App to open your account
  • No monthly fees on any of your Save accounts
  • Deposit $200 per month to activate bonus interest

Save Account

  • Download the App to open your account
  • No monthly fees on any of your Save accounts
  • Deposit $200 per month to activate bonus interest
0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings

Bonus Saver Account (Amounts < $250k)

  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
For customers aged 14-35 years
For customers aged 14-35 years

Future Saver Account ( < $50k)

    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Boost Saver

      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 June 24, 2024. View disclaimer.

      Jonty Hirsowitz, co-founder and chief executive at Deferit, said current economic conditions had forced households to look for smarter ways to manage bills. 

      “Australians nationwide are feeling the knock-on effects of the pandemic on the economy and job market and are now under greater financial pressure than the same time last year," Mr Hirsowitz said.

      "A lot of families have experienced redundancies or reduced hours for their main income earners and simply don’t have the same cash flow they used to have.

      “To help ease this pressure, many are turning to bill payment solutions to help stagger their current cost of living in a way that is convenient and allows them to save with pay on time discounts."

      On sign up, the majority (51% nationally) of Deferit's users started off by paying an already overdue bill, with 55% of this number then paying their next bill on time using the service. 

      State

      No. of bills overdue at the time of payment

      No. of people who go on to pay their next bill on time

      ACT

      53%

      54%

      TAS

      53%

      50%

      NSW

      50%

      57%

      WA

      53%

      55%

      QLD

      45%

      55%

      SA

      52%

      59%

      VIC

      47%

      58%

      NT

      55%

      50%

      Source: Deferit

      "We’re seeing Australians become more strategic about the way they manage their bill payments over each pay period, and from doing so, they are actually getting better at paying their bills in the long run," Mr Hirsowitz said.

      Upon sign up, the user can upload a bill that Deferit will pay off immediately, which will then be paid back in four equal instalments for a fixed monthly fee of $5.99. 

      The platform doesn't charge interest on payments, establishment fees, annual fees or late fees, which it said helps users become smarter budgeters and minimises stress. 

      Deferit found it had saved users $8 million in late fees and over $5 million in pay on time discounts. 

      Phone and internet bills topped the list for bills paid, with over 76,500 paid nationally this year already. 

      Car registration came in second with over 68,200 bills paid, followed by energy with over 27,610.