Mozo guides

From cash sweeps to payment alerts, these bank accounts make saving in 2017 a breeze

“This year, I’m going to spend less and save more.”

Sound familiar? With 2016 done and dusted and a new year ahead of us, that’s the mantra thousands of Aussies are repeating to themselves. But like rolling out of bed to jog at 5am and consuming a full kilo of kale every day, we all know that saving money is easier said than done.

In fact, it can be difficult, time-consuming and downright boring. The good news is it doesn’t have to be and there are a bunch of products on the market to help you meet your money goals.

So if you’re serious about your New Year’s Resolution to save some cash in 2017, here are 5 bank accounts to make it happen.

1. AMP Bett3r Account

Ever find yourself getting tied in knots when you try to manage what money you should save, what needs to go towards bills and what you can spend on fun stuff? Enter the Bett3r Account.

How will it help you save in 2017? The Bett3r Account actually lets you open three accounts – one for paying, one for spending, and one for saving – so it’s super easy to manage your budget. You can track and manage your money easily through the app, and as icing on the cake, you can snag ATM fee rebates and 1.5% cash back on transactions from your Pay account (as long as you’re making the minimum $2,000 deposit each month.)

Are there any fees? You’ll pay a $5 account fee – but only on the Offset Account option or the Bett3r Pay account, not on your spend or save pots. You can also avoid this fee all together by depositing $2,000 each month.

2. Suncorp Everyday Options

One of the best ways to stay motivated to save is to work toward a goal. But if you’ve got more than one savings goal for 2017 this account can help you keep track of all of them.

How will it help you save in 2017? The Suncorp Everyday Options account gives you the ability to create up to 9 savings sub-accounts – one for each of your 2017 goals. So set up an account to save for your kitchen reno, one for your end of year holiday and another for next year’s Christmas fund (it’s never too early to start!) and then enjoy being able to clearly see your balance growing toward each goal.
Are there any fees? Yes – there is a $5 account fee to consider, but that doesn’t have to stand in the way of your 2017 saving resolution, since it’s waived for the first 12 months for online applications.

3. Australian Military Bank Military Rewards Account

This account made our list of new products from 2016, and we’re still pretty impressed by it in the New Year. Not only will it help you meet your own savings goals, but if being more charitable was another one of your 2017 Resolutions, you can kill two birds with one stone.

How will it help you save in 2017? First things first, you’ll be able to boost your savings stash with 2% cashback on PayWave purchases under $100. You can also have your spare change donated to one of four charities. At the end of each month, your account balance is rounded down to the nearest whole dollar, the spare cents are matched by Australian Military Bank and then donated.

Are there any fees? There’s a $4 monthly fee attached to this account, but stick to your savings goals and deposit at least $1,500 each month and the fee will be waived.

4. UBank USaver Ultra Transaction Account

Everyone knows you’ll get a better return on your money when it’s in a savings account than when it’s in an everyday account, right? The USaver Ultra account makes sure your stash never languishes in a low interest pot for long.

How will it help you save in 2017? If you have your salary paid into your everyday account and tend to forget about transferring it to your higher interest savings account, then you’ll be glad to hear UBank has a product to do it for you. Set the minimum and maximum amount you want left in your everyday account, and if you go under or over, money will automatically be swept back and forth from your savings. It’s the best of both worlds – never be short of spending money when you need it, but never miss out on interest either!

Are there any fees? Good news – you won’t have to worry about paying any account fees while slogging away at your savings goals! There is, on the other hand, a fee for hitting an ATM belonging to another bank with the linked debit card, so avoid that when you can.

5. Bankwest Easy Transaction Account

Is your banking rule “out of sight, out of mind”? Well, 2017 is the year to start paying attention, and it’s super easy with Bankwest’s “Easy Alerts” to keep you on top of things.

How will it help you save in 2017? Easy Alerts are notifications sent right to your phone that remind you about all the day-to-day maintenance of meeting your savings goals – things like upcoming scheduled payments, payPass transactions and high or low balances. So no matter how disorganised you are, there’s no excuse for not saving effectively this year.

Are there any fees? This everyday account comes with a $6 monthly service fee – but a monthly deposit of $2,000 will mean you get to avoid paying it (and you can get an Easy Alert for that!)

Do you have a money goal in 2017? Share it in the comments!

Kelly Emmerton
Kelly Emmerton
Money editor