Aussies buckle down to save for a special occasion

Young Aussies have used their savings to attend a concert

Younger Aussies are spending less on the small stuff and saving up for big ticket items to make up for lost time during the pandemic. 

In fact, a recent Consumer Sentiment Report by National Australia Bank (NAB) reveals something interesting: Gen Z are saving a total of $403 a month by cutting back on their discretionary spending on things like restaurant dining and entertainment. That’s a total of $4,800 a year! 

Additionally, the majority are saying ‘no’ more often when it comes to food delivery services, with 54% saving roughly $92 per month, or $1,100 each year.

What are they spending on then? Well, special experiences. 

“We’re seeing Gen Z manage the cost of living in their own way. Whether it’s a Taylor Swift or Robbie Willliams concert or a Matildas match, younger Aussies are showing they are prepared to cut back on eating out, food delivery, or micro treats to make ‘life moments’ happen,” says NAB’s personal banking executive, Kylie Young. 

Savings goals

When looking to splurge on life experiences rather than on mundane conveniences, a savings account is something to think about as it can be a way to help you reach your financial goals. 

Currently, Mozo’s database shows interest rates as high as 5.50% p.a. offered by some providers. So if you have $1,000 in your savings account and make deposits of $200 each week over the course of 3 years, you could have a total of $32,414 saved up (with $2,614 being interest earned). Not bad!

It’s important to do your research and shop around when it comes to choosing the right savings account for your needs. Checking interest rates and fees are crucial.

Compare savings accounts

Ready to meet your financial goals? Have a look at some of the best savings accounts that our experts at Mozo have tracked this month, or compare our top picks below!

Savings account comparison table - last updated 24 April 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    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.

    Compare
    Details
  • Savings Account

    5.35% 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.

    Compare
    Details
  • 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.

    Compare
    Details
  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

    Compare
    Details

^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.