Aussies have their hearts set on a frugal Valentine’s Day this year

Love is in the air as we approach Valentine’s Day, but recent studies have shown that Aussies prefer a frugal approach to the romantic holiday, over lavish gestures of affection.

According to online dating site RSVP, the traditional dinner at a fancy restaurant is no longer a safe bet for a Valentine’s Day date. RSVP spokesperson Lara Delahunty said, “You’re often jammed up against another couple right next to you, you’re eating a set menu – often at a high price - and again, it’s a bit of a pressure cooker environment.” Instead, a picnic in a romantic location has been touted as a better idea for paramours.

Expensive gifts like chocolates and jewellery were also out, with Aussies again preferring more frugal gift ideas. Flowers were one gift still high on the preferred list, but just as many people said they’d prefer not to receive a gift at all. Delahunty said that “having some fun together seems to be the wisest Valentine’s Day gift choice.”

New romantic interests are off the hook entirely - 2 out of 3 Aussies said that planning a Valentine’s Day date for anything earlier than the third date was not a good idea. “Valentine’s Day date is great for a third date and beyond, but for a first or second date, Valentine’s Day is just too loaded – it adds too much pressure,” Delahunty said.

Equity Trustees had similar ideas about Valentine’s Day, stressing the importance of thinking long term about your commitment to your romantic partner.

Although updating your will may not seem like the most romantic gesture, National Manager for Estate Planning, Anna Hacker, said that “it can be the best and most useful way to highlight the importance of a relationship and ensure a loved one is treated with respect and consideration.”

She highlighted the importance of an estate plan that clearly outlines your wishes, in particular for couples in de facto or same-sex relationships. Hacker acknowledged the challenges that face these groups with different laws internationally and throughout Australian states and territories.

“The sad fact is that, in some states, a person may not be considered next of kin, and not included on the death certificate or allowed to make medical decisions on behalf of their partner, because their relationship is de facto or same sex.”

If you’re looking for a meaningful Valentine’s Day gift this year, it might be time to look outside the box, and take a more frugal approach to the holiday. Not only could it keep your bank balance looking happy, but it might just be the romantic gesture your partner has been wishing for.

Need somewhere to stash all those Valentine’s Day savings? Check out our savings account comparison to find a great deal.

Savings account comparisons on Mozo - last updated 28 September 2021

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Bonus Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.10% 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 Everyday or Glide transaction accounts.

    Winner of a Mozo Experts Choice Award 2021 in the Regular Saver category. No monthly account fees and no minimum balance requirements.

    Details
  • Boost Saver with Go Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.50% p.a. (for $0 to $250,000)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Intro bonus rate of 1.50% for first 3 months, reverting to 1.20% after. Deposit $2,000 each month and make 5 eligible payments from your Go Account. If you are between 18 and 25 deposit $1,000.

    Enjoy a savings account bundled with a spending account. No monthly fees. New customers can earn up to 5000 bonus Virgin Money points on purchases (conditions apply). Benefit together with a joint account

    Details
  • High Interest Savings Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.35% p.a. (for $0 to $250,001)
    0.25% p.a.(for $0 to $250,001)
    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Kick start your savings with the 4 month introductory variable rate. No fees, no minimum balance, no minimum monthly deposit and no minimum term.

    Details
  • Fast Track Saver Account
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    1.05% p.a. (for $1 to $250,000)
    0.05% p.a.(for $1 and over)
    Yes up to $250,000

    Ongoing bonus rate applied if in the previous month $1,000 or more is credited to the linked Day2Day Plus account and 5 eligible transactions are made by the linked account.

    Earn 1.05% p.a. Bonus Interest in the following month on your Fast Track Saver Account balance. Earn Bonus Interest on your savings, with no minimum balance required.

    Details
  • Grow Saver
    Maximum rate
    standard interest rate
    Govt Deposit Guarantee
    0.65% p.a. (for $0 and over)
    0.10% p.a.(for $0 and over)
    Yes up to $250,000

    Make at least 1 deposit and no more than 1 withdrawal, including internal transfers or external payments.

    Earn a maximum interest rate of 0.65% per year. Pay no monthly fees. Set up in-app savings goals. Benefit with joint account options.

    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.