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 5 December 2023

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

  • 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.

  • 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.

  • 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.

  • 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.


^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.