Hit your savings goals in 2024 with these app-based savings accounts

Featured savings apps of Up, Ubank and Anz Plus side by side

We all have savings goals. Some goals are usually short-term like saving up for a holiday, others are longer term like buying a car or saving for a house deposit. 

The problem for Aussie savers has been that many bank savings accounts have relatively strict criteria if you want to earn the highest rate of interest. So many of us just bundle all our savings into a single account, and sacrifice losing the visibility of each of our individual savings goals in favour of getting the higher rate of interest.  

But what if you didn’t have to choose? The good news is that some banks have been innovating and there’s several digital players using their app technology to offer a range of cool features to help you save smarter and track your savings goals, including the ability to split your savings balance across all your goals and still earn high interest.   

Intrigued? Let’s jump in to see how these savings accounts compare.

Goal smashing savings accounts

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Last updated 22 July 2024 Important disclosures
Up Saver by Up
  • Earn up to 4.35% p.a. on balances across all your Savers up to $1M as long as you make 5 purchases a month with your Up transaction account.
  • Create as many Savers as you have savings goals
  • Features that help automate savings
  • If you don’t meet criteria you’ll not earn any interest that month
Find out more

Your Up Savers are all managed via the 2023 Mozo Experts Choice Award^ winning Up app. Simply name your goals,  give them an emoji and assign a savings target. The app helps you to track your goals by showing you how far you’ve got to go to achieve it.  You can also automate your savings or use the split payments feature where you split your pay automatically amongst your Savers. If you want an extra incentive there is also the round-up tool which will round-up your transactions to the nearest dollar and automatically assign it to your chosen Saver.

High Interest Save Account by Ubank
  • Earn up to 5.10% p.a. on balances up to $250K when you deposit $200 into a spend or save account from an external source each month
  • Create up to 10 Save accounts
  • Visibility across all Save accounts and targets
  • Base rate of 0.10% p.a. if criteria is not met
Find out more

You can have up to 10 Save accounts and all accounts will qualify for the bonus interest if the $200 monthly deposit conditions are met. The app lets you set savings goals (and visualise it with an emoji). You tell it when you want to reach your goal and the app will help track your progress. It even sends you prompts to make sure you’ll qualify for the bonus interest each month. You can also transfer money in and out of your Savers without the need to transfer to your transaction account. 

ANZ Save by ANZ Plus
  • Earn 4.90% interest if your balance is under $250K
  • Track up to 99 goals without opening a new account
  • Features to help automate your savings and track your goals
  • Can’t be accessed via the standard ANZ banking app.
Find out more

ANZ Plus is the app-only brand of ANZ and the Save account is exclusively linked to this so you’ll need to do your banking via the ANZ Plus app. You’ll be able to earn 4.90% p.a  interest on your funds within the Save account as long as your total account balance is below $250K or the rate drops to 3.75% p.a. You can create and track up to 99 savings goals. To help keep your goals on track you can set up regular transfers and there’s also a round-up option that will send the extra cents directly to your savings.

Compare more savings accounts

If you want to compare these savings accounts with others in the market head over to our best savings account or high interest savings accounts hubs. 

^See information about the Mozo Experts Choice Savings Account Awards

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