How to start a Christmas sinking fund and save!

christmas in july sandman with christmas hat

Before complaining about a Christmas piece in July, hear me out. Money doesn’t grow on Christmas trees, right? Expenses are everywhere, and with the rising cost of living it's better to start ‘sleighing’ your Christmas savings goals early. 

That’s why I’m here to tell you that you should start a sinking fund. Trust me, you’ll thank me later. 

A sinking fund is a strategic way to save money where you put aside a bit each month for a planned expense, such as Christmas spending. 

If you start today by depositing $150 into a savings account each month, you’ll have $750 to go Christmas shopping by December.

Jingle your Christmas savings goals

It’s never too early to make a list and check it twice. Also, you don’t need to get everyone fancy gifts; it's best to find out who’s been naughty or nice and plan accordingly. 

Parents and siblings? They should be on the nice list, but if they’ve been naughty, maybe there’s no need to get them those Harry Style concert tickets or fancy smartwatch. Instead, get them nice coal chocolate from Haighs. 

If you plan your budget early, you’ll also be able to figure out the perfect gift for everyone and within your means.

Santa approved savings accounts

While our expert judges aren’t the jolly man in red (or are they??), they try to analyse and find the best savings accounts to make your search a bit easier–like a thoughtful gift. 

Every year Mozo announces the Mozo Experts Choice Savings Awards^, where we crown the best of the best in a savings account. 

This year some of the winners included:

  • Macquarie Bank
  • Virgin Money
  • AMP Bank
  • ING

These accounts offer solid interest rates and not too many extra fees or hoops to jump through.

You deserve the best, and so does your Christmas sinking fund. After all, isn’t the gift of earning interest like a Christmas miracle?

Browse more saving account options below.

Savings account comparisons on Mozo - last updated 26 June 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • 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 2024 Mozo Experts Choice Award winner.

  • PremiumSaver

    5.45% p.a. (for $0 to $250,001)

    1.50% p.a.(for $0 and over)

    Yes up to $250,000

    Increase balance by $200 by the end of each month

    Reward yourself with a higher rate for your good savings habits. Rabobanks’s PremiumSaver is simple - receive the maximum rate when you grow your balance by at least $200 each month (T&Cs apply). Plus, your savings help our Aussie farmers produce the food we love to enjoy.

  • Mozo Expert Choice Badge
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account each month.

    Great variable rate every month when you grow your balance each month in addition to other eligibility criteria. No ING fees to pay. Save even more with ING Everyday Round Up. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^

  • 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.

  • Bonus Saver Account

    5.00% 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 Glide transaction account.

    Start saving and earn interest with just a $20 deposit and make 5 eligible transactions each month. No fees or penalties for withdrawing money.


^See information about the Mozo Experts Choice Savings Account Awards

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