Most Aussies have been saving up to spend on Black Friday

People shopping on Black Friday

More and more Australians are starting to plan their shopping around sales events, with 74% saving up to spend on Black Friday, according to Power Retail.

This represents a 16% increase on last year’s figure.

As one of the most anticipated shopping events this year, Black Friday tends to bring with it heavily discounted items, making it an obvious goal for many money saving-focused people.

Finding good deals is top of mind this time of year, and according to the report the average minimum discount shoppers will accept is $32.

However, the real takeaway is perhaps that shoppers are planning ahead in order to save, no matter what that saving is.

Saving money at sales might be a good savings goal

If you’re wanting to be a better saver, cutting down on what you spend isn’t a bad place to start.

Here are 4 tips to help you use sales season to your advantage this year and reach your savings goals:

1. Make a wish list

It’s okay to be wishful sometimes, even if it’s for socks. Write down everything you need to buy, from everyday items to gifts. Having a clearer picture can help you see where there might be areas to save.

2. Create a budget

If you stick to your list, and then a budget, you’re off to a flying start. Be realistic with your budget. Make sure it covers your need-to-haves first, your nice-to-haves second.

3. Compare sales

An item that is 15% off on one site might be 30% off on another site, so take the extra time to compare deals that might save you even more.

4. Consider a different brand

If you need a red jumper for Uncle Ben and the one you wrote down is 10% off but another brand is 30% off, consider switching brands. Uncle Ben won’t know, and you’ve just saved yourself some money.

Once you’ve saved all that extra cash following the holiday sales period, you’ll need somewhere to park it. A high interest savings account can be a great place to keep your money and also give it a boost with a top interest rate.

Check out some of the top interest rate savings accounts Mozo tracks in our database below, or compare savings account providers.

Top interest high savings accounts

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 274 savings accounts.
Last updated 24 July 2024 Important disclosures
  • 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 4 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.

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  • 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.

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    Details
  • 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.

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  • Savings+Bonus

    5.00% p.a. (for $0 to $250,000)

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.

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  • 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.^

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^See information about the Mozo Experts Choice Savings Account Awards

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