Over a third of Aussies save all year for Christmas, says Airbnb

Polly Fleeting

02 Dec 2019

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With one in five Australians admitting that the Christmas season is the most financially stressful point in the calendar, a large chunk of us are stashing away cash over an entire year to fund it. 

This is according to a new study done by popular accommodation sharing platform Airbnb, that found that 36% of respondents claimed that they had to save money all year in order to be able to afford the greater cost of the holiday season. 

It also found that 30% admitted that they double their usual spending monthly budget for Christmas, and 17% plan to spend up to $3,000 just on gifts and entertainment. 

That’s plenty to stress about, especially if your aren’t financially prepared for it.   

Unfortunately, it’s no secret that Aussie savers have taken a few hits since the three RBA official cash rate cuts this year, with many savings accounts providers dropping rates below 2.00%. 

While you may have missed the boat on earning higher interest on your Christmas stash, there’s no reason that you shouldn’t gift yourself with a more competitive savings account now so that you can hit the New Year running. 

To lend you a hand, we’ve wrapped up a few savings accounts that still offer rates over 2.00%, so that you can put a bow on the account that suits you.

Savings Accounts 2019

Promoted

UBank USaver with Ultra Transaction Account
  • 2019 Mozo Savings Bank of the Year^

  • 2.10% special interest rate (1.04% base rate)

  • No fees

The UBank USaver with Ultra Transaction Account is a paired account that offers a 2.10% special rate when you make a monthly deposit of $200 either in your USaver or Ultra Transaction Account. Not only does this account have no fees, it also comes with innovative sweep technology which automatically moves money between accounts so you can stay on top of your savings. This account took home best Regular Saver for the 2019 Mozo Experts Choice Awards, and UBank was crowned 2019 Mozo Savings Bank of the Year as well.

Promoted

Heritage Bank Online Saver
  • Introductory 2.50% interest rate (on balances below $250,000)

  • No fees

  • Unlimited free transactions from phone, internet and counter deposits

If you want to start off your savings with a hot interest rate, the Heritage Bank Online Saver may be the place to look. There are no fees on this account and for balances up to $250,000 Heritage offers an introductory 2.50% interest rate for the first 4 months, just as long as are a new customer and link your Online Saver to an eligible transaction account. Just bear in mind that after your intro period is up, the rate reverts to 1.10%.

Promoted

Rabobank High Interest Savings Account
  • 2.50% introductory interest rate

  • Multiple 2019 Mozo Experts Choice Awards^ winner

  • No account fees

Want to see your savings grow? You may want to take advantage of Rabobank’s High Interest Savings Account. The introductory interest rate is one of the most competitive rates in our database at the moment, offering 2.50% for the first four months (reverts to 1.05%). There are also no upfront or ongoing fees with this account, so it’s no wonder why Rabobank was a double 2019 Mozo Experts Choice Awards^ winner, in the No Strings Attached and Kick Start Savings categories.

^Find out more about 2019 Mozo Experts Choice Awards for Savings Accounts. 

Still looking for an account to help you grow your savings? Check out our savings accounts comparison table or take a look at our helpful guides.

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