Spring clean your subscriptions and save $1,200 per year, says ING

Woman placing several Australian $100 bills in a purse

New research from ING has uncovered that more than half (55%) of Australians surveyed said that they were planning on doing a spring clean of their finances in 2023. 

Australians are looking to cut back on unnecessary expenses this year, with many looking to unused subscriptions as their first port of call. 

Whether you subscribe to multiple streaming services that you never use, or if you’re a member of a gym you haven’t set foot in for months, unused subscriptions are plainly a drain on your bank account.

According to ING, Aussies with monthly subscriptions worth about $105 (roughly the cost of having most of the major streaming services combined) could save $1,260 on average per year by cancelling their unused or forgotten subscriptions. 

The top three subscriptions Australians are planning to get rid of include entertainment subscriptions (45%), gym memberships (15%), and fitness apps (12%).

A quarter of those surveyed said that they weren’t completely across all their subscriptions and two in five (39%) said they have regular payments that they’d forgotten about. 

Forgotten payments can make a significant dent in your bank account 

ING found that it takes the average Australian 9 months to cancel scheduled payments for services they don’t use or have forgotten they were paying for. This can end up costing them $964 on average – money that could be far better off in a savings account. 

Head of daily banking at ING Australia, Matt Bowen said, “It’s positive to see that many financially savvy Aussies are looking to cleanse their bank accounts this year.

“These findings show that small changes like cancelling an unused subscription or monitoring for non-essential outgoings can make big savings when Aussies need it most. 

“Creating reminders on your phone or setting up bank account notifications are quick wins for keeping on top of your spending and saving those all-important dollars for the year ahead.”

Setting up a reminder in your phone’s calendar for a couple of days before your subscription is due to renew is a great way to stay on top of what you’re paying for. This is especially true for yearly subscriptions, as these are generally more expensive sums. 

Reminders can also work well for monthly subscriptions, as you might be watching something on one streaming service this month, but watching something else on another one the next. 

Do something meaningful with the savings you make

Spending money when you don’t need to gets boring fast. Do something more ‘interesting’ by putting your newly acquired savings into a high-interest savings account. Check out some of the latest savings interest rates below.

Savings account comparisons on Mozo - last updated 24 April 2024

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

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  • Mozo Expert Choice Badge
    Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Simply grow your balance each month and earn a high interest bonus rate (T&Cs apply). Only requires $1 to open. Free e-banking transactions and no monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Must hold an eligible Bendigo Bank transaction account

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  • 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 2023 Mozo Experts Choice Award winner.

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  • 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, Bills 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.

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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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  • 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
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

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  • 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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