UBank reveals the top Aussie savings goals of 2020
Still need to set your new year’s financial resolutions? Well, take inspiration from online bank UBank’s interesting new data which reveals the most popular savings goals among Aussies in 2020 and how much they’re saving towards them.
According to UBank’s research, nearly two in five Australians are saving up for a house, 25% are saving for a rainy day, and 20% are saving for a holiday.
The data also found that Aussies are striving to save a whopping $67,000 for a house deposit and $31,000 on average for a rainy day fund.
The average savings goal for Aussies looking to travel sat at a hefty $11,000, while those keen on buying a new set of wheels plan to save a solid $20,155.
“It’s great to see that saving for a home is consistently showing up as one of our users’ top priorities and that millennials are not discouraged by the fluctuating state of the economy,” said Peter O’Malley, UBank’s Head of Digital Banking.
Which answers the most-asked question of the decade (‘what are millennials saving for?’).
In fact, according to O’Malley, millennials make up approximately 70% of UBank’s in-app Budget tool total users who “prioritise keeping up with the latest technology products to help them reach their goals.”
Tips to help you tick off your 2020 savings goals:
Setting a goal is one thing, but seeing it through is another. So, here are three top tips to help you start ticking off your 2020 savings goals:
1. Set a budget:
Set aside an hour or so to sit down and go through all your personal finances and create a solid budget for 2020.
Make a list of all your regular bills and expenses, then crunch the numbers in our free budget calculator to determine how much you can afford to save each month in order to meet your goal.
2. Track your spending:
If you want to stick to your budget then you’ll need to start holding yourself accountable and track your spending. This way you can pick up on any bad spending habits and stop them in their tracks right from the get-go.
Here are the 7 budget and savings apps every Aussie needs to get you started.
3. Score some interest:
Get the most bang for your buck on your savings in interest payments by stashing them in a high-interest savings account.
You could even go the extra mile and open an account with a different bank to the one that you store your spending money in to create a budget buffer.
You’ll be less likely to break your budget and dip into your savings if they’re harder to access.
Example:
Kayla has a savings balance of $20,000. Using the Mozo Savings Calculator Kayla found that by keeping her savings in an account with the average savings interest rate in the Mozo database of 0.98% p.a., and deposited $200 a month, over 3 years she would make $700 in interest.
On the other hand, if Kayla kept her savings in the UBank USaver with Ultra Transaction Account, which offers an interest rate of 2.10% p.a., she could earn $1,524 total interest. That’s an $824 difference!
Compare high-interest savings accounts
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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 4 months.
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
CompareCompareSavings Account
Enjoy a high interest savings account with no account keeping fees to pay. Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace. Multiple 2024 Mozo Experts Choice Award winner.
- Maximum rate
- 5.35% p.a. (for $0 to $250,000)
- standard interest rate
- 4.75% p.a.(for $0 to $1,000,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus variable rate is available for the first 4 months.
- Access
- BPay, Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must have a Macquarie Transaction Account to link with.
Read our Mozo Review to learn more about the Macquarie Savings Account
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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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
- Maximum rate
- 5.75% p.a. (for $0 to $250,001)
- standard interest rate
- 4.40% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account
Read our Mozo Review to learn more about the Rabobank High Interest Savings Account
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Growth Saver Account
5.05% p.a. (for $0 and over)
0.35% p.a.(for $0 and over)
Yes up to $250,000
Grow your net balance by at least $200 (excluding interest) and make no more than one withdrawal in the month.
Grow your savings goals with no monthly account keeping fees to pay. To get the bonus interest simply grow your net balance by at least $200 a month (excluding interest) and make no more than one withdrawal during the month. No debit card, ATM, eftpos or personal cheque access with this account Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
CompareCompareGrowth Saver Account
Grow your savings goals with no monthly account keeping fees to pay. To get the bonus interest simply grow your net balance by at least $200 a month (excluding interest) and make no more than one withdrawal during the month. No debit card, ATM, eftpos or personal cheque access with this account Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
- Maximum rate
- 5.05% p.a. (for $0 and over)
- standard interest rate
- 0.35% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Grow your net balance by at least $200 (excluding interest) and make no more than one withdrawal in the month.
- Access
- Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read our Mozo Review to learn more about the Suncorp Growth Saver Account
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Savings Maximiser
5.50% p.a. (for $0 to $100,000)
0.55% p.a.(for $0 and over)
Yes up to $250,000
Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance 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.^
CompareCompareSavings Maximiser
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.^
- Maximum rate
- 5.50% p.a. (for $0 to $100,000)
- standard interest rate
- 0.55% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read our Mozo Review to learn more about the ING Savings Maximiser
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MoneyMAX Account
No Current Offer
4.75% p.a.(for $1 and over)
Yes up to $250,000
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
CompareCompareMoneyMAX Account
Unlimited access 24/7 via Banking App, Phone & Internet Banking. Interest is calculated daily and paid monthly. No transaction fees or monthly service fees. No minimum balance or withdrawal restrictions. Online access only.
- Maximum rate
- No Current Offer
- standard interest rate
- 4.75% p.a.(for $1 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- n/a
- Access
- BPay, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Branch access for deposits only.
Read our Mozo Review to learn more about the Unity Bank MoneyMAX Account
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Want to smash your savings goals this year? Of course you do! So go jump on our January 2020 Financial Checklist for all the juicy tips and tricks you’ll need to tick off those financial resolutions in a flash!
^See information about the Mozo Experts Choice Savings Account Awards
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