UBank says Aussies are willing to do whatever it takes to build their savings stash
When you’re a kid, there’s nothing more rewarding than being ‘cool’, and it looks like that desire to be on trend has carried on into adulthood.
According to new research by online bank, UBank, 53% of Aussies say that being financially savvy is cool and that 3 in 4 Aussies consider themselves to be savings-focused.
Not only are Aussies putting in the work to save, they’re also getting more frugal with their spending, with UBank revealing things like brunches, ride-sharing apps, subscriptions and streaming services are now becoming a thing of the past.
“Millennials get a bad rap when it comes to their finances, but these results show something that we’ve known for a long time - that this age group certainly has big goals in their sights and they’re willing to make tough choices to get ahead,” said UBank CEO, Lee Hatton.
Some are even taking it one step further by cutting back on insurance, like their home and contents insurance or car insurance, a financial move that Mozo Director, Kirsty Lamont, has reminded Aussies can have serious financial ramifications.
“We all want to do our best to save wherever we can, but Aussies should still consider the financial risk involved of not having insurance for their homes or cars. If something does go wrong, you’ll have to foot the bill which, depending on the damage, could hit the thousands,” she said.
“If you are looking to become more financially savvy, it might be better to instead shop around for insurance policies to see if you could be getting a better deal elsewhere.”
Lamont also reminded Australians of the importance of having the right savings account to help reach their savings goals.
“Although we’ve watched savings account rates tumble since the double RBA rate cut, it’s still important to find a savings account that works for you, not against you,” she said.
So on that thought, we’ve gone ahead and rounded up some of the hottest current offers in the Mozo database that could be your perfect savings account match.
UBank - USave with USpend Transaction Account
Want to bank with an award winning savings account? Then look no further than the UBank USaver with Ultra Transaction Account. Aside from the fact that this savings account received a 2019 Mozo Experts Choice Award in the Regular Saver category, UBank was also crowned 2019 Mozo Savings Bank of the Year! And with a maximum rate of 2.41% and no account fees to hold you back, you could be well on your way to hitting your savings goal.
ING - Savings Maximiser
If you’re serious about building your savings stash and want to be rewarded for it, then you might want to check out the ING Savings Maximiser savings account. Savers can earn the 2.20% maximum rate just by depositing at least $1,000 into the account and making five purchases with either an ING debit or credit card. And if you’re into apps, you’ll be happy to know that the ING banking app received a 2019 Mozo Experts Choice Award.
MyState Bank - Bonus Saver Account
Like the idea of minimal effort for maximum reward? Introducing the MyState Bank Bonus Saver Account. The savings account features a competitive 2.50% maximum rate and zero account fees. All you need to do to get that maximum rate is deposit at least $20 every month and make five transactions with your debit card, too easy! Just keep in mind that in order to open a Bonus Saver account, you’ll need to have a MyState transaction account.
HSBC - Bonus Savings
Last but certainly not least is the HSBC Flexi Saver - a savings account that’s full of flexibility. This savings account features a maximum rate of 2.15% and no minimum opening deposit, so you’re free to start your savings journey with as little or as much as you'd like. There are also no account fees, so you’ll be able to keep every dollar in your Flexi Saver.
And if you’d like to compare even more savings account options, then make your next stop our savings account comparison tool.
^More information about our 2019 Mozo Experts Choice Awards
^See information about the Mozo Experts Choice Savings Account Awards
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