Using an emoji for your savings account helps hit savings goals, say Ubank

People who rename their savings accounts with an emoji are shaving 40% off the average time to reach their goals, says new data from Australian digital bank ubank.

Ubank analysed data from 8,000 customers and discovered that the average $10,000 savings goal was met in about three months when the account was named using emojis.

Ubank’s chief product and growth officer, Andrew Morrison believes using emojis like the smiley, fire extinguisher or bag of cash while naming their account gives people more motivation to save.

“Those that didn’t name their account took five months, whereas the named account cohort was able to achieve their goals two months faster,” says Morrison.

Some of the account names ubank customers have used to help them reach their goals faster include:

Saving $10,000 is no easy feat, but it can be done quicker if you put your mind to it, says Morrison.

Below are some tips from ubank to help you reach your savings goals 40% faster.

1. Set up a recurring payment into your savings account. 
   
2. Keep your savings money out of your spending account.
   
3. Have an app that lets you see all your finances in one place.
   
4. Shop around for a good savings rate.
   

While these tips might get you started on saving faster, the real question is: where do I store my cash?

A high interest savings account of course!

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