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

young boy shocked at his phone

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:

account names ubank customers have used

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!

Best savings account to put your money

Every year, a team of expert judges at Mozo sift through a sea of data to discover which savings accounts are the cream of the crop to become your money’s new home. The accounts that offer the best deals are then crowned Mozo Expert Choice Savings Award^ winners–hopefully making your next savings account search a bit easier.

Alternatively, check out our savings account comparison table below if you're looking for a high interest account to stash your cash. Or read more Mozo savings guides and tips.

Savings account comparisons on Mozo

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 274 savings accounts.
Last updated 22 July 2024 Important disclosures
  • 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.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2024 Mozo Experts Choice Award winner.

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    Details
  • 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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    Details
  • 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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    Details
  • 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
    Savings Maximiser

    5.50% p.a. (for $0 to $100,000)

    0.55% p.a.(for $0 and over)

    Yes up to $250,000

    For customers who have an Orange Everyday account, deposit $1000 into a personal ING account, make 5 eligible transactions and grow their nominated Savings Maximiser account 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.^

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  • Life - 18-29 years old

    5.20% p.a. (for $0 to $30,000)

    2.00% p.a.(for $0 and over)

    Yes up to $250,000

    Make 5 eligible card purchases per month with a Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.

    Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.

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^See information about the Mozo Experts Choice Savings Account Awards

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