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

By Maria Gil · · 2 min read
Fact Checked
Advertiser disclosure
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 - last updated 20 May 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.

    Compare
    Go to site
    Details
  • 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.

    Compare
    Go to site
    Details
  • 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.

    Compare
    Go to site
    Details
  • 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.

    Compare
    Go to site
    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.

    Compare
    Go to site
    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.

    Compare
    Go to site
    Details

^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

Today's savings account rates