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 - last updated 1 March 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

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

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    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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  • 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.

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  • 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 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.

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    Details
  • Mozo Expert Choice Badge
    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.

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  • Hero Saver

    4.60% p.a. (for $0 to $250,001)

    1.00% p.a.(for $0 to $5,000,001)

    Yes up to $250,000

    Minimum deposit of $200 and no withdrawals in the month.

    Earn a generous variable rate on balances up to $250,001 each month you deposit at least $200 (excluding interest) on or before the last business day each month and make no withdrawals during the month. $0 account maintenance fees. Create a goal, set up regular deposits and track your progress on the Bankwest app.

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  • Reward Saver

    5.25% p.a. (for $0 to $100,000)

    0.30% p.a.(for $0 and over)

    Yes up to $250,000

    Earn a high interest bonus rate if you hold an eligible transaction account and meet the bonus rate conditions (T&Cs apply). Only requires $1 to open. Free e-banking transactions. No monthly service fees to pay. Access your account via e-banking or the Bendigo Bank app. Not applicable to business customers.

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^See information about the Mozo Experts Choice Savings Account Awards

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