Although one saving method does certainly not fit all, there are a few common traits that (most of us) subscribe to when it comes to stashing cash for a rainy day.
With this in mind, we’ve done some research and come up with five different types of saver. You may fit solidly into one saving persona, or you may be a mix of two or three. Read on to see which one sounds like you and how you can up the ante, when it comes to saving dollars and cents.
The high interest seeker
Always wanting to be ahead of the game, the high interest seeker is forever in pursuit of the most competitive interest rates. To this end, they have no qualms about switching banks three, four, maybe even five times in the same year!
Mozo’s top tip: Introductory interest rates usually only last around three or four months, so if you want to chase the highest interest you can, you will need to be organised. Set a reminder in your calendar, a week before the introductory rate is due to end, so that you have time to open a new account and transfer your funds across. Bookmark our high interest savings page, so that you always have a reference at hand for the market’s most competitive rates.
Putting money away for a rainy day is almost second nature to the squirreller. Whether they intend to be or not, the squirreller is a dedicated saver. This tendency to save rather than splurge, usually arises from a need to be prepared for an emergency. So squirreller’s quite literally save in case of a rainy day.
Mozo’s top tip: Setting yourself up with an emergency savings fund is definitely a good thing to do. Plus, as a natural saver, the good news is that there are many options for the squireller to earn bonus interest. Every account will have different deposit or withdrawal criteria, so find one that will suit your goals. Start by comparing current bonus rate savings deals.
The goal kicker
The kind of person who works well on a deadline, the goal kicker likes to have a reason to save. When the goal kicker has a clear motivation they can fast track their savings in no time. However, they may struggle to get the ball rolling when they don’t feel like there’s anything to save for.
Mozo’s top tip: It can be hard to play the long savings game, however, there are a number of savings accounts available, designed to help you stay savings motivated. For instance, ME Bank’s Online Savings Account allows you to open multiple accounts and earn interest on all of them, up to $250,000. Another example is 86 400’s Save Account, which allows you to open and earn interest on up to three savings accounts!
To the avoider, the subject of finances full stop is not a palatable one. This could be for a few reasons, including ‘it’s just boring’ or ‘it’s too depressing to think about.’ The avoider has dreams, they just don’t like talking about money and they don’t think they’ll ever have enough to make much of a difference.
Mozo’s top tip: Avoiders, technology is your savings best friend. Most banks these days offer nifty features to help you fast track your savings. For instance, you can set up automated transfers and savings round up tools which put money directly into your savings account, each time you make a transaction. Check out reviews of Bank Australia, ING and Up Bank to learn more.
When it comes to saving money, the optimist is full of aspirations. The only problem is they can never quite manage to meet their goals. This could be because they are too busy spending their money on other people, or because they simply find it difficult to stick to a plan.
Mozo’s top tip: Between social media advertising and real life advertising, we can see how saving money is a bit tricky sometimes. If you want to make sure you’re not dipping into your savings all the time, why not put some in a term deposit? That way you can lock it away for a certain period of time, you’ll get a guaranteed rate of return and best of all it will be much harder to access.
Want to read more about how you can get going with your savings? Why not check out our savings guides for more tips and tricks. Or, if you’re interested in switching to a new savings account, take a look at the interest rates on offer below.
Compare savings accounts - last updated November 21, 2020
- MyState BankMyState Bank
Bonus Saver Account
- Bank of QueenslandBank of Queensland
Fast Track Saver Account
^See information about the Mozo Experts Choice Savings Accounts 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.