Younger Aussies are spending more on entertainment, says Commbank

Person is holding her arm out for a cab after spending her savings on the shopping bags she's carrying

Younger Australians are spending their money on experiences that matter to them as a way to ease stress during the cost-of-living crisis.

Based on recent data by Commbank, spending on entertainment has increased by 13% for Aussies aged 25-29 years old, with this trend possibly continuing as Black Friday sales begin.

Meanwhile, the research shows spending on essentials such as household goods are down by 17%. This suggests many are regarding entertainment as an essential spend.

As there’s a fine balance when it comes to juggling the costs of what’s actually essential and entertainment, while also keeping some money for a rainy day, a good savings account is important. 

Time to review your savings account?

If you’re looking for a way to grow your bank balance, the first thing you might do is review your savings account. 

This is because your savings account can impact how much you’re able to earn in interest over time as the better your rate, the more interest you’ll gain.

For instance, Firefighters Mutual Bank’s Target Saver offers a relatively high interest rate of up to 5.50% p.a. when you meet certain conditions such as keeping a positive balance in your account at all times. ING’s Savings Maximiser also allows you to earn interest of up to 5.50% p.a. if you satisfy requirements such as making 5 transactions each month. 

When deciding on a savings account, it’s important to do your research. Remember to look out for any conditions you’ll have to meet in order to receive the full bonus rate, along with any fees that may be attached to the account. 

Compare savings accounts

Ready to start your money management journey? Check out some of the best savings accounts that our experts at Mozo have tracked this month, or compare options below!

Savings accounts comparison table

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 25 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
  • 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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  • 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
  • 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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^See information about the Mozo Experts Choice Savings Account Awards

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