Aussies set to catch a spending fever this Christmas

Couple are using their savings to go on a Christmas spending spree

Australians could be going all out on their Christmas spending this year, international money transfer service, WorldRemit reports. 

The findings show a projected 10.7% increase in spending compared to 2022, bringing the average Christmas spend up to $1,864 per household.

Within this total, it’s predicted that $596 will go towards food, $822 on gifts, and $446 on Christmas decorations.  

As Aussie families are potentially spending almost a quarter of their salary in preparation for the upcoming festivities, a savings plan could be key to a stress-free holiday.

Saving up for the Christmas shop

If you’re worried about not having enough money to cover the Christmas shop, a smart way to ease the burden of cost is a plan, which might include a good savings account.

The right savings account for you will depend on your needs, as some providers have an introductory interest rate that will give you more interest on your short-term savings.

For example, Macquarie Bank has an introductory variable rate of 5.50% for the first four months (on balances up to $250,000), with a base rate of 4.75% depending on your balance. Similarly, you can pick up a 5.60% p.a. introductory rate with the Rabobank High Interest Savings Account, also for the first four months if conditions are met. It then reverts to a standard variable rate of 4.20%.

Meanwhile, other savings accounts will offer a bonus rate if you meet certain criteria such as not making any withdrawals within a calendar month.

As every provider is different, it’s important to do your research and consider what will work best for you. It’s also a good idea to keep a lookout for any potential account fees or minimum monthly deposit requirements. 

Compare savings accounts

Feel it’s time to switch savings accounts? Have a look at some of the best savings accounts that our experts at Mozo have tracked this month, or compare your top picks below and see how they stack up!

Savings accounts comparison table - last updated 27 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. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.

    Compare
    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
    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.

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  • 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.

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    Details

^See information about the Mozo Experts Choice Savings Account Awards

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