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 - 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.

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    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.

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    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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    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.

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    Details

^See information about the Mozo Experts Choice Savings Account Awards

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