According to the ABS, Australia’s savings levels are currently at record lows, with the latest report showing the household savings ratio is below 4% at the time of writing. Furthermore, the everyday banking world is changing, with Australia (and other nations) transitioning towards becoming cashless societies.
Nonetheless, a savings account can be a useful way for some consumers to earn extra interest through accessing bonus rates while they save.
To help paint a picture of which Australians are actively interested in furthering their savings, we’ve examined our own data based on thousands of visitors to our site who have used our savings account comparison tables between July 1 to September 30, 2017.
Who is using savings accounts in 2017?
When it comes to the age of savers in Australia, Canstar’s data indicates there is a good spread. We found 25 to 34-year olds visited our savings comparison tables the most at 31% of users, followed closely by 35 to 44 year olds, who made up 24%. Interestingly, the oldest and youngest age groups (65+ and 18-24) compared savings accounts less often at just 7.1% and 13.1% respectively.
We also found a slight variation when it comes to gender; 55% of interested savers from Canstar’s data were male while 45% were female.
In the market for a savings account? Check out our comparison table below which features the current high interest accounts available on the Canstar database, with links direct to the providers’ website. Please note that this table has been formulated based on the Regular Saver profile in NSW who currently has $1,000 in savings.
What features are interested savers most interested in?
While securing a savings account with a high-interest rate is important for many savers, there are other factors to consider. We’d always recommend you look at the features on offer from each account and weigh these up against the costs.
Certain useful features like bonus interest rates and a large network of ATMs can make a big difference in how hard your savings account works for you. These two features proved more than four times as popular as the extent of the provider’s branch access.
With this in mind, Canstar has compiled the following data showing the savings account features Canstar website visitors are most interested in. The numbers show there is highest demand for accounts that offer interest calculated on a daily basis, followed by a preference for providers that don’t require customers to link their savings account to a transaction account with the same provider.
|Features||% of users|
|Interest calculated daily||22.7%|
|Linked account not required||21.1%|
|Interest paid monthly||20.9%|
|Limited free transactions||3.7%|
|Rebate on fees||3.4%|
|Interest paid quarterly||1.8%|
For help finding a savings account with some of these features, compare your options with Canstar:
How much have Australians saved?
This data is also supported by a UBank study released in July, that found more than two million Australians have less than $1,000 set aside in a savings account.
Further to this, the study showed Australians withdraw more than $2.6 billion from their savings accounts every month to make purchases or pay bills, rather than leaving their savings alone to build over time and benefit from the extra interest payments.
With the ultra-low interest rate Australia finds itself in, getting a return on your savings has never been more important. Thankfully, Canstar has research and rated 295 unique savings accounts as part of Canstar’s Savings and Transaction Account Star Ratings, with accounts sorted for different consumer profiles and rated based on both the Price and Features that each account offer to consumers.
Visit Canstar to compare the other dozens of savings and transaction accounts on the market: