Almost a week into the New Year, it’s time to make a check up on the progress of New Year’s resolutions. Are we saving?
A wide-reaching survey by online bank ING Direct suggested that, of the two in three Australians who will make a resolution for 2012, finance would dominate their plans.
Half of these (34%) are keen to invest more into savings accounts, while 24% of Australians would like to reduce their debts.
Only 16% of Australians plan to control their spending, reflecting the point that consumers are not necessarily reluctant but rather uninspired with the dated high street experience.
Australians, then, appear relatively relaxed about their financial situation compared to countries in Eastern Europe and Asia.
Reflecting on the report, ING Direct executive director Brett Morgan, suggested that practicality and setting manageable targets were the keys to success.
"Make sure your resolutions aren't too big or difficult to achieve", he noted. "It also helps to quantify your goals. Aiming to save $50 each week is a more concrete goal than simply aiming to save more.''
Heading the lists on Which4U currently is the UBank USaver instant access savings account, which offers a hefty 6.11% return, and ANZ’s Online Saver which offers a 6% return.
Term deposit accounts are also topped by UBank, whose 6-month term deposit account matches the 6.11% available on its instant access account.
These rates are likely to end soon, so if you haven’t yet fulfilled your New Year’s resolution, why not act now and secure these great savings account rates before others get there first?
Ashley King
