7. Open a savings account
Open a savings account to earn interest on your money. Different savings accounts have different benefits, like bonus interest or flexible withdrawals, so compare multiple accounts to choose the best savings account for you.
Another option is an ‘untouchable’ account like aterm deposit. A term deposit is a type of savings account where you lock the money into the account for a certain time and interest rate. It’s possible to earn higher interest if you lock the money away for longer, and it’s a little harder to access your money and spend it.
Learn more about how savings accounts work.
8. Earn bonus interest
Good savings habits can reward you with extra interest on some accounts. Be disciplined and it will pay off in the long run by helping you save a little faster.
How it works
Bonus interest varies with different accounts—some accounts need a minimum monthly deposit, some no withdrawals, and some have no conditions (check the account details before you open the account).
With accounts likeNAB Reward Saver, you get bonus interest each month if you make no withdrawals and at least one deposit before thesecond last banking day of each month.
9. Cancel subscriptions
When you put together your budget, make sure you include all the services you subscribe to. This might include TV and music streaming services, news subscriptions or app subscriptions. Some of these services might only be a few dollars a month, but over time you might be paying more than you realise. If you don’t use these services often (or you’ve forgotten you even paid for them), cancel your subscription and move that money into your savings.
10. Automate your bills
If you struggle to remember to pay your bills on time, set up regular payments so the money is transferred out of your account on time. This way the bill is paid even if you forget about the due date. You’ll just need to make sure there’s enough in your account to cover the outgoing payments.
What to do if you have trouble saving
Sometimes having quick access to your savings can make it tempting to spend money. If you’re finding it too tempting, consider locking or hiding your savings account.
Hide your savings account
You can hide your savings account bychanging your settings in NAB Internet Banking. This means you won’t see the balance when you log in.
Please note, you can’t hide an account if it has periodic or future-dated payments set up.
Block your savings account
Having a blocked savings account means you can’t withdraw money from that account. With this block in place, you can make your savings account untouchable but still deposit money to your account and watch your balance grow, if your account isn’t hidden in NAB Internet Banking.
You can request a block through the chat feature in NAB Internet Banking or the NAB app. We can remove your block at any time – just let us know.
