“High interest savings accounts can be a safe, smart and stable way to manage your money, providing ready access to funds if they’re needed as well as a rewarding interest rate.” “Gen Z want to secure their future, ensure their own financial wellbeing, and contend with rising living costs, and they’re choosing to put their money into high interest savings accounts. “Younger Australians are stepping up to the challenge and taking the opportunity to stash their cash in high interest savings accounts and grow their money,” Ms Young said. NAB Personal Banking Executive Kylie Young said younger Australians overwhelmingly want to buy and invest in property but those who are being priced out of the market or were trying to save larger deposits were seeking more rewarding places to put their hard-earned money. New NAB data released today reveals nearly two thirds of younger Australians between 18 and 29 years old have placed their savings in a high interest account, compared to just half of Australians aged over 30. More than half of all Australians are stashing their cash in high interest savings accounts, driven by a surge in Gen Zs looking to make their money work harder for them.
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