Christmas Savings Accounts

Find and compare savings accounts for Christmas time with Savvy and take the hassle out of your festive season.

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, updated on July 28th, 2023       

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Are you looking to grow your savings?  Compare a wide range of savings accounts with Savvy so you find the best deal in Australia and the highest interest rate to help grow your savings.  

site-logos Rabobank High Interest Savings Account
  Maximum interest rate Base interest rate Introductory offer period Government guarantee  
site-logos 5.75% p.a. 4.40% p.a. 4 months Yes
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Rabobank’s High Interest Savings Account helps grow your savings while offering flexibility and easy access to your money.

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site-logos Up Savers Account
  Maximum interest rate Base interest rate Introductory offer period Government guarantee  
site-logos 3.60% 0.00% N/A Yes
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Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)

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Compare Christmas savings accounts

It can be the most wonderful time of the year, but covering the costs of the silly season can take the fun out of the festivities. To make the Yuletide season hassle-free, some banks offer Christmas savings accounts.

While all Christmas savings accounts help you save money for the year’s end, they have different variables. Savvy can give you some simple tips so you can find the best option and have more money to spend on that big Christmas shop.

What is a Christmas savings account?

A Christmas saver, or a Christmas Club savings account, is a short-term fund which helps you save in the lead-up to the festive season. Primarily offered by credit unions and building societies and acting like a term deposit, these savings accounts allow you to lock your money away for nine months of the year. Your account is then unlocked between the start of November and the end of January, giving you full access to your savings. You can make year-round deposits into the account but will be charged a fee if you want to access the funds early. Account features vary from account to account, so it’s important to compare to ensure you get the best deal possible.

Interest is usually calculated daily on these types of savings accounts and paid monthly. Some Christmas Club accounts offer bonus high interest rates if you don’t make any withdrawals. You can use Savvy’s online calculator to estimate how much interest you can earn on your savings account.

How should I compare Christmas savings accounts?

Several variables can impact the performance of your Christmas savings account, so it’s important to assess them when comparing your options. These include:

Standard interest rates

Getting a high interest rate on your savings account will help you achieve your savings goal faster and earn more interest. For example, if you invested $1,000 every month in an account earning 1% p.a. over five years, you’d earn just under $1,500 in interest. However, if you invested at a rate of 2% p.a., you’d earn more than double at $3,047 in interest.

Bonus interest rates

Some accounts offer bonus high interest rates for meeting some basic account requirements. Usually, these conditions are based around not making any withdrawals for the month. By shopping around, you’ll find an account with requirements you can easily manage.


The purpose of this account is to limit access to your money outside of the silly season. Some accounts will simply close your account if you dip into your funds, while others may charge you an ‘emergency access’ fee if you need access to your money between February and October.


Christmas savers are usually fee-free unless you want to tap into your funds. These fees for ‘emergency access’ or early withdrawals can be up to $15, so it’s worth comparing between accounts to find the cheapest option for you. Even though these fees may not seem significant, they can start to eat into your interest when added up over many months.

Online access

Make sure the account you choose has easy-to-use online features, such as online and mobile banking. This will help make depositing and transferring during your spending period fuss-free.

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Why compare savings accounts with Savvy?

Top tips for saving at Christmas time

Start storing your funds away early

Christmas has a tendency to sneak up on you, so the earlier you start putting money away for presents and food, the easier it’ll be when the end of the year rolls around.

Set yourself a budget

Resisting the urge to splurge on expensive gifts and other Christmas costs will make your target easier to meet. Start a Christmas budget and work out how much you will need to save to meet all your costs. You can use Savvy’s goal calculator to estimate how long it will take you to reach your savings target using different variables.

Contribute regularly to your savings

Regularly depositing into your Christmas savings fund will allow your balance to grow faster and earn more interest. Most of these accounts don’t come with balance or deposit requirements.

Shop around for the best option

It can sometimes seem daunting trying to work out which account has the best features. By comparing accounts, you'll be able to assess which Christmas savings account has the best interest rate, conditions and return on your money. We give you handy tips to work out which offer is best for your festive plans.

Frequently asked Christmas savings account questions

Should I just use a regular savings account instead?

The way savings accounts work is that they provide you with a secure place to save for the future. However, savings accounts come with the flexibility of giving you easier access to your money while also earning more interest on your balance at a higher rate. Some institutions let you split your savings across up to nine different accounts so you can save for multiple targets, such as holidays, birthdays and Christmas. However, you could end up paying more in fees and be tempted to tap into your savings if you have easier access. You can compare your savings account options with Savvy to help you find the best for your needs.

Can I get a joint Christmas savings account?

Yes – most institutions allow you to have dual account holders. This is best for couples who are sharing Christmas expenses and want a single pool of money to contribute to. You’ll get the option of ‘both to sign’ or ‘one to sign’ controls on the account to provide some added security over your funds, meaning you can either use the account freely or require permission from both parties before using funds, but it’s worth talking about what happens to the money if you need to close the account.

How do I qualify to open a Christmas savings account?

You must be over 13 years old and living in Australia as a permanent resident or holding a relevant working visa for tax purposes. If you’re under 14 years old, a parent or carer must accompany you to a branch to open a savings account.

What photo ID do I need to provide?

You will generally need to provide two types of ID to open a savings account. This can include:

  • Australian or foreign-issued passport
  • Birth certificate
  • A government-issued driver’s licence
  • A state or territory government-issued Proof of Age card
  • A Medicare card
  • A marriage certificate
How do I know my savings are safe?

In the event your bank, credit union or building society collapses, the federal government guarantees your balance. This guarantees up to $250,000 per account holder. This protection, known as the Financial Claims Scheme, was put in place in 2008 after the Global Financial Crisis.

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