Inflation has been a hot topic, with petrol, groceries and alcohol all rising in recent months.

ABS data from December toppled many economists’ predictions, rising 1.3% in the December 2021 quarter to an annualised rate of 3.5%.

A survey of 1,044 Australians, commissioned by ING, shows shoppers are buying groceries online to save time (62%), avoid crowds (58%), save money (33%) and limit impulse purchases (31%).

Almost three quarters (71%) are looking to save money by searching for the best deals online or opting for pre-prepared lunches.

Amy Cunningham, Head of Digital at ING Australia, said buying your groceries online could be one of the easiest ways to save money.

"The $1,369 saved by the average shopper may cover two months’ of utility bills or the costs for a year’s worth of swimming lessons for one child," she said.

"Plus getting an extra-long weekend of time back to spend doing the things that matter most is a real added benefit."

According to the report, 22% of respondents are also currently signed up to a meal kit subscription.

The main motivation is to save cash (76%), and on average, and shoppers estimate they save $1,503 a year by opting for mealtime deliveries.

More than three quarters (78%) said they order groceries online more than they did before the pandemic.

Almost eight in ten (79%) want to save money on food, whether that be dining out (41%) or groceries (38%) in 2022.

Also read: What does rising inflation actually mean for the wallet?

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Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

Savings Maximiser (<$100k)

    More details
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money

    Saver Account (<$250k)

    • Earn up to 5.40% pa by depositing $1,000 in the previous month
    • No account fees
    • Easy access to your money
    More details
    4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    • No withdrawal notice periods or interest rate penalties

    Savings Account (Amounts < $250k)

    • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
    • No withdrawal notice periods or interest rate penalties
    More details
    05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • Maximum Age - 24

    Goal Saver

    • Maximum Age - 24
    More details
    02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    No monthly fees
    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    No monthly fees

    Save Account

    • Download the App to open your account
    • Get better visibility of your spending within App!
    • Deposit $200 per month to activate bonus interest
    More details
    0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings

    Bonus Saver Account (Amounts < $250k)

    • No fees or penalties for withdrawing money
    • Savings guaranteed up to $250,000
    • Maximise your savings and reach your goals faster with Auto-Savings
    More details
    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
    For customers aged 14-35 years
    For customers aged 14-35 years

    Future Saver Account ( < $50k)

      More details
      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Boost Saver

        More details
        • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
        • No withdrawal notice periods or interest rate penalties

        More details
        Important Information and Comparison Rate Warning

        All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of May 8, 2024. View disclaimer.

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