Planning to buy a laptop anytime soon? Laptops can be expensive, especially those models from well-known brands and with the latest features available. For major purchases like this, it is important to have enough savings. And a good money-saving idea is to open a savings account.
Why is opening a savings account a great way to ensure that you can purchase your next laptop? With a savings account, you can put your money to work and help grow your savings faster. Compared to a typical transaction account, a savings account generally offers a higher interest rate. It also makes it a bit harder for you to get to your money to spend on other things! Over time, your savings will grow and you will be able to purchase your next laptop sooner than you think.
Here are some things to take into account when opening a savings account:
Compare high interest savings accounts
There are so many banks that offer a wide range of savings accounts with high returns. To make the selection process easier, compare the features of several accounts. You’ll be able to narrow down your options and choose the account that meets your needs and preferences.
Some of the features to look for are the interest rate, account-keeping fees, minimum account balance, and rewards.
Be cautious about promotional rates
You may think that promotional rates can help save you money, but take note that these are generally applicable only for a short period of time. This may work if you’re looking for an account with a short-term high interest return. Otherwise, you may want to look for a strong base rate to get consistent returns.
Consider online savings accounts
A lot of people opt to open an online savings account. It offers not only higher rates but also convenience. Since these are usually linked to a transaction account, these make it easier to transfer money. There are also banks that give higher interest as an incentive if you deposit to the account regularly. Also, you will have less access to your money in an online savings account, giving it more time to grow.
If you’re planning to buy a laptop or any other major purchase for that matter, opening a high interest savings account is a good idea. Let your money work for you so you can grow your savings and reach your financial goals sooner than expected.
Do you know other ways to compare savings accounts in Australia? You can share your ideas in the comments section below.Read More →