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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.

Everyone wants to build a savings account as early as possible. And while there are numerous ways to do it, a lot of people still struggle to develop the habit of saving. Whatever the reason is, setting money aside for the future can be really challenging.

For those who have already saved some money, it may not be enough to just leave it at the bank. There are ways to get the most out of their savings and let it work for you, like putting it in an account which offers higher returns.

In this article, you’ll learn how to set aside as little as $50 a week and place it in a high interest savings account:

Figure out your monthly income and expenses

Make saving easy by keeping track of your money – your earnings and how much you’re spending. Once you have a better understanding of your cash flow, you can easily know how much money to set aside regularly.

Every little thing counts

Make adjustments to your spending so you can set money aside. For instance, you can easily put $50 a week away just by bringing your own coffee and packed lunch to work. You probably heard these tips before. Why? Simply, because it actually works! Starting small is way better than not starting at all, so $50 a week can go a long way.

Find a high interest savings account that suits you

Having a savings account is good, but you can put your hard-earned money into an account that can yield higher returns.

There is a wide selection of high interest savings accounts in Australia. Make sure to compare the features offered by several banks and choose one that suits your needs and financial goals. With high interest savings accounts, you’ll get a high return on your savings, easy access to your account, and you’ll be able to achieve your goals more quickly. Keep in mind, though, that there’s a limit to the number of transactions that you can make and you may need to wait for a few days before you can access your money in case you need it.

Final Thoughts

Putting $50 a week away may seem small but if you do it regularly and put it into a high interest savings account, you will be able to see your savings grow more quickly and in the long run, reach your financial goals. The earlier you start the better. Once you start doing it, who knows you might be able to find ways to save more!

Got other tips on high interest savings accounts in Australia? You can share your insights in the comments section.

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Why Opening a Savings Account is a Good Idea to Purchase Your next Laptop