Banks offer a wide array of savings accounts and investment products, catering to a wide range of needs and preferences. To get the best savings account in Australia, it is important to do thorough research and compare savings accounts from several banks so you can weigh their pros and cons, narrow down your selection, and choose which meets your financial needs.
One of these savings accounts is the bonus saver account. As the name implies, it means customers who fulfill certain conditions will be rewarded with bonus interest rates. For instance, if you make a minimum deposit without any withdrawals in a given month, you will receive a bonus.
Here are some of the things that you need to know about a bonus saver account:
- When will you get the interest? In general, it is calculated on a daily basis and will be paid on the last business day of every month.
- There are different types of bonus saver accounts – intro, conditional, and kids bonus rates.
- The introductory bonus rate is offered from three to six months only to a new customer who’s opening an account. The interest rate will go back to the standard one after that period. If you’re looking for a short-term investment, then this is ideal for you. Also, you can check this out if you are open to moving from one account to another to get the best deal.
- On the other hand, the conditional bonus rate serves as an incentive if you bundle your banking products into one bank. Let’s say you have a high interest savings account. If you link it to another account within the same bank, you may be eligible for a conditional bonus rate.
- The kids bonus rate is, as the name implies, for kids who are 12 years old and below. Your child will be eligible for this bonus rate if he/she met certain conditions in terms of deposits and withdrawals.
If you want to open a bonus saver account, make sure to look for competitive interest rates. Of course, a high interest can bring more out of your investment. To meet the deposit conditions of a bonus saver account, check if the bank allows you to easily access your account so you can make fund transfers, whether through online or mobile banking. There are also accounts that don’t come with monthly service fees or even online banking fees.
Do you have other ideas on bonus saver accounts and how to get the best savings account in Australia? Share your insights in the comments section.Read More →