When building your savings, one way to keep your money safe and secure is by opening a high interest savings account. This will really your money work for you so you can get more from your savings.
Different resources will tell you that there are different types of savings accounts available nowadays. It is important to use the information to your advantage to ensure that you’ll maximise the potential of your savings accounts.
How can you find the best savings account in Australia? In this article, let’s take a look at the things to consider when comparing savings accounts.
1. Check the interest rates
In some cases, banks offer something called a teaser rate. It’s sort of a marketing scheme to encourage people to open a savings account. This rate is usually higher than the normal one. In general, it’s always better to look at the overall picture. Compare several saving accounts and check which offers better rates.
2. Consider the account size
When opening a savings account, it’s also important to know that many banks have different rates for different account balances. In most cases, larger balances have higher rates. Make sure to look at the rates which suit the size of your account.
3. Know your financial habits
Do you intend to make deposits regularly? Some banks require regular deposits so you can get bonus interest. As for withdrawals, ask if there are any withdrawal charges. There are accounts which come with incentives or bonuses if you make withdrawal.
4. Utilise online banking
If convenience is what you’re after, ask if the savings account has an online banking feature. There are accounts that offer lower fees if you make transactions online.
5. Consider your financial goals
Is your savings goal short-term or long-term? For some accounts, they come with high introductory rates for a particular period of time. This is great if you have a short-term goal. It can be the start of your long-term savings plan.
Do you have other ideas on how to get the best savings account in Australia? You can share your insights in the comments section.Read More →