- Protect yourself against inflation
You may not have thought it possible to lose money that you have in a transactional or savings account, but technically this is the case. Its all down to the rate of inflation verses the interest rate paid on your account. If the rate paid on your savings falls below that of inflation, your money will lose value, as inflation determines the cost of goods and services, and if these increase but your money stays the same then your savings will slowly erode.
This does not have to be the case. If you choose an account that pays a higher interest rate than the current rate of inflation then your money will grow and you can have peace of mind in knowing you are not losing money. Compare savings and transaction accounts to find the best rates - Choose the best type of account paying the highest rates to suit your lifestyle
If you are flexible enough with your savings to be able to lock them away for periods of time then it is worth considering term deposits. These accounts allow you to benefit from the highest rates available, making them very attractive to the savvy saver.
Term Deposits can run for anything from one month yo to 5 years, with each term paying different interest rates. Ideally you should choose the term offering the highest rates. However, this may not suit all savers, as it may not be practical for some to lock their funds away for a long period of time and most accounts carry penalties for accessing your cash before the agreed period expires.
It is important to be aware of recent interest rate trends, as the rate paid on your account is fixed, therefore if rates are following a pattern on the increase then you will not benefit from rising variable rates that new customers would be exposed to. This can also work the other way, as locking in on a high rate can protect you to falling interest rates, so you will not be affected and can continue to earn the rate agreed until the account reaches its end date. - Have your salary paid into a high interest savings account
By having your salary paid into an account paying high rates you can begin earning interest as soon as your money is in your possession. You can then manage your money by transferring it to your transactional account as and when required.
This may not be suitable for everyone, and requires you to be aware of all your outgoings to ensure you do not incur charges for late payments or attempting to pay a bill from an account that is empty so you need to be organised and stay on-top of your accounts. - Set realistic saving goals and stick to them
People tend to do a better job of saving when they have a goal or a target in mind, such as a holiday that you can look forward to and appreciate knowing that the set target has been reached. Your daily state of mind is effected when you go into saving mode, as you become more aware of your spending and take more control of your spending habits. It helps you to become more money minded, allowing you to think more about ways in which you could be more efficient with your purchases, and other ways you could make more money to achieve your savings goal quicker.
It is very important to make sure your budgeting is realistic and something that you can stick to for the life of your savings plan. Make sure you have calculated all of your outgoings when estimating how much spare cash you have at the end of each month. Also, it is always best to add some extra money onto your outgoings in the event of unexpected expenses being required. - Always shop around when making purchases big or small
When you decide it's time to buy that new computer you've been looking for, or any other purchase for that matter, always compare prices in the market, as nine times out of ten you will be able to find it cheaper elsewhere. As well as searching the high street, check online, as online stores can generally offer better prices as the companies that you are buying the items from have lower outgoings than a business that has to pay for things like rent and staff costs.
If you ever decide to take out a personal loan or finance deal for a purchase, make sure you have looked at all the options available to you and compare loans and finance deals before signing on the dotted line. - Cut unnecessary bank charges
Australia's financial services sector is constantly evolving as customer needs change and more competition enters the market, which is great news for us, as this naturally provides the market with better deals such as low or non existent bank fees.
In the past, credit cards always came with an annual fee, but some credit card companies have now introduced low fee and no annual fee credit cards.
The credit card market is currently full of cards designed for a range of audiences. When one element of a credit card stands out to other cards such as no annual fee, it generally comes at a cost, so look at all the features to make sure the card will fit in with your lifestyle.
A number of transactional and savings accounts are also available with no fees, and as the rising competition has forced companies to constantly improve deals in an attempt to attract more business. Compare accounts to find the best deals. - Use a credit card for every day purchases and earn rewards
There are a number of credit cards that offer a variety of different reward schemes offering cashback, airmiles, and discounts in certain retail outlets.
Credit cards have been given a bad reputation in the past, as they are seen as an easy way to get yourself into debt. However, this does not have to be the case, and if used sensibly can be a useful tool for being rewarded for your spending.
Reward credit cards generally provide users with a point for every dollar spent, which can be used for a range of rewards. The key to success with reward credit cards is to always make sure you pay off the balance in full and on time to avoid incurring interest fees and penalties.
This will effectively give you something for nothing, as the points you accumulate and exchange for goods or services can be obtained at no extra cost to you. - Review your Home loan
If you signed up for your home loan in the past, it may be worth looking into whether you are still getting the best deal. Many things can change over time, a main factor being interest rates, but also peoples financial positions. For this reason you may wish to consider the following:
- Is your mortgage a fixed or variable interest rate? Is this still the most suitable type of mortgage based on your lifestyle?
- Are you getting the best possible interest rate?
- What features does your mortgage provide?
- Are they still required or are you repayments higher as a result of benefits you don't use?
- Are you charged monthly or annual service fees that could be avoided?
- Have you considered making additional repayments to be given the flexibility to access these funds when required at no cost?
- Is your mortgage a fixed or variable interest rate? Is this still the most suitable type of mortgage based on your lifestyle?
- Avoid paying high unnecessary premiums on insurances
The golden rule which may seem obvious is to shop around for insurance. Before renewing your existing policies or purchasing new cover, compare several competing companies to find the best rates. At Which4u we compare insurance companies side by side in our comparison tables to find you the best deals.
One way of reducing insurance premiums is by increasing the voluntary excess you wish to pay if you require a claim. This can have a significant effect on the cost, however, it can be risky as you would have to pay the excess if you make a claim which could amount to several hundred dollars. - Consider using Online Banking
Most financial institutions provide Internet Banking as standard, putting you in control of your account. You can access account balances, itemised transaction details, move funds between accounts, pay bills and much more. You also have the flexibility to manage your accounts 24 hours a day, 7 days a week.
By transferring funds & paying bills using Internet Banking you could save money and time, plus there are no fees involved with using Internet Banking.
Banking & Saving - Savings Accounts | Compare Savings Accounts | Apply for a Savings Account
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Banking & Saving
Savings Accounts
Compare Savings Accounts
Quickly find the best savings accounts available by comparing a range of accounts. Choose from high interest rates, no bank fees and fixed term accounts to help you reach your savings goal faster.
| Provider | Account | Interest %p.a | Notice | Interest Paid | Min Bal | Apply |
|---|---|---|---|---|---|---|
 |
Get 6.75% for the 1st 4 Months from account opening. Rate then drops to 5.35%p.a. No minimum balance. No monthly Fee.
|
6.75%
|
Instant
|
Monthly
|
$1
|
|
 |
NO withdrawal Penalties. Rate includes 0.50% p.a. Bonus. No Min Deposit. Money Magazine 'Best Online Savings Account' 2010 winner.
|
6.51%
|
Instant
|
Monthly
|
$1
|
|
 |
Get 6.45% for the 1st 6 Months from account opening. Rate then drops to 5.25%p.a. No minimum balance. No monthly Fee.
|
6.45%
|
Instant
|
Monthly
|
$1
|
|
 |
No Min balance. No withdrawal Penalties. Standard rate of 5.0%, plus a 1.40% bonus until end of 2010.
|
6.40%
|
Instant
|
Monthly
|
$0
|
|
 |
No min balance. NO withdrawal Penalties. Rate includes 1.55% p.a. Bonus for the first 4 months (providing you open before 30 Jun 2010).
|
6.15%
|
Instant
|
Monthly
|
$0
|
|
 |
No min balance. NO withdrawal Penalties. Rate includes 1.75% p.a. Bonus for the first 12 months, after which rate drops to 4.50%p.a
|
6.15%
|
Instant
|
Monthly
|
$0
|
|
 |
Min balance $1. NO withdrawal Penalties. Rate includes 1.75% p.a. Bonus for the first 4 months
|
6%
|
Instant
|
Monthly
|
$1
|
|
 |
No Min balance. NO withdrawal Penalties. Rate includes 1.25% p.a. Bonus until 31 Jan 2011 (providing you open before 30 September 2010).
|
6.00%
|
Instant
|
Annually
|
$0
|
|
|
|
No Min balance. NO withdrawal Penalties. Rate includes 2.40% p.a. Bonus for the first 4 months (providing you open before 30 September 2010).
|
6.00%
|
Instant
|
Monthly
|
$1
|
|
 |
NO withdrawal Penalties. Flat Rate with No bonus period. No Min Deposit
|
4.75%
|
Instant
|
Monthly
|
$0
|
- The new Virgin Saver with the best rates around. Rates that start high and stay there to ensure customers save faster
- A market leading variable introductory of 6.75% for 4 months and an great ongoing variable rate of 5.35%
- No fees whatsoever and unlimited free transaction between Virgin Saver and customers linked bank account
- No min balances or deposit amount
- Access your account online 24/7 to transfer money, set up automatic savings plans, see statements and much more
- Savings of up to $1 million dollars are covered by the Australian Government Guarantee through our alliance with Citibank.
- Get high interest rates of 6.51%p.a on your savings
- Rate includes a savings bonus of 0.50%
- Rates are calculated daily and paid monthly
- No monthly account fees
- No minimum deposit amount
- Maximum balance of $1 million dollars per customer
- Set up 'Savings Buckets' - This allows you to set up different accounts for each of your savings goals in just a few clicks, for example 'New car Fund'
- Set up an Automatic Savings Plan option that makes regular contributions from another Australian bank account. For example, set up a monthly Automatic Savings Plan for $100 (or more) and receive a Savings Bonus of 0.10%p.a. (for balances up to $150,000)
- Make use of the Usaver Goal Tracker online savings tool
- Have the flexibility to transfer funds to any Australian account with the Usaver 'Pay Anyone' feature
- Have your choice of alerts sent to you via email, SMS or secure mail
- Access to a real person at Ubank through a dedicated call centre.
- Get a total of 6.15%p.a
- Open a Direct Saver online saving account today and enjoy a fixed bonus rate of 1.55%p.a. above the standard Direct Saver variable rate (4.60%p.a. on 10 May 2010), for 4 months when you open a Direct Saver account before 30 June 2010.
- No fees
- No minimum balance
- Instant funds transfer if linked to St.George account
- Unlimited fee-free phone and Internet banking
- Interest calculated daily & paid monthly
- Open up to 15 multiple directsaver accounts
- Use it as your DIY Superannuation.
- Open an ANZ Online Saver by 30 Sept 2010 and you can get your savings off to a flying start. Enjoy bonus interest of 1.50% p.a. on top of the standard variable rate, currently 4.50% p.a., until 31 Jan 2011. There is no minimum balance needed to open the account, meaning you can start your savings plan now. This offer is only available by applying online via the Apply Now button.
- No Minimum Balance
- Interest is calculated daily and paid quarterly
- Safe and secure Government Guarantee on deposits
- 24/7 State of the art online banking
- Terms and conditions, fees and charges apply.
- Enjoy a fixed bonus interest rate on top of your standard variable Power Saver rate for 4 months when you open a new Power Saver account between 1 March 2010 and 30 June 2010 and deposit only new funds to St.George Bank
- For customers who reside in NSW, ACT, SA or NT the fixed Bonus rate is 2.40%p.a.
- For customers who reside in QLD, VIC, WA or TAS, the fixed Bonus rate is 1.55%p.a.
- No monthly account fees
- Unlimited fee free online and phone transactions
- Instant access via branch and ATM/EFTPOS+
- Choose a Deposit Only Card, so you won’t be tempted to access your savings at an ATM
- Get 4.25% p.a. (current standard variable interest rate) + 1.75% (4 months fixed bonus interest rate on new accounts) p.a. = 6.0% p.a. (current NAB iSaver rate on new accounts).
- Interest is calculated daily and paid monthly
- Open an account with $1
- Pay no transaction or account keeping fees
- Make unlimited deposits and withdrawals
- No Direct ATM withdrawal instead withdraw via transfer to other account or beneficiary.
- Earn our special variable rate, currently 6.40% p.a. on balances up to $1 million until 31 December 2010
- The special rate is a fixed 1.40% p.a. above our standard variable rate, currently 5.00% p.a.
- No fees and no minimum balance
- Access to your savings 24 hours a day, 7 days a week
- Interest calculated daily, paid monthly
- No need to switch banks for your everyday banking
- Also available to DIY super and trust accounts
- Earn 6.15% p.a (12 month into offer)
- Go to rate of 4.50%p.a. after 12 months
- No minimum deposit
- New TeleNet Saver customers
- Access your account 24/7 via Online Banking
- $5m maximum investment
- Earn up to 4.75% p.a. in high interest
- No monthly account keeping fees
- No minimum balance or deposit
- Interest calculated daily
- You can access your money by transferring over the internet, from your eOptions account to your everyday account.
- You can then withdraw your savings from this account at any time.
- To help you save Suncorp will not be issuing you with an ATM card with this account.
- A great introductory rate of 6.45% p.a. for the first 6 months of your account opening.
- At the end of 6 months you’ll receive our standard variable interest rate, currently 5.25% p.a.
- No account fees
- No minimum balance
- No fixed terms or hidden catches
- Access your money 24 hours a day, 7 days a week through phone and internet banking
- Savings up to $1 million will be covered by the Australian Government Guarantee
| Provider | Account | Interest %p.a | Notice | Interest Paid | Min Bal | Apply |
|---|---|---|---|---|---|---|
|
|
7.25%
|
Fixed term for 3 years
|
Annually
|
$10,000
|
||
|
|
6.75%
|
Fixed term for 5 years
|
Annually
|
$5,000
|
||
|
|
6.50%
|
Fixed term for 3 Years
|
Annually
|
$5,000
|
||
|
|
6.41%
|
Fixed term for 6 Months
|
On Maturity
|
$1
|
||
 |
6.35%
|
Choose 3,6,9,12 or 24 months
|
Monthly
|
$1,000
|
||
|
|
6.35%
|
Fixed term for 1 year
|
On Maturity
|
$10,000
|
||
|
|
6.01%
|
Fixed term for 1 year
|
On Maturity
|
$1
|
||
|
|
6%
|
Fixed term for 2 years
|
Annually
|
$5,000
|
||
|
|
6%
|
Fixed term for 1 year
|
On Maturity
|
$5,000
|
||
 |
6%
|
Deposit $10k+ over a fixed term from 1 month - 2 years
|
On Maturity
|
$10,000
|
||
|
|
5.85%
|
Fixed term for 7 Months
|
On Maturity
|
$5,000
|
||
|
|
5.51%
|
Fixed term for 3 Months
|
On Maturity
|
$1
|
||
|
|
5.40%
|
Fixed term for 4 Months
|
On Maturity
|
$5,000
|
||
|
|
5.00%
|
Fixed term for 9 Months
|
On Maturity
|
$1
|
||
|
|
3.36%
|
Fixed term for 1 Months
|
On Maturity
|
$1
|
- Get a fixed rate of 6.75% p.a. for 5 Years
- Your money is tied up for the full term, so you should only invest if you're confident you won't need access to your money during the term.
- The term of the account will run from the date of the first deposit.
- Get a fixed rate of 6.50% p.a. for 3 Years
- Your money is tied up for the full term, so you should only invest if you're confident you won't need access to your money during the term.
- The term of the account will run from the date of the first deposit.
- Suncorp have a range of terms available and can also tailor one to suit you.
- Special negotiated rates may be available for investments over No monthly account keeping or transaction fees.
- No matter what happens in the market, your return is guaranteed for a fixed period of time.
- Simply open your account with a deposit of $1000 or more
- Select the term which best meets your goals – 3,6,9,12 or 24 months
- Rates include:
- 6.35% p.a. – 7 months
- 6.15 – p.a. – 3 months
- Relax and enjoy the security of a fixed guaranteed rate of return for the term of your investment
- Extremely competitive rates on all terms offered
- All interest is calculated daily
- No account keeping fees to pay
- Maximum return on every dollar you invest
- Suncorp have a range of terms available and can also tailor one to suit you.
- Special negotiated rates may be available for investments over No monthly account keeping or transaction fees.
- No matter what happens in the market, your return is guaranteed for a fixed period of time.
- Minimum opening balance $10,000
- Terms and Rates:
- 1 mth: 4.80%
- 2 mth: 4.90%
- 3 mth: 5.60%
- 4 mth: 5.80%
- 5 mth: 5.70%
- 1 year: 6.10%
- 2 years: 6.25%
- Interest is calculated at an Interest Rate which is fixed for the duration of your Term Deposit.
- Interest is paid on maturity unless otherwise agreed.
- Get a fixed rate of 6.00% p.a. for 1 year
- Your money is tied up for the full term, so you should only invest if you're confident you won't need access to your money during the term.
- The term of the account will run from the date of the first deposit.
- Get a fixed rate of 5.85% p.a. for 7 months
- Your money is tied up for the full term, so you should only invest if you're confident you won't need access to your money during the term.
- The term of the account will run from the date of the first deposit.
- Get a fixed rate of 6.0% p.a. for 2 years
- Your money is tied up for the full term, so you should only invest if you're confident you won't need access to your money during the term.
- The term of the account will run from the date of the first deposit.
- Get a fixed rate of 5.40% p.a. for 4 months
- Your money is tied up for the full term, so you should only invest if you're confident you won't need access to your money during the term.
- The term of the account will run from the date of the first deposit.
- No account opening fees
- Choose a 1, 3, 6, 9 or 12 month term
- Have the option of a Self Managed Super Fund
- Get a 0.10% p.a. Loyalty Bonus when you rollover 100% of your term deposit
- Set up your fund quickly online with a Turbo Deposit account opening process
- Get a government guarantee on deposits up to $1 million (limit applies to total funds deposited with NAB)
- No account opening fees
- Choose a 1, 3, 6, 9 or 12 month term
- Have the option of a Self Managed Super Fund
- Get a 0.10% p.a. Loyalty Bonus when you rollover 100% of your term deposit
- Set up your fund quickly online with a Turbo Deposit account opening process
- Get a government guarantee on deposits up to $1 million (limit applies to total funds deposited with NAB)
- No account opening fees
- Choose a 1, 3, 6, 9 or 12 month term
- Have the option of a Self Managed Super Fund
- Get a 0.10% p.a. Loyalty Bonus when you rollover 100% of your term deposit
- Set up your fund quickly online with a Turbo Deposit account opening process
- Get a government guarantee on deposits up to $1 million (limit applies to total funds deposited with NAB)
- No account opening fees
- Choose a 1, 3, 6, 9 or 12 month term
- Have the option of a Self Managed Super Fund
- Get a 0.10% p.a. Loyalty Bonus when you rollover 100% of your term deposit
- Set up your fund quickly online with a Turbo Deposit account opening process
- Get a government guarantee on deposits up to $1 million (limit applies to total funds deposited with NAB)
- No account opening fees
- Choose a 1, 3, 6, 9 or 12 month term
- Have the option of a Self Managed Super Fund
- Get a 0.10% p.a. Loyalty Bonus when you rollover 100% of your term deposit
- Set up your fund quickly online with a Turbo Deposit account opening process
- Get a government guarantee on deposits up to $1 million (limit applies to total funds deposited with NAB)
Top Ten Savings Tips
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Editors Choice
UBank USaver Savings Account
Avoid jumping from account to account to get the best savings rate - simply get a UBank USaver Account at 6.51%p.a!..
