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Christmas accounts can save your holidays

15/11/2011

It is too late to take full advantage of a Christmas savings account for this festive season but these specially branded savings accounts might be worth checking out for future years.

The main feature of Christmas Club accounts is that they restrict access to the account so you can withdraw from the account only during the Christmas period.

What they don't offer is the best possible interest rate on your savings. With a bit of discipline you can achieve the same savings result with a high-interest savings account.

Most online savings accounts don't charge a monthly fee or have a high minimum deposit, so your comparison should begin by comparing the introductory interest rates and ongoing standard variable interest rates.

Source: Sydney Morning Herald



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Today's Savings Rates

Institution Product Max. Rate (%) Details
Citibank Online Saver (5.70% Variable intro rate for 4 months on balances up to $500k) 5.70 Details
RaboDirect Savings Account (up to 5.60% 4 month special variable rate up to $250k) 5.60 Details
Savings Maximiser (5.60% p.a. variable intro rate for 4 months on balances up to $250,000) 5.60 Details
HSBC Serious Saver (5.55% variable intro rate for 4 months on balances up to $1m) 5.55 Details
USaver (Base Rate 4.91%, Bonus 0.60% with savings plan) 5.51 Details
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The above products are some of the top rates available in the market. Based on promotional or introductory rates for an online savings account of $5,000.



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