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Its easy to save money

02/02/2010

The best online savings accounts are currently paying about 5.5 per cent p.a. Better rates can be achieved by locking savings away into a term deposit. A number of institutions are currently offering promotional rates to entice new customers.

Financial planners say saving is easier with a goal or target in mind. The best way to save, they advise is to set up an automatic payment to a high interest account that does not have ATM access. Financial advisor Errol Woodbury says savers have to rid themselves of the “gotta have it now monster”.

Source: The Age



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Today's Savings Rates

Institution Product Max. Rate (%) Details
Savings Maximiser (New customers will receive a Variable Welcome Rate of 5.85% p.a. for 4 months from account opening, on balances up to $1 million) 5.85 Details
USaver (Base Rate 5.75%, Bonus 0.10% with savings plan) 5.85 Details
RaboPlus PremiumSaver (Grow your balance by $200 by the end of each month to earn 5.75%) 5.75 Details
TeleNet Saver (Special Introductory Interest Rate for 12 months - variable) 5.62 Details
Bankwest Smart eSaver (Smart Rate if no withdrawals) 5.51 Details
Institution Product Max. Rate (%) Details

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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