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Saving for income, growth and low tax

30/12/2011

Savers need to take the inflation rate into account. If inflation rises faster than the interest rate you earn on your money, you will not be able to keep pace with the rising price of the goods and services that you pay for in everyday life.

Save in a way that minimises your tax burden. For instance, whose name do you save in? If you have a spouse or partner on a lower income tax bracket than you, perhaps the savings should be in their name.

Save in a way that delivers regular income. Some people are saving for a deposit for a house, or a car, or a holiday. But others - especially self-funded retirees and those close to retirement - need to structure their savings so they can earn income from their savings and still have money for day-to-day living.

Source: The Daily Telegraph



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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
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