How to apply for a savings account

What is a savings account? In short, it's a place to store and grow your money while still allowing you to access it in the event of unexpected expenses or if you need to make a big purchase.

Choosing the savings account that works best for you can mean you achieve your savings goals sooner.

Set up the right savings account by following these four simple steps.

1. Compare your options

Different types of savings accounts will suit different money-management styles and financial goals.

Our comparison table allows you to sort and compare accounts by rates, account features and the different fees, giving you a comprehensive overview of what exactly is on offer.

There are a few things to consider when comparing savings accounts, including:

  • ·Minimum opening balance.
  • ·Minimum monthly deposit requirements.
  • ·Fees or charges for things such as:
  • Monthly administration.
  • ATM withdrawal (domestic or international).
  • Replacement cards.
  • An overdrawn account.
  • ·Restrictions on how you can access funds.
  • ·Interest rates, including introductory bonus rates.
  • ·BPAY or direct credit facilities.If you choose an account with an introductory interest rate, remember to make a note of what the ongoing rate will be when the offer runs out. Our savings calculator can provide you with an estimate of how much interest you might earn.

2. Make your choice

Once you’ve made your choice, click the ‘Go to site’ button in the comparison table, which will take you directly to the application on your lender’s website.

Simply follow the prompts to fill in your online application. You’ll need to provide some personal information, including:

  • ·Your name.
  • ·Proof of identification, such as your:
  • ·Passport
  • Driver’s licence.
  • Birth certificate.
  • Medicare card.
  • Other bank or debit cards.
  • Date of birth.
  • ·Current address details.
  • ·Employment status and details.
  • ·Residencies for tax purposes.
  • ·Tax file number.

    3. Open your new account

Once your lender has reviewed and accepted your application, you’ll receive confirmation of your new account.

Bear in mind some institutions require you to open a linked transaction account alongside your new savings account. If this is the case, you’ll receive your new debit card in the mail. Your PIN will be sent to you in a separate letter. Don’t forget to:

  • Activate your card.
  • Change your PIN.If you write your PIN down to remember it, don’t forget to store it in a safe and secure place.

4. Start depositing funds

After your savings account is set up, you can transfer funds and start earning interest straight away. Most savings account calculate interest daily and pay it once a month.

The right savings account can supercharge your savings and set you up for a strong financial future. Start searching and comparing savings accounts now.

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