Make your dreams a reality with a savings plan
Did you know that a staggering 43% of Australians don’t save?
Whether you want to buy a bigger house, take your family on an overseas adventure or buy a new car, the right savings account can help fund your dreams.
Here are some different reasons to save for your family’s future.
1. For flexibility and convenience
With many banks offering generous introductory and variable interest rates, a high interest savings account is a great way to make your money work harder.
This could be a good option if you’re among the one-third of Australians putting money aside for an emergency fund, as you can access your money whenever you need it, while earning compound interest on your unused balance.
2. To really boost your savings
Saving up for a big-ticket item, such as new or safer car? If you're looking to build your savings faster, a bonus saver account could provide the extra motivation you need.
These accounts encourage good savings habits by offering bonus interest under certain conditions – for example, maintaining a minimum balance, making regular deposits or limiting the number of withdrawals in any given calendar month.
Use our Savings Plan Calculator to see how your new car fund could grow over time with regular deposits.
3. For simplicity and convenience
A cash management account is a type of transaction account that allows you to manage all of your finances from one place.
By allowing you to monitor where your money is coming in and going out, you can more easily track your spending – a big plus if you're trying to get a better handle on your family's finances.
This could be a good option if you’re budgeting for a family holiday and want to know exactly how much you can afford to spend.
4. For stability and reliability
Term deposits are a cash investment product that offer fixed interest rates over a fixed time frame.
You can choose term deposits from 90 days to five years – as a general rule, the longer the term, the higher the interest rate – and know exactly how much you’ll earn when it matures, making them a good choice if you’re saving up for a significant future expense.
For example, you may want to consider a term deposit if you’re among the 14% of Australians saving up for renovations, or the 36% saving up to buy a home.
Term deposits with an Authorised Deposit-taking Institution (ADI) are guaranteed by the Australian Government up to $250,000, so you know your money is in safe hands.
5. To get back in control of debt
While not technically a savings account, using a personal loan to consolidate existing debt might make a big difference to your household budget.
By rolling all of your high-interest debt into single personal loan with a set monthly payment, you can simplify your finances and potentially save hundreds or even thousands of dollars on interest over the long term. This could help free up your finances for more important things, such as your children’s education.
Whatever you’re working towards, help make those dreams a reality by taking control of your finances today. Think about what you’re saving for and how you like to manage your money, and remember to always compare offers to make sure you’re getting the best deal.
Start comparing savings accounts now.