Savings accounts worth having a look at…

Are you happy with your savings account?

In a low interest rate economy, savers need to take control and find a savings account that suits their needs. If you leave your money in an under performing account with a low rate, you are costing yourself real cash.

Right now plenty of Australians are unhappy with their savings accounts and looking around for alternatives.

It’s easy to switch savings accounts

Moving your cash to a new savings account is easy. You can open a savings account with any Australian Authorised Deposit taking institution which includes the big banks, smaller banks, mutual banks, credit unions and building societies. You can link your savings account to a transaction account, usually with any other bank or credit union, so you can move money between them.

All banks and credit unions are government guaranteed

Deposits up to $250,000 that are placed with an Australian Deposit taking institution are guaranteed by the Commonwealth government. If the bank or credit union faces financial losses, your money is safe. That means you can feel comfortable about moving your savings to a smaller bank or credit union in order to get a great rate.

Take five minutes to check out our InfoChoice comparison table of savings accounts …

Infochoice’s savings account comparison table lists more than 100 savings accounts now available in Australia. To find the best savings account for you, look for the following things:

1) A good ongoing base rate
2) A good maximum rate: The maximum rate is the base rate plus any bonus rate which savings accounts often pay if you comply with certain terms and conditions. Like not making any withdrawals or making regular deposits. Some accounts pay the base rate if you link a transaction account from the same institution to it
3) Terms and conditions that suit you: There should be no fees on your savings account. If you being charged fees on your savings, think about shifting your cash to a new account today. Choose an account that rewards the type of spending and savings pattern that you can enjoy. Can you make regular deposits? Can you refrain from making withdrawals? (Mostly that means not putting too much money in your savings account in the first place). Can you use another transaction account?

Explore the market and find a better savings account today at Infochoice.


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