What to consider when comparing savings accounts

Whether youre putting money aside for a rainy day, a holiday or a house, the right savings account could make all the difference. There are a range of options on the market, so its important to have a good understanding of how you will use your account in order to choose the one thats right for you.

Here are some things to consider when comparing savings accounts.

1. How much money will you be starting out with?

Often there are no minimum requirements, but some accounts may require a minimum opening deposit. The amount will vary depending on the account it may be as little as $10 or as much as $10,000.1

2. Will you be making regular deposits?

Some accounts require regular deposits for bonus interest to kick in for example, $1000 a month. If youre planning to squirrel away a set amount from your income every month, an incentive or bonus saver account might be the one for you.

3. Do you intend to make withdrawals?

If so, make sure you check whether there are any withdrawal fees. Also, many savings accounts don<