Less than half of Aussies have a savings account

According to the RAMS Savings Satisfaction Report 2013, 86% of respondents worry about their savings and 7 in 10 admit saving is a daily topic of conversation in their household as they seek to look for smarter ways to use their money to meet their goals and prepare for the future.

RAMS Chief Executive, Melos Sulicich said: “People tend to have an everyday transaction account allowing at-call access to their money but earning little or no interest. Term deposits tend to be popular with retirees and those who don’t need immediate access to their money.”

“Less than half (45%) are putting their money into a high interest savings account. It seems that when they do, they may not realise many savings accounts simply offer a high introductory rate for a short period of 4 months or less, that falls away to a much lower base rate so they are missing out on interest.”

Source: RAMS