Want to earn more interest than with your general banking account, but don’t want to lock yourself into a term deposit? Than lucky for you, there is something called savings accounts!
High interest savings accounts are similar to everyday banking accounts but individuals are also offered an interest rate so their money can grow. This interest rate often varies greatly, currently, in Australia these rates are between 5 and 6%. The Citibank Online Saver is currently the highest with a rate of 5.75%. If you would like to see and compare other interest rates and savings accounts, then check out on google.
Other benefits one receives with savings accounts is that there usually zero fees and no minimum deposits. This is great for consumers because they can have multiple savings accounts to save for different goals and they won’t be charged a monthly fee.
In Australia, savings accounts are also government guaranteed. Meaning, that you are protected up to 1million dollars for the money you place into your account. This is great news and offers a great safety net when signing up for a new account.
Savings accounts are certainly a brilliant way to save money and it is recommended that every individual signs up for one. They are a great way to reach your monetary goals and allows for us to easily save for different events coming up in their life. Be that a holiday, a new car or saving for a deposit on a house.