Savings Accounts
A Savings Account generally operates like a normal bank account, however it offers a higher rate of interest when compared to a normal bank account. Since it operates like a normal bank account you can withdraw funds as and when you need them, unlike a Term Deposit which locks in your money until a fixed date.
Typical features of a Savings Account may include:
- Introductory rate of interest
- 24/7 access to your funds
- No minimum balance
- Bonus interest
- No account fees
Savings Accounts are a great way to encourage savings, providing the incentive to begin a regular savings plan. Most of the major financial intitutions offer savings accounts. The interest rates on offer between them does vary, so it pays to shop around for the best rate. Make sure you check the terms and conditions and the fees involved to ensure the account suits your requirements.
Savings Account providers include:
- ANZ
- St George
- HSBC
- NAB
- Westpac
- Commonwealth bank
- UBank
- RaboDirect
- Citibank
- CUA
Savings accounts are a great way to maintain access to your funds while earning a higher rate of interest. If you are looking for the highest rate of interest and access to your funds in less important, you might want to consider a term deposit.
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