There are various ways of making your money grow – you can actively invest it or you can put it somewhere safe to save it up while earning interest on it. Savings Accounts are widely seen as a less risky way to make your money grow over time. Below you will see a range of Saving Accounts compared, look at what interest rate you can earn each year on your money, here, the more the better (unlike the interest you pay on a credit!) Other essentials are the minimum deposit – how much do you need to put in there to open one of these savings accounts? Check whether there are any admin fees and if you can withdraw from the savings accounts anytime or whether it's fixed until maturity. There may be other perks or setbacks, have a good look before you go for one.
Compare Savings Accounrts
Savings accounts to make your money grow
For whatever purpose, saving money on a savings account will help you to make your money grow fast
Many reasons for saving money on a savings account
May be you would like to save up money for a journey, or to buy something you wish for, but possibly you just want to put money aside for later years to have a financial cushion when you are retired. For whatever purpose, the right savings account will help you to make your dream come true or help you to live in the certainty of financial security.
Why do I need a savings account for that?
To keep your savings on your current account is the equivalent of giving money away, because it will give you no or very little interest rate. The current account is there to receive your salary, to pay your bills from, and to move money around.
A savings account is there to keep your money and it allows interest to build up over time, which is protected from capital gains tax.
Different saving accounts for different needs
There are at-call saving accounts available, which allow you to access your money at any time, and there are fixed -term deposit savings accounts on which money cannot be accessed for a period of time. These accounts offer a much higher interest rate and are particularly useful if one has already saved a large sum of money which one can do without with for a while.
Who can have a savings account?
You will have to be 18 years old or over, probably need to be a full Australian resident and maybe will need a current account with the same bank.
Are there any costs for a savings account?
Before opening a savings account it is worth checking the terms and what kind of fees might apply. It varies from company to company and the best way to find out is to look at the chart above to compare the different saving accounts.