Savings Accounts

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.

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COMPANYACCOUNT

ACCOUNT

Account name

TYPE

TYPE

Account type

INTEREST APY

INTEREST APE

Annual Equivalent Rate is the effective annual interest rate

INTEREST GROSS

INTEREST GROSS

Gross interest is the annual rate of interest which is paid without the deduction of lower rate tax to eligible individuals and certain organisations

PAID

PAID

How often interest is paid on account

ACCESS

ACCESS

How account can be accessed

MINIMUM INCOME

MINIMUM INCOME

Minimum amount in account

CONDITIONS

CONDITIONS

Conditions for investor

WITHDRAWAL ACCESS

WITHDRAWAL ACCESS

Where you can withdraw money from

FEATURES

FEATURES

Account features

MORE INFO

St.George Term Deposit Account
St.George Term Deposit Account

Term Deposit AccountTerm Deposit3.0% (4 months)3.0% (4 months)MonthlyOnline, Tel$0.00Min balance is $1,000OnlineFeatures

Features

Free Banking: Yes
Debit Card: No
Cheque Guarantee_Card: No
Standing Orders: No
Direct Debit: No
Overdraft Facility: No
Account Manager: No


1. A range of terms to suit your needs from 1 month to 5 years
2. Competitive interest rates

St.George Term Deposit Account
The St.George Term Deposit gives you a guaranteed rate of return for the term of your investment with competitive interest rates. They offer a range of terms to suit your needs from 1 month to 5 years. You also have the ability to set up Term Deposit in business or DIP Super name. Please make sure that you read all of their terms and conditions in detail before you apply so that you thoroughly understand what you are purchasing. If you have any questions contact their customer support team. DETAIL INFORMATION >>Services

Services

Invest your cash securely and get a guaranteed return


Advantages

Advantages

1. A range of terms to suit your needs from 1 month to 5 years
2. Competitive interest rates
3. A guaranteed rate of return for the term of your investment
4. Ability to set up Term Deposit in business or DIY Super name


Disadvantages

Disadvantages

1. Minimum balance is $1,000
2. Fees may be payable for other banking services you request.
3. The minimum amount that may be withdrawn when withdrawing only part of the balance of your Account is $2,000.

Bank SA Maxi Saver Account
Bank SA Maxi Saver Account

Bank SA Maxi Saver AccountSavings Account3.70% p.a.3.70% p.a.DailyOnline, branch, telephone$0You must be a Australian residentInstant accessFeatures

Features

Free Banking: Yes
Debit Card: No
Cheque Guarantee_Card: No
Standing Orders: No
Direct Debit: No
Overdraft Facility: No
Account Manager: No


1. Easy access via mobile app, online, phone or branch, through any eligible BankSA account

Bank SA Maxi Saver Account
Bank SA offer a range of savings accounts which can help you save your hard earned money. A high interest rate savings account with branch access. Unlimited fee-free internet & phone banking 24/7. Apply online now. Please make sure that you read all of their terms and conditions in detail before you apply so that you thoroughly understand what you are purchasing. If you have any questions regarding any Bank SA products please contact their customer support team. For more information please click here. DETAIL INFORMATION >>Services

Services

1. A high interest rate savings account with branch access.
2. Unlimited fee-free internet & phone banking 24/7.


Advantages

Advantages

1. 3.70% p.a. Maxi Rate. Mini Hassle.
2. No fixed terms.
3. Easy access via mobile app, online, phone or branch, through any eligible BankSA account.
4. No minimum balance.
5. No monthly service fees.


Disadvantages

Disadvantages

1. You must be an Australian resident in order to be eligible
2. You can only SA Maxi Saver Account for personal uses (not for business use)

Bank SA Term Deposit
Bank SA Term Deposit

Bank SA Everyday Banking Term DepositTerm Deposit3.25% p.a3.25% p.aMonthlyOnline,Telephone,Branch$1,000You must be an Australian resident and over the age of 18 years old.OnlineFeatures

Features

Free Banking: Yes
Debit Card: No
Cheque Guarantee_Card: No
Standing Orders: No
Direct Debit: No
Overdraft Facility: No
Account Manager: No


Secure and guaranteed return

Bank SA Term Deposit
You want to save up for a car or a house? Want to invest your money securely and get guaranteed return? Then open a term deposit Account with Bank SA – you don’t have to pay monthly service fees and earn competitive interest rates on balances between $5,000 and $5,000,000. DETAIL INFORMATION >>Services

Services

Online application,


Advantages

Advantages

1.Invest your cash securely and get a guaranteed return
2.Earn competitive interest rates on balances between
3.No set-up or monthly service fees.


Disadvantages

Disadvantages

Minimal amount $ 1.000

The Virgin Saver
The Virgin Saver

The Virgin SaverSavings Account3.75% p.a3.75% p.aMonthlyOnline, Telephone$0.00Minimum age of 18 years.$0.00Features

Features

Free Banking: Yes
Debit Card: No
Cheque Guarantee_Card: No
Standing Orders: Yes
Direct Debit: Yes
Overdraft Facility: No
Account Manager: Yes


1.A Nominated Linked Account.
2.3.75% p.s variable ongoing rate
3.Online banking.
4.Statements

The Virgin Saver
If you are looking for a brand new savings account then look no further than Virgin’s new super saver. With absolutely no fees, you can start saving within a few minutes. There is no need to delay, pop online and fill out the easy application form and start saving those pennies today. Open a Virgin Saver and set up an Automatic Savings Plan. DETAIL INFORMATION >>Services

Services

1.Online application process.
2.Online banking.
3.Offers a linking service between your old account and your new Virgin Savings account.


Advantages

Advantages

1. Great four month introductory rate.
2. Good ongoing variable rate
3. An automatic savings plan takes on your savings concerns and sets out a plan for you so you no longer have to worry.
4. The Virgin Saver is flexible enough to let you transfer from your Nominated Linked Account into your Virgin Saver Account.
5. 24 hour access to your account with online banking.


Disadvantages

Disadvantages

1.You must be at least 18 years of age.
2.You must reside permanently in Australia.
3.You must have your linked account details ready to apply online.
4.Even though there are no fees payable on your Virgin account, there may well be fees on your nominated account which all transactions will be done through.
5. Like all rates, Virgin's may be subject to change.

Bank of Melbourne SENSE
Bank of Melbourne SENSE

Bank of Melbourne SENSESavings Account3.10% p.a. on SENSE Savings3.10%MonthlyOnline, branch, SMS$2000 per month if you want account for freeYou must be a permanent Australian residentask on applicationFeatures

Features

Free Banking: Yes
Debit Card: Yes
Cheque Guarantee_Card: No
Standing Orders: Yes
Direct Debit: Yes
Overdraft Facility: Yes
Account Manager: No


1. Each time we process a purchase made from your SENSE Everyday Account using your Visa Debit Card, FreedomCard, Maestro/Cirrus ATM Card or BPAY® transaction, and that amount is not a whole dollar amount, we round up the transaction amount to the next dollar and transfer the amount of the rounding to your SENSE Savings Account.
2. Your savings target is set for funds in your SENSE Savings Account. You will contribute to your savings target automatically by rounding amounts. To save even faster, you can also set up a regular transfer from your SENSE Everyday Account to your SENSE Savings Account.
3. Electronic transactions are assigned to a category based on information provided by third parties. We’ve assigned 10 expense categories: Cash, Home Expenses, Daily Living, Health & Education, Transportation, Leisure, Insurance & Super, Transfers, Other.

Bank of Melbourne SENSE
Make sense of your spending - One account for everyday banking. Another for saving. All on the one statement.Bank of Melbourne SENSE is two accounts working together, so you can access your money when you want, and save at the same time. You’ll pay no account service fees when you deposit at least $2,000 a month, such as your salary, into your SENSE Everyday account. Please make sure that you read all of their terms and conditions in detail before you apply so that you thoroughly understand what you are purchasing. DETAIL INFORMATION >>Services

Services

1. Flexible - 2 linked accounts – SENSE Everyday transaction account and SENSE Savings
2. Great rate - Earn 335% p.a. on SENSE Savings
3. Track savings and spending - One easy statement to set savings goals and track spending history
4. Visa Debit Card -Shop securely with a Visa Debit card at home, online or overseas using money from your SENSE account
5. Convenient access -24/7 access at over 2950 Bank of Melbourne, Westpac, StGeorge and BankSA ATMs and via Phone and Internet Banking
6. Compare accounts - Compare transaction accounts and Compare savings accounts


Advantages

Advantages

1. Make sense of your spending - One account for everyday banking. Another for saving. All on the one statement.
2. See where you're spending your money and what you're saving - One easy-to-read statement, complete with helpful colour spending charts, groups your everyday transactions into ten pre-determined expense categories
3. Turn your shopping into saving. Purchases made using your Visa Debit Card are rounded up to the next dollar. This rounded amount is automatically transferred to your SENSE Savings account. It’s just like a virtual coin jar, with no monthly service fee and a high interest rate.
4. Applying online is simple! It will take up to 10 minutes - All you will need to supply is your contact details, such as address, phone number and an email address. You don’t have to be an existing Bank of Melbourne customer to complete an online application.


Disadvantages

Disadvantages

1. If you deposit less then $2000 a month in to your SENSE account then you will have to pay a monthly account fee of $5
2. You are not eligible for a SENSE account if you are not a permanent resident of Australia

If you wish to speak to someone: Contact Us

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.

Where can I get the best savings accounts rates?

Have you ever switched your savings account? If the answer to this is ‘no’, then you should start to research the various options that are available to you. You could find that you are losing money by not putting your hard earned cash into a more profitable bank account. Finding the best savings accounts rates can, however, be tricky. Where to find the best savings account rates is an important question to ask and there is no one obvious answer. There are some important questions that you should ask yourself before you start your research to ensure that you are getting a savings account that is suitable for your needs. Do I need an income from my savings? What kind of access do I need? What introductory offers are available? How much can I save a month? How long will I save for? When you have the answer to these questions you can start to think about what savings account is best for you and your needs.