However, it shouldn’t be the only factor to consider when choosing an account that meets your savings goals. High-interest savings accounts are quite simple products, with the interest rate often the first thing to catch your eyes. A regular online savings account will offer a ‘base’ interest rate on your balance each month, usually without account conditions. For example, you may be required to deposit a minimum amount each month or limit your withdrawals from the account to earn the bonus interest. Some high-interest savings accounts come with conditions in order to earn a higher interest rate - these are known as bonus savings accounts. In today’s savings account space, most banks have mobile apps that come with a number of features including the ability to set up automatic transfers to your savings account, sending reminders when you’ve spent too much or track and manage your expenses. So, up to $250,000 of your money in a savings account with any ADI is covered by the Government in case the bank collapses.Ĭheck out the Australian Prudential Regulation Authority’s comprehensive list of ADIs in Australia.Īs well as earning you interest and keeping your money safe, savings accounts can help you build positive savings habits. These low-risk products are provided by authorised deposit-taking institutions (ADIs), which means all deposits are covered by the Federal Government’s guarantee of up to $250,000. A high-interest savings account is a bank account that allows you to earn interest on your deposited funds.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |