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Are you looking to grow your savings? Compare a wide range of savings accounts with Savvy so you find the best deal in Australia and the highest interest rate to help grow your savings.
Rabobank High Interest Savings Account |
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Rabobank’s High Interest Savings Account helps grow your savings while offering flexibility and easy access to your money.More details |
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Use invite code SAVVY10 for $10 upon successful sign-up. (Refer to offer T&Cs on Up website)More details |
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Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
You should always consult a given offer's PDS or further documentation in the process of deciding on which loan to choose, as well as seeking independent, professional advice. If you decide to apply with one of the lenders listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the lender offering that product.
Earning interest on your savings is a highly useful and easy way to increase the money in your account. You can read more about how to compare and choose savings accounts, as well as how to find the best savings interest rates, with Savvy. By familiarising yourself with the factors which make different savings accounts great for you, you’ll be able to make a more confident decision.
There’s no shortage of savings account types which you can choose from as part of your search for the best one for your needs. It’s important to understand each of these, how they work and the ways in which they can benefit you. The main options for these include:
High interest savings accounts
Often the simplest in terms of structure, high interest savings accounts are designed to give you the strongest return on investment thanks to their higher base rate. It’s important to try to find the best savings interest rates wherever possible, as these can make a big difference when it comes to the amount you earn with them overall.
For instance, if you had a starting balance of $5,000 and deposited $1,000 into your account each month for ten years, you’d earn just under $5,000 in interest with a 0.75% p.a. rate but over $6,500 if you bumped that rate up to 1% p.a.
Introductory rate savings accounts
Otherwise known as honeymoon rates, an introductory offer will set your interest at a high initial rate for a pre-determined period, after which it’ll revert to a standard variable rate. These rates can be highly useful for those looking to boost their short-term savings, but they’re not as suitable if you’re wanting to lock in and increase your savings over a longer period.
You should always check when these rates expire, as some banks and credit unions will set them for as few as three to six months before they revert. Assess your savings goals before opting for this type of account.
Bonus rate savings accounts
These can often be the highest interest savings accounts on the market but will require you to meet certain conditions each month to qualify for that rate. These usually come in the form of minimum monthly deposit requirements (typically between $2,000 and $10,000), bundling your everyday transaction account with that of your savings and reaching a minimum or maximum number of withdrawals.
If you’re looking at one of these accounts, you should make sure the requirements are manageable for you to qualify for the higher bonus rate, as there’s little point in choosing these if you’re unable to do so.
Online savings accounts
With the rise of online banking, online accounts have become the norm for savers all across Australia. There are a variety of key benefits which can be drawn from these accounts, such as lower fees stemming from fewer overheads and highly convenient apps to help you track and control your account on the go.
Because these effectively cut branches out of the equation when it comes to the operation of your account, you may find it less suitable if you prefer to go into your nearest bank location and discuss it with a member of staff.
Age-based savings accounts
Finally, there are savings accounts tailored to different age demographics which are important to bear in mind if you fit into them. These include:
You won't have to pay a cent to compare savings accounts with us, so you can do so at any time you like.
There's no need for you to worry about visiting any banks, as you can compare accounts and open one online.
We're partnered with trusted financial institutions around Australia to bring more quality to your comparison.
As mentioned above, it’s crucial to put plenty of thought into which type of savings account is best for you. What stage are you at in your life? What are your short- and long-term financial goals? What are your personal limitations when it comes to maintaining your account? Are you looking to gain something from your account beyond simply storing your money?
These are all important questions to ask yourself when choosing your account.
Of course, one of the key areas you should be looking to capitalise on with a savings account is its interest rate. This is the reason why most people compare different financial institutions in the first place: to find the highest interest savings account which suits their needs. You could increase the savings in your account by thousands of dollars with a strong rate.
A key area to note when it comes to comparing different savings accounts is the fees associated with them. Some of the fees which may be charged include:
You should always make sure the conditions required by your account are suitable for your individual circumstances. For instance, if you can only afford to deposit $2,000 each month but require $5,000 to qualify for a bonus rate, it’s not the account for you. By that same token, you may not be able to meet minimum balance requirements consistently, so you’ll need to find an institution who can facilitate your situation.
Above all else, though, you should compare as many options as possible when it comes to picking out your account, which you can do right here with Savvy. By comparing a greater number of accounts from different financial institutions, you’ll be able to make a more educated decision on which is the best savings account for you.
Start comparing offers today and you can begin earning interest before you know it.
Use our savings calculator to help you calculate how much you could save over a set timeframe based on different deposit sizes and frequencies.
Your savings can put in work for you. Crunch the numbers to see how much interest you could earn on top of your interest by compounding daily, monthly and annually.
It's crucial to have a clear idea of your monthly household budget to see where your money is going and where it could potentially be better spent.
If you're applying for a loan or need to know what your salary is for your tax return, you can use our annualisation calculator to work out what you'll earn this financial year.
Setting savings goals is important. With this tool, you can work out how much you'll need to deposit to reach your financial aims over a set timeframe.
Just as important as knowing how much to deposit is working out how long it'll take to reach your goals. This savings goal calculator can help you do just that.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
© Copyright 2024 Quantum Savvy Pty Ltd T/as Savvy. All Rights Reserved.
Quantum Savvy Pty Ltd (ABN 78 660 493 194) trades as Savvy and operates as an Authorised Credit Representative 541339 of Australian Credit Licence 414426 (AFAS Group Pty Ltd, ABN 12 134 138 686). We are one of Australia’s leading financial comparison sites and have been helping Australians make savvy decisions when it comes to their money for over a decade.
We’re partnered with lenders, insurers and other financial institutions who compensate us for business initiated through our website. We earn a commission each time a customer chooses or buys a product advertised on our site, which you can find out more about here, as well as in our credit guide for asset finance. It’s also crucial to read the terms and conditions, Product Disclosure Statement (PDS) or credit guide of our partners before signing up for your chosen product. However, the compensation we receive doesn’t impact the content written and published on our website, as our writing team exercises full editorial independence.
For more information about us and how we conduct our business, you can read our privacy policy and terms of use.
