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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.
Managing your funds isn't always easy when you’re a student. Between working irregular hours and keeping up a busy social life, you may only have a little bit of money left over at the end of the week.
Putting even a small amount of cash into a savings account regularly can help you amass a tidy nest egg. Find out more about student savings accounts and how to compare them with Savvy to help you find the best one for your needs.
These types of savings accounts are specially designed for students to deposit money and save. Primary and secondary pupils and those studying at university and TAFE who are under 30 years old can open student savings accounts. Banks usually promote the use of a linked everyday account so students can transfer their savings to an everyday account to make purchases.
Interest rates on these accounts are up to two or three times higher than those offered on standard savings accounts. You’ll be able to earn bonus interest for meeting account conditions, which can include making a handful of transactions to your linked account.
Finding a good savings account if you’re a student can help you make the most of the money you can afford to put away. Comparing account variables with Savvy gives you the best possible chance of finding an account that can make the most out of your money. These variables include:
Interest rates
The speed at which you’re able to grow your savings comes down, in large part, to the interest rate you receive on your account. The higher the rate, the faster your fund will grow. Compare rates side by side with Savvy to find the market’s most competitive offers. Likewise, you can test out various rates using our online savings calculator to simulate your savings growth over several years.
These accounts can also offer honeymoon rates for a short time after you open your account. These high rates usually last for about three to six months before reverting to your much lower base rate, so it’s important to compare these to make sure they suit your savings needs.
Fees
Student savings accounts are typically fee-free, potentially saving you hundreds of dollars a year in unnecessary monthly fees. You may be charged fees for setting up a linked everyday account, and this is an important factor to compare. Some banks waive the monthly account fee if you deposit a certain amount, are a full-time student or under 30 years old.
Account requirements
Students can earn bonus interest in exchange for meeting monthly account requirements. These conditions may include minimum deposits or limited transactions. For example, some accounts make it a requirement that you deposit $1,000 every month but allow you to make up to five transfers to your linked account. Other accounts will have minimum balance requirements as low as $1. To prevent you from missing out on crucial bonus interest, ensure you compare and find a set of conditions that suit you.
Access to your cash
When you’re studying, paying living expenses such as rent and bills plus keeping up a social life, access to cash can be important. For example, online savers are easier to tap into than term deposits, which lock your money away. Utilising Savvy’s simple comparison information will allow you to find an account which doesn’t restrict you from withdrawing, so you’ll always have money at hand to meet due dates.
Handy features
Banks offer students added extras, such as online goal trackers, personalised insights and the ability to schedule automatic deposits. Some of these accounts also offer ‘round up’ features. This rounds up purchases on your linked account to the nearest dollars and puts the extra change in your savings account. The perks of linking a transaction account also include contactless payment, Bank@Post and discounts on major brands.
Separate spending and savings
Having individual savings and transaction accounts allows you to distinguish between what you can spend and what you can’t touch. This allows you to use one account for day-to-day purchases without sacrificing the interest you’ll earn on your savings.
Prepare a budget
Car running costs, rent and other living expenses are costs students often have to bear if they’re studying and living out of home. Budgeting can show you how much you have left over after every pay cycle and can help you work out how much you can contribute to your savings. If you need a little bit of extra help, you can use Savvy’s savings goal calculator to work out how much you need to deposit to reach your target.
Compare interest and fees with Savvy
If you have a goal, finding a good savings account with the most competitive rate and lowest fees will help you achieve it faster. As such, comparing with Savvy can help you unearth the best deal among the bevy of financial institutions operating in Australia today. Also, you can use our handy goal calculator to see how long it’ll take to reach your target.
Weigh up special offers
Banks often offer introductory rates to give customers high interest for a short time after opening their savings account. These can be helpful if you’re a short-term saver, but you run the risk of losing out on a better long-term rate offered by other accounts. Remember to compare base rates before settling on an account with a honeymoon or bonus rate and check what conditions apply to the account.
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.
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.
