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Bank accounts are used by people for many reasons. Some people prefer transaction accounts, where the account is used for paying in their salaries and paying bills. Others use bank accounts to save money, with those accounts offering interest on the balances enabling people to earn on what has been saved. Some transaction accounts come with overdraft facilities, whilst some savings accounts expect the holder to keep the balance for a specified term and are known as term deposits. There are therefore a number of bank accounts, which include:
Every month, the bank will send a statement regardless of what type of account is held. The statement enables the holder to check what has been spent, what has come in and how much is earned in interest. The statement will also detail what has been charged in fees and commissions for running the account. It is important that bank account holders always check their statements to ensure they have not been charged fees erroneously. Some bank accounts offer immediate and pre-approved access to credit in the form of overdraft facilities. Before using the credit it is important to note what the interest rate and fees are charged for making use of the credit facility. All bank accounts now come with phone banking facilities and with internet banking it has become easier than ever to manage finances.
Regardless of what your financial requirements are, comparedinkum.com.au brings together a range of options from a variety of banks that will help everyone from first time savers to the most seasoned investor. You will find transaction, savings and term deposit accounts organised in an easy to understand way that will help you make an informed choice very quickly.
If you are bewildered by how much choice there is when comparing bank accounts, follow these five simple steps for determining which bank account is best for you.
Australians who eat all their Easter eggs in one go are less likely to have control of their personal finances according to the research conducted by ME Bank. The lender polled 1,000 people and asked them a range of questions through an online survey. One of the questions asked was how they enjoyed their Easter eggs over the holiday period. The results clearly suggest that people who nibble away at their chocolates over time were better equipped at saving money, whilst those who binged were less adept. Continue reading
Australian couples are increasingly turning away from holding joint bank accounts. Though the exact reason for this trend is not known, it is probably the result of a generational shift towards more independent women according to the results of a new survey by ME Bank. The lender polled 2000 transaction account holders and found that the number of joint bank accounts fell by 7 per cent over the last three years. Continue reading
Withdrawals from cash machines have fallen to their lowest levels in 15 years and the number of Aussies using cash during a debit card transaction has fallen at its fastest annual rate on record. The latest data suggests that Australia is shifting towards a cashless economy as electronic payments services transform people’s habits and consumers try to avoid ATM withdrawal fees and physical branches. Continue reading