Compare Bank Accounts for Australia

Savings Accounts Compared

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Savings Accounts Explained

  • Savings Accounts
    Want to save money and are wondering which type of savings account is best for you? There are in fact a variety of different types of savings accounts available and it is important to choose the one most suitable for your own personal finance requirements.
  • Instant access accounts
    Instant access accounts are most similar to a current or transaction account. They allow the holder access to their money without any restrictions. These accounts pay the lowest interest rates possible, and it is difficult to grow savings by using these types of accounts to save money. If earning interest on savings is the goal, other accounts are more suitable.
  • Term Deposits
    The term deposit is the best account for those wishing to earn interest on their savings. The holder of the account agrees to keep their cash with the bank for a specified period of time ranging from one month to five years. The bank in return agrees to pay a higher rate of interest than what they pay on regular savings account. The catch is if the holder wants access to their cash, they need to give notice in advance, or they do not earn interest on their savings. Term deposits are suitable for people who know they will not need access to their money in a hurry.
  • Internet savings accounts
    Internet savings accounts tend to have lower fees than branch accounts simply because it costs the bank less to run them. Some internet accounts even offer higher rates of interests than branch accounts, though that is not always the case.
  • Regular savings accounts
    Over the last few years banks have become increasingly dependent on savings for their funding requirements, particularly since the financial crisis. In response many banks have expanded their savings account offerings, hoping to attract regular savers. A regular savings account is pretty simple, the account holder sets aside a portion of their income every month, sometimes the amount is a pre determined fixed amount, though not always for which interest is paid. Some savings accounts impose restrictions on whether the holder can withdraw, asking the saver to hold the money for a specified period of up to a year. If a withdrawal is made then a lower rate of interest is paid on the savings.If you are looking to start a savings account then the financial comparison site will help you in choosing which account would be best for you. As a financial aggregator, puts a range of savings account offerings from a number of different banks together in an easy to understand manner that will enable consumers to compare them quickly and make a decision that is best suited to their own personal needs.

Saving Accounts Hints And Tips

An individual’s savings often forms the bedrock of their personal finances; therefore it makes sense to look for the best possible deal. This does not mean exclusively searching for the account that offers the highest rate of interest, but also looking for an account which best suits your needs.

Regular savings accounts offered by banks and building societies are the most common type of savings accounts. These accounts pay a higher rate of interest compared to current accounts, and sometimes lock in the customers funds for a set period, or require a regular contribution every month.

Some banks offer internet savings accounts, which because of their lower overheads compared to branch savings accounts, offer higher rates of interest than those type of accounts, online savings accounts often allow their customers to withdraw their cash without providing notice.

A final type of savings account is what is known as a term deposit account. This type of account holds a fixed deposit for a fixed amount for a specified period of time and generally offers the highest interest rates available. The big disadvantage with this type of account is should the account holder require money urgently if notice is not provided, or before the term of the deposit has ended, the holder will have to forfeit the interest earned.

Latest Compare Bank Accounts News from the comparedinkum Blog

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Term Deposit Rates On The Rise

In July term deposits on tenures ranging from 1 to 3 years reached their highest level since 2017 continuing the trend of rate hikes. In June, research shows that there were ten times the number of rate hikes as there were rate cuts.  AMP, ANZ and many smaller lenders and cooperatives hiked their rates by anywhere between 5 and as many as 20 basis points. The rate hikes are in response to higher funding costs on international wholesale markets so the banks are trying to encourage more local deposits. Continue reading

Mobile Apps Are The Future Of Banking

Across the world people are taking to mobile banking in droves and Australia is no different. A rising number of Aussies are using mobile banking apps to manage their money and if you happen to be one of them, then it appears that you are much more likely to recommend your bank to friends and family. According to a recent survey undertaken by Roy Morgan, more than two-thirds of people polled said they would probably recommend a bank after using its mobile app. This is way more than people who visit branches or bank by phone. Continue reading

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