SAVINGS ACCOUNTS

News, info and tips to help you save smarter

High interest saving accounts

When it comes to saving money there are plenty of options. Piggy banks, hidden panels and under pillows, are a thing of the past as we can now save money by investing our money in online savings accounts and be rewarded by earning interest on our savings.

Savings accounts versus term deposits

High interest accounts, such as savings accounts and term deposits, are a great way to save your money while having the option to access it when you need it.

High interest accounts also include term deposits where your money is locked away for a period of time, where online savings accounts allow you to transfer your money between your everyday debit account and your savings accounts over the internet.

The downside to online savings accounts is that they have a variable interest rate which means the financial institution can change the rate at any time, whereas the advantage of term deposits accounts is that the rate is fixed for the life of the term. This can also be a downside for term deposits because if interest rates rise then you would benefit with a higher return from your online savings accounts but a term deposit will remain at that rate.

For more information visit our detailed savings account guide or to crunch the numbers use our savings account calculator.

This is an information service. By browsing on the website and/or using our search tools, you are asking RateCity to provide you with information about products from multiple financial institutions. We will try to show you a range of products in response to your request for information. The search results do not include all providers and may not compare all features relevant to you, for further details refer to our FSCG. The rating shown is only one factor to take into account when considering these products. See the rating methodology. We not a credit provider, and in giving you product information we are not making any suggestion or recommendation to you about a particular credit product. If you decide to apply for a product, you will deal directly with a financial institution, and not with RateCity. Rates and product information should be confirmed with the relevant financial institution, and you should review the PDS before you decide to purchase. See our terms of use for further details. This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.