Beware the transaction account rip off
With another interest rate rise now pushing housing affordability further out of reach, many people are giving up on the great Australian dream. But just because you’re not saving for a home loan deposit doesn’t mean you should turn your back on investing altogether.
If you are able to save anything on your current salary, you could be missing out on some very nice interest earnings if you keep all your money in a traditional transaction account. You see, with all these interest rate rises, personal finance has taken an about-face of sorts. Those who save money are now able to reap the rewards by storing their money in high interest savings accounts . In times past, the interest rate was so low that savings accounts were far less attractive. In the late 90s, at just 4% interest, most savings accounts did little for individuals. Fast forward to today, and you’re looking at almost twice that interest rate at around 7.5% thanks to the latest rate rise.
Don’t miss out on valuable interest. Move your savings out of your transaction account and open an online saver. Then watch your savings grow as your money works for you!
Top 5 Online Savings Accounts (Banks) |
||||||
|---|---|---|---|---|---|---|
Rank |
Company |
Account Name |
Effective Rate |
Top Nominal Interest % |
Interest Calculated |
Interest Paid |
1 |
7.7633 |
7.5 |
Daily |
Monthly |
||
2 |
7.2823 |
7.05 |
Daily |
Monthly |
||
3 |
7.229 |
7 |
Daily |
Monthly |
||
4 |
7.0692 |
6.85 |
Daily |
Monthly |
||
5 |
7.016 |
6.8 |
Daily |
Monthly |
||
Source: CANSTAR CANNEX 11/02/2007 based on $1,000 balance |
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Top 5 Online Savings Accounts (Non-Banks) |
||||||
|---|---|---|---|---|---|---|
Rank |
Company |
Account Name |
Effective Rate |
Top Nominal Interest % |
Interest Calculated |
Interest Paid |
1 |
7.229 |
7 |
Daily |
Monthly |
||
1 |
Express Saver (S50) |
7.229 |
7 |
Daily |
Monthly |
|
3 |
E $aver Account S29 |
7.0692 |
6.85 |
Daily |
Monthly |
|
3 |
Netsaver Account S50 |
7.0692 |
6.85 |
Daily |
Monthly |
|
5 |
Easy Street Fin Services |
Easy Savings Account |
6.9203 |
6.71 |
Daily |
Monthly |
Source: CANSTAR CANNEX 11/02/2007 based on $1,000 balance |
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How do I compare online savers?
RateCity.com.au is the best website to shop for all online savers, as well as most other financial products. At RateCity.com.au, you can use expert comparative data from CANSTAR CANNEX, Australia’s leading financial research and ratings firm. CANSTAR CANNEX has independently analysed and evaluated hundreds of financial products to award five stars to only the very best. The CANSTAR CANNEX star ratings go much further than just looking at interest rates. They also take into account important features so you can be confident you are getting the best product.
Use our easy search tools to compare online savers at RateCity.com.au.
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