21st century savings: How to win back your money and time

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Saving in the 21st Century has never been easier, writes Jack Han.

December 1, 2009

Technology is becoming even more important for Australian savers, as the popularity of electronic funds climbs. However, there is still room for many to sign up to new and safe methods of managing their finances, which offer a range of savings and benefits.

According to a report by market research company Synovate, a quarter of Australians are using electronic funds transfers more often now, compared to before the global financial crisis.

However, 36 percent still claim to not use a debit card for their day to day transactions, preferring cheques or cash instead. This has raised concerns that Australians are sacrificing efficiency in order to stay true to traditional methods of payments and transactions.

One of the reasons for this is that many people are concerned with the rise of cyber crime, which will only become more sophisticated with improvements in technology.  This means that millions of Aussies would rather ‘play it safe’ by spending the time to visit a branch or calling up their financial institutions.

Another reason for the reluctance to embrace new methods is that many of us simply do not know all the advancements that have taken place. RateCity has compiled a list of features, both new and old, that could save you time and money.

  • ‘Smart Cards’ will introduce a new way of paying for purchases, rather than using ATM or EFTPOS cards, with the use of a sophisticated electronics system built into the card. This will save shoppers valuable time, and also protect them against card fraud.
  • Savings accounts have immersed themselves online, with internet accounts attracting the highest interest rates. You can access your details and make transfers from computers and mobiles, as well as manage your non-online accounts through net-banking. For example, by reading all of your statements online rather than through the mail, customers can save on their account fees.
  • Savings accounts have also combined with social networking tools to appeal to younger generations, allowing more ways to access and manage your savings.
  • The line between savings and mortgages has also been blurred, with offset accounts allowing you to reduce home loan repayments through the use of your savings.
  • You can now compare hundreds of different savings accounts online at RateCity within minutes to find some of the best features and rates, saving you hours of calls and branch visits.

To make sure you have not only the highest earning account, but also the most convenient, compare savings accounts online. There are hundreds of savings accounts in the market with new, technologically advanced features that will help you grow your investment.

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