Savings Accounts Articles

How much of my pay should go to savings?

To decide how much of your pay should go into your savings, you could set savings goals and reconsider or reduce your expenses accordingly.

What is compound interest, and how to calculate it?

Currently, the rate of interest on most savings accounts is low, so growing your money may seem hard. But one thing that can help to increase your savings is compound interest. What is compound interest, and how is it calculated?

What to look for in a multi-currency account

If you’re looking to travel overseas in the future or trade in foreign cash, you may be interested in an account where you can keep multiple currencies in one place. Several financial institutions offer foreign currency or multi-currency accounts with affordable fees. Read on to know more about these accounts.

What are the pros and cons of a savings account?

Want to open a savings account but not sure if it’s the right financial decision? It may be worth weighing up the pros and cons of having a savings account to help you decide.

Do I have to pay taxes on the interest earned in my savings account?

You need to add the interest earned from your savings account to the income you declare on your tax return and pay tax on the total.

Get better interest rates: variable savings accounts vs term deposits

Variable savings accounts or term deposits, which will provide the highest return on your savings? Learn more about both to make an informed decision.

What is withholding tax on a savings account?

If you earn interest on your savings, it may be taxable, just like your wages. Your bank may withhold - or deduct - tax when paying out your interest.

What are ethical savings accounts?

Ethical savings accounts are growing in popularity in Australia, as more people make an active choice to bank with financial institutions that align with their values. So, is it time for you to make the switch to an ethical savings account?

Can I open a savings account for my grandchild?

Can grandparents set up savings accounts for grandchildren? Most banks and credit unions in Australia allow this in some way or another. Here’s what you need to know about opening a savings account for a grandchild.

Can you transfer money from your credit card to a savings account?

Can I transfer money from a credit card to a savings account? Yes, it’s possible to make a money transfer from your credit card to a bank account, but do note, you'll probably have to pay higher fees and interest.