Savings Accounts Articles
Relevant Savings Accounts articles and tips
The top savings accounts for kids in July 2020
Teaching your children about money can be a challenging part of parenting, but one of the more convenient ways to do so is through a kids savings account.
Can a savings account help you grow wealth?
With interest rates on savings accounts at historic lows, many Australians with savings goals are probably wondering if they can still grow wealth through them.
How your bank account can help supersize your savings
Saving doesn’t have to be hard. HSBC’s Everyday Global Account could boost your savings with little effort, thanks to several included perks.
How going green at home can help you save money
Turning your home into a more environmentally friendly household has a range of benefits not only for your health and the environment, but also for your wallet.
Why a penny saved is worth more than a penny earned
We’ll all had people encourage us to save money by telling us that ‘a penny saved is a penny earned’. It turns out they were wrong – but in a good way.
Top money saving challenges for 2018
Even if your well-intentioned money-saving New Year’s resolutions didn’t last for as long as you'd hoped, it’s never too late to get serious about saving money.
Should I get solar power for my home?
While there are environmental and economic benefits to solar power, you also need to weigh up the potential downsides.
What documents do I need to open a savings account?
If you want to open a savings account, you’ll need certain documents to prove your identity.
Money conversations you must have with your partner
Whether you’re planning your wedding or you’re about to go on your first date, there are a few questions you need to get out of the way to help determine whether you are compatible and share similar financial priorities.
10 ways to make money on the side
Whether you’ve got a 9-5 job or you’re a stay-at-home parent, there are a lot of ways you can make money on the side.
How to save for your wedding
If you or your partner have champagne tastes on a beer budget there are many ways you can cut down costs on the big day and still have a dream wedding.
5 tricks to teach your child great money habits
RateCity has compiled a list of five tips and tricks to teach your child great money habits.
Learn more about Savings Accounts
Can you set up a savings account online?
Yes. Several large and small banks offer online applications for savings accounts, and there are also online-only financial institutions to consider.
Online-only savings accounts are often less expensive than other savings accounts, though they may not offer the same flexibility, features, or face-to-face service as more traditional savings accounts.
Can you have a joint savings account?
Yes. Joint savings accounts can be useful for two or more people wanting to combine their savings to meet shared financial goals, including spouses, flatmates and business partners.
Some joint savings accounts require all parties to sign before they can access the money. While less convenient, this extra security can help encourage all parties to meet their shared financial goals.
Other joint savings accounts allow any of the account holders to access the money. These accounts can be convenient for financially responsible couples that trust one another implicitly.
What is the interest rate on savings accounts?
As banks frequently change their rates, the most accurate way to look at interest rates on savings accounts is to use a savings accounts comparison tool. When you look at the savings rate check what the maximum and minimum rates are. Often banks will offer you a promotional rate for the first few months which is competitive, but then revert back to a base rate which can sometimes be less than inflation. Ongoing bonus rates are often a safer bet as they will keep rewarding you with the maximum rate, provided you meet their criteria
Can you set up direct debits from a savings account?
It’s not usually possible to set up a direct debit from your savings account to cover ongoing expenses or bills, as savings accounts are structured around growing your wealth by earning interest on regular deposits, and discouraging withdrawals.
Some transaction accounts allow you to set up direct debits and also earn interest, though you may not enjoy as much flexibility as a dedicated transaction account, or get as high an interest rate as a dedicated savings account.
How to open a savings account for my child?
Some banks and financial institutions allow parents to open a bank account for their child as soon as it is born, and start depositing funds to go towards the child’s future.
Children’s savings accounts generally don’t have fees, and are structured to help develop positive financial habits by limiting withdrawals, encouraging regular deposits, and earning interest on the savings, similarly to standard savings accounts.
Can I overdraft my savings account?
A lot of savings accounts won’t let you overdraw. Some will allow this feature but you’ll need to apply first. It’s best to read the fine print and check with your lender whether this is a feature they offer. It can be a helpful addition, but as your lender can charge you a fee as well as interest for going into negative numbers, it’s best to avoid overdrafting when possible.
How to make money with a savings account?
Savings accounts make you money by earning interest on your savings. The more money you deposit, the longer you leave it in the account, and the higher the account’s interest rate, the more interest you’ll be paid by the bank or financial institution, and the more your wealth will grow.
To make sure your savings account makes money and doesn’t lose money, it’s important to maintain a large enough minimum balance that the annual interest earned exceeds any annual fees charged on the account.
How much money should I have in my savings account?
A good rule of thumb when working out a minimum balance for your savings account is to make sure that you’ll earn more in annual interest on your savings than what you’ll be charged in annual fees.
If you’re saving with a specific goal in mind, prepare a budget so the interest you earn on your deposits will help you efficiently reach this goal. Online financial calculators may be helpful here.
How do I open a savings account?
Opening a savings account is a relatively simple process. If you’ve found an account with a suitable interest rate, you’ll just need to get in contact with your chosen lender via a branch, phone call or hop online to begin the process.
You may be required to provide:
- Personal details, including identification (driver’s license, passport etc.)
- Tax file number
- Employment details
Who has the highest interest rates for savings accounts?
Today's top savings accounts products
Bonus Saver Account
*Bonus interest is paid when a customer has made an eligible deposit of $20 into the Bonus Saver account in the calendar month and made 5 eligible Visa card purchases on the linked Everyday or Glide account in the calendar month
- Has branch access
- Has no ongoing fees
- Has no minimum balances