Savings Accounts Articles

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.

A guide to dabbling in the newness of neobanks

There are some serious competitors in the finance world and neobanks are the space to watch. Here is everything you need to know if you’re considering dabbling in the world of neobanks.

Are savings accounts free?

They say there’s no such thing as a free lunch, and the same can be said about savings accounts.

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.