RateCity's October winners!

RateCity's October winners!

For October, RateCity wanted to help Australians with their financial spring cleaning, so we launched a campaign to give you both daily finance tips and great prizes to help enrich your life! 

From cash prizes to help with the mortgage, to petrol prizes to save on the weekly budget and travel vouchers to help get away from it all…there was over $26,000 worth of prizes up for grabs thanks to the help of 360 finance, RESI, Gateway, Bankmecu, Stratton and Greater Building Society.

We’re excited to announce the 70 (TBC) winners here! 

October 1 Winner             L. Farnan

October 2 Winner             K. Tomaszek

October 3 Winner             K. Coupe

October 4 Winner             C. Speight

                                                A.Bright

October 5 Winner             M. Huynh

                                                J. Williams

                                                J. Akbarally

                                                S. Fawcett

                                                T. Isaacs

                                                R. Kapsalakis

                                                J. Cashman

                                                C. Vicary

                                                M. Evans

                                                S. Christensen

                                                J. Donovan

                                                C. Westwood

                                                K. Santillo

                                                L. Diebold

                                                A. Brown

                                                C. Beaumont

                                                B. Hockley

                                                A. Dykes

                                                N. Stoute

                                                L. Ashbrooke

October 6 Winner             T. Carabetta

October 7 Winner             S. Grosman

October 8 Winner             M. Halpin

October 9 Winner             A. Skaria

October 10 Winner          R. Slater

October 11 Winner          N. Stoute

October 12 Winner          L. Carta

October 13 Winner          F. Charlton

October 14 Winner          S. Gill

October 15 Winner          S. Verrall

                                                A. Gorton

                                                N. Oliveir

                                                E. Mangok

October 16 Winner          P. Webb

October 17 Winner          B. Adams

October 18 Winner          K. Lee

October 19 Winner          J. Cunningham

October 20 Winner          R. Kapsalakis

October 21 Winner          H. Coutts

October 22 Winner          S. Seymour

                                                E.Tomaszewsk

October 23 Winner          C. Morris

October 24 Winner          M. Leventhal

                                                V. Paterson

                                                L. Liew

                                                T. Jarvis

                                                K. Armtiage

October 25 Winner          A. Lewandow

                                                K.Lee

October 26 Winner          L. McLean

                                                A. Gioconda

                                                A. Baekkuma

                                                J. Kim

                                                V. Paterson

October 27 Winner          J. Negrete

October 28 Winner          M. Mills

                                                E. Carruthers

                                                M. Bang

October 29 Winner          A. L

                                                R. Greening

October 30 Winner          R. Quattronmani

                                                A. Percy

                                                S. Lucas

                                                K. Wallace

October 31 Winner          K. Kozina

 

Congratulations everyone, and a big thanks to everyone who participated from the RateCity team and our charity partner Good Beginnings. 

Did you find this helpful? Why not share this article?

Advertisement

RateCity

Money Health Newsletter

Subscribe for news, tips and expert opinions to help you make smarter financial decisions

By submitting this form, you agree to the RateCity Privacy Policy, Terms of Use and Disclaimer.

Based on your details, you can compare the following Savings Accounts

Advertisement

Learn more about savings accounts

Who has the highest interest rates for savings accounts?

As banks frequently change their rates, the most accurate way to know who currently has the highest interest rate is to use a savings account comparison tool.

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 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. 

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.

What are the requirements of an ING Bank locked savings account?

An ING bank locked savings account - also called a term deposit - offers you interest in exchange for holding your money for a period of time.

The terms offered include as little as 90 days or as long as two years. Generally, the longer you lock your money away, the higher the rate of interest. 

The minimum deposit amount for an ING locked savings account is $10,000. 

To be eligible to apply, you must: 

  • Be an Australian resident for tax purposes
  • Be aged 13 years or older
  • Hold the account for personal use (ING offers business term deposits as a separate product). 

 

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

Do I have to claim interest on my savings account?

When you lodge your income tax returns, you must include in the documentation all your sources of income, including bank interest. Your bank will report any interest you earn on the funds in your savings account to the Australian Tax Office (ATO). When the ATO then compares this information with your tax returns,  you also need to have mentioned the interest earned. If there is any discrepancy, you’ll receive a letter from the ATO. 

Avoid this situation by ensuring you receive your bank statement with interest noted. Then declare the interest in your tax returns and pay the tax that’s applicable based on the income tax rate.

You only need to claim your share of the interest earned for joint accounts. If you manage an account for your child and receive or spend money via this account, you will also need to report any interest earned from said account.

What is a good interest rate for a savings account?

A good rule of thumb to keep in mind with savings accounts is to look for a rate that is higher than the CPI inflation rate. This number is constantly changing, so check the Reserve Bank of Australia’s page. If you aren’t earning interest above this then the value of your money will go backwards over time.

How does interest work on savings accounts?

The type of interest savings accounts accrues is called compound interest. Compound interest is interest paid on the initial deposit amount, as well as the accumulated interest on money you have. This is different from simple interest where interest is paid at the end of a specified term. Compound interest allows you to earn interest on interest at a higher frequency. 

Example: John deposits $10,000 into a savings account with an interest rate of 5 per cent that he leaves untouched for 10 years. At the end of the first year he will have $10,512 in savings. After ten years, he will have saved $16,470.

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.

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 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.

Should I open multiple savings accounts with UBank?

UBank offers customers an opportunity to make the most of their savings by opening multiple savings accounts. Having multiple savings accounts with UBank may be ideal for savers tracking different goals in separate accounts. 

It’s important to note that to earn bonus interest, you will still need to meet the conditions of the UBank savings account every month. If you don’t make these deposits, you will receive the standard interest rate, which is typically lower. 

Keep in mind that you won’t earn bonus interest on your UBank savings account in the month an account is opened and if you open multiple savings accounts with UBank, you'll start earning any bonus interest the following month. 

It's also not yet known how long the special interest rate will hang around for, so please check with your bank for more information. 

Do banks run credit checks on savings accounts?

When you apply to open a new savings account, some providers may conduct a credit check, meaning that they will ask a credit bureau for your credit history. This isn’t always the case on savings accounts though and depends on the provider, as you aren’t borrowing money. 

As you are opening a savings account and not borrowing funds, this credit check is considered a soft inquiry and should not affect your credit score. If the bank has run the credit check, you can often still open a savings account even if you have a poor score, provided you meet other requirements.