There are still traps that everyday Aussies fall into without realising (and they’re a lot more painful than waiting in bank queues!)
RateCity has compiled a list of the best online savings accounts tips to turn anyone into a savvy saver.
- Link your accounts
Online saving accounts are designed to accumulate your savings, so it doesn’t make sense to pay any extra fees. Most lenders won’t charge you if you deposit money from your transaction account into your savings account, however lenders can charge you a branch deposit fee and/or an over-the-counter transaction fee if you try to do this in a branch.
Talk to your lender about linking your transaction account to your online savings account to smooth this process and minimise any fees.
- Make savings automatic
Some lenders also charge a monthly account-keeping fee if you don’t deposit a certain amount into your savings account each month.
Set up automatic deposits each month into your savings account from your transaction account to help you avoid any pesky fees and have peace of mind.
- Track your savings progress
Savings accounts are also best used online as you can easily use them as a resource to track your savings progress. You can easily download bank statements and use them to track any interest you’re accumulating.
If you’re not well versed on compound interest, the Australian Securities & Investments Commission has an online compound interest calculator.