Get more money into your savings accounts when shopping

Wednesday October 1, 2008

As you wander down the aisle of the grocery store and are shocked by the rising prices, you might be interested in opening up savings accounts specifically for your shopping needs.

The average Australian is paying:

• 12.51% more for milk.
• 5.81 more for bread.
• 1.62 more for eggs.

If you're tempted to use your credit cards for grocery shopping, remember that you'll be charged more because of interest rates and lose more money. However if you open up savings accounts just for your groceries and everyday shopping, you'll earn more money with you savings account interest rate. The more money you place into your savings account, the more interest you'll be able to earn.

Savings accounts have very competitive interest rates that can earn you extra money to use on your everyday items. Many banks offer promotional interest rates for introductory periods, so you might like to consider these savings accounts when checking out a new savings account.

When you're selecting a savings account, look for:

• High interest savings accounts.
• Savings accounts with low annual or maintenance fees.
• Savings accounts that you can manage online.

With a savings account, you arrange a direct deposit from your everyday account straight to your grocery savings account. This way, you know you'll always have money in your savings account if you need to dash down to the shops quickly.

Apply for a savings account now and start saving when you shop.

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