Get the right savings account for you and save faster

Friday November 21, 2008

If you want to save to cover your potential expenses, such as a holiday, a plasma TV, or a deposit for a home, having a plan to optimise your savings can help.

Find out how much you can afford to save each month towards your savings goal and figure out how long it will take you to get the amount needed. Once you have established your budget, find out ways to minimise any other debt you have and get more money into your savings account.

Finding the right savings account is important. It's generally a better idea to keep your savings separate from your everyday bank account. If you place your savings into a high interest savings account, you will earn more money thanks to the interest rate.

Keep in mind that you don't have to stick with your bank when it comes to choosing a savings account. Your bank may not offer the best interest rate.

Many banks offer high interest promotional rates or reward you with high interest rates for not making any withdrawals. One BankWest savings account that offers a high interest promotional rate is the BankWest TeleNet Saver savings account.

The BankWest TeleNet Saver savings account features:

• A promotional interest rate of 6.35%p.a (ends 1 January 2009)
• A standard variable rate of 5.55%p.a.
• No minimum opening balance.
• No bank account keeping fees.
• 24/7 access to your savings via online and phone banking.
• Covered by the No Loss Security Guarantee.

Apply online for the BankWest TeleNet Saver savings account and start saving today.

Compare savings accounts.

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