Best savings accounts

Best savings accounts

19 February 2008

Nearly all of us have what you would call regular savings accounts, which earn almost no interest. In fact, the banks give you a whopping .01% on your everyday regular savings account.

Get yourself a better deal through one of the many internet banks that are offering upwards of 7% on your savings.

Before opening up any one of these high interest savings accounts, make sure that you read the fine print on what is required on your part to receive the high interest rate on your savings account.

Some of these high interest paying savings accounts will require you to make a minimum monthly deposit of several thousand dollars.

This may result in you having to change your pay details with your paymaster so that you can reap the benefits of a high interest savings account.

Why do "internet banks" offer such a great deal on these higher interest bearing savings accounts?

Because the internet bank is not a bricks and mortar bank which has far more overheads, including business premises and staff numbers, the costs associated with running an internet only bank are far less than any of the major Australian banks that have thousands of offices around the country.

Most of us do the majority of our banking online anyway, so to have online savings accounts earning 7% and over as opposed to that whopping .01% on offer from the major banks is just commonsense.

Online savings account application forms are quick and easy to complete and process. There is no reason to not be earning a higher rate of interest on your savings with online banking available 24/7 over safe and secure web sites that have the same online security measures in place as your regular bank.

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