Savings Accounts - Calculator
Savings Accounts
Before you start comparing, click on more info for a quick rundown of your choices. And remember, you can sort the information in the tables - according to highest interest rate, lowest fees and so on - by simply clicking on the heading in white.
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- Savings Accounts
- Not all savings accounts are suitable for you, so take a moment to run over the basics.
High-Interest Online Savings accounts are perfect if you want more bang for your buck, but still want access to your funds should you need it. Online savings accounts typically have no minimum initial deposit, no account fees and interest is charged daily, and paid into your account monthly. The only catch is that most offer access via the Internet and Phone only. This means that you can't merrily deposit and withdraw cash, but instead must use a separate transaction account that's linked to this account to withdraw and deposit funds.
Term deposits tend to offer the highest interest rates on the block, but your cash is locked away for a set period of time. If you urgently need your funds, then a break free is charged - not a good thing. So if it's likely that you'll need your funds during the term, it's probably wise to choose an Online Savings Account instead - where interest rates offered are almost as high, but there are no break fees for accessing your funds at will.
Transaction Accounts are for your everyday banking needs including salary direct credit, withdrawals via the branch, ATM and EFTPOS, and so on. The biggest downside of transaction accounts is the measly interest paid, usually hovering around the 0.1% if you're lucky. So if your account balance tends to sit above the $10,000 mark - then you should consider a Cash Management Account (CMA) instead, since it offers similar access but higher rates of interest.
Cash Management Accounts (CMAs) are for the cashed-up who want an everyday savings account that pays competitive rates of interest. The interest rates are generally tiered, meaning the higher the account balance the more interest you'll receive.
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