So what are you saving for? I am sure it is something worthwhile, otherwise you would not make the effort right?
When did you last do a Savings Account Comparison? Is your account offering the best interest available?
Have you taken the time to research your options? Most people would open the ‘High Interest Account” their bank recommends. But is it really high compared to the opposition?
Compare your Savings options
Make the effort and investigate your options – you shop around for good prices on a fridge or a couch, but why is it that people don’t make the effort with their savings or loans? People say, “is just too hard”. Please, is your financial future “too hard”….
I have put together a summary of a number of savings accounts to give you an idea. These rates are correct as at today 21st Jan 2015. (n.b. these are NOT Term Deposit account, High Interest accounts with your funds available when you want them.)
A number of them are now insisting that you open a transaction account with them to get the Higher or Bonus interest.
for example ING. But, ING’s transaction account is a well worth a look as they do not charge any monthly fees
* PLUS they rebate the other bank ATM fees (could save you a bundle)
* PLUS they are currently offering 2% rebate on any transaction under $100 using pay wave
| Bank | Introductory Rate | Introductory period | Revert rate | Min deposit required to keep bonus interest |
| ING Direct Savings Maximiser | 4.00% | N/A | 2.75% | $1000 PLUS hold their transaction account (worth it) |
| Citibank Online Saver | 4.00% | 4 months | 2.90% | |
| RAMS Saver Account | 3.91% | N/A | 2.61% | $200, but no withdrawals |
| St George Maxi saver | 3.85% | 3 months | 2.55% | |
| Bankwest Telenet Saver | 3.75% | 4 months | 2.50% | You must have a BankWest transaction account |
| Westpac eSaver | 3.61% | 3 Months | 2.50% | |
| St.George Incentive Saver | 3.50% | N/A | 0.01% | 1 depost each month |
| Commonwealth Bank NetBank Saver | 3.45% | 3 months | 2.50% | |
| ANZ Bonus saver | 3.40% | N/A | 0.01% | $10 |
| nab iSaver | 3.40% | 4 months | 2.50% | |
| Rabo Direct High Interest Saver | 3.15% | N/A | N/A | |
| UBank | 2.96% | N/A | 2.96% | extra 1.06% bennefit possible if you open their transaction account. |
| ANZ Online Saver | 2.50% | N/A | N/A |