Magazine Rated Best Savings Accounts

Money magazine makes its announcements of the best financial products in December each year and the release in December 2009 of their Best of the Best awards for 2010 means you can start the New Year and the new decade with all the information you need to choose the best savings account for you.

Best Savings Accounts in 2010

Money magazine awards gold medal titles to the best financial products in a number of categories and also awards products from both banks, and credit unions and other financial institutions. In the category of bank savings accounts, the 2010 Best of the Best winner for Kids Savings Account was Bankwest’s Kid’s Bonus Saver, and the Best Online Savings Account was newcomer UBank.

Best Kids Savings Account, Bankwest Kid’s Bonus Saver:

Pays a high 7.00% interest on balances. If your child makes between $25 and $250 a month in deposits to their savings account and no withdrawals they are eligible for this high interest rate.
Available for children under the age of 15. You can teach your children the importance of saving for their future before they even reach their teens and the Kid’s Bonus Saver Account also has fast paren’tal access via phone or internet banking.
No account fees. There are no monthly or transaction fees to eat into your child’s hard earned savings.
Winner four years in a row. In 2010 Bankwest added a fourth consecutive win in the category of Best Kids Savings Account.

Best Online Savings Account, UBank USaver:

A high 5.62% interest calculated daily and paid monthly. This is the highest rate offered by any Australian bank or financial institution on their savings account. Calculating the interest daily also means that you are earning compounding interest and your savings can grow even faster.
You can create savings buckets to keep your goals on track. Being able to separate your savings goals into savings buckets means that you can clearly see how far away you are from each goal, and how much you have contributed towards each goal in the past. UBank’s internet banking system also has detailed goal tracking graphs and charts to show you your progress, your balances and your interest earned.
Can be linked to any Australian transaction account. This means if you have an everyday savings account you are already happy with, you don’t have to open another account with UBank just to take advantage of their great offer.
A 2009 release, including intuitive features. The UBank USaver account won the Money magazine Best of the Best award in its first year on the market and offers a number of features the others don’t such as SMS alerts and a Pay Anyone option.

Best Savings Account for Your 2010 Needs

Money magazine has been compiling its Best of the Best list for nine years now and it is always important to research the opinions of experts in the field before making a choice about a financial product. At the same time you need to make the choice which is the best of the best for you and your savings needs this year, which may be:

To build an emergency fund. In this case you need a high interest savings account which will give you access to your funds when you need it, but will encourage you not to access those funds for frivolous purchases. Therefore, the best savings account for you would be one which offered you a bonus interest rate in the months when you didn’t make a withdrawal.
To teach your children about banking. in this instance you would need a high interest savings account which rewarded your children for their deposits, but one which also allowed them branch access so they can learn about cheque and cash deposits and how to deal with the tellers in the branch, as well as knowing what to do when they aren’t near a computer but need information about their account.

For more information about some of the best savings accounts available in Australian in 2010 which can meet any personal or savings need you have, view the Savings Account Finder™ comparison tables here. You can compare the best Australian savings accounts based on their interest rate, their features, their access or their provider and follow our secure links to the account’s online form to sign up and start saving today, to make 2010 the best of the best years.