Compare Savings Accounts, Says RaboDirect

Only a few are aware of the advantage of the resources available on the Internet. There are a lot of options available today online for research, searching through for the net for the best deals. Customers today can compare savings accounts by various choices of brick-and-mortar banks and also a number of online banking services.

RaboDirect is one of those banks who have simplified savings for personal and business customers and have made investing in managed funds a whole lot more accessible and cheaper.

While comparing savings accounts the first most important thing to be considered is the rate of interest. Interest rates fluctuate with time and it gets hard to keep track of the changing rate. The various financial calculators offered by different financial web sites help you to calculate the rate of interest and easily predict your earnings from an investment.

Comparison of High Interest Savings Accounts

Savings Account	Account Details	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Bonus Interest p.a.	Fees	Min Balance/Min Deposit
UBank USaver	The UBank USaver is one of the most continually competitive savings accounts.	6.01%	5.41%	0.60%	$0	$0 / $0
Virgin Saver Account	Enjoy a high introductory rate on accounts up to $250,000.	5.85%	4.65%	1.20%	$0	$0 / $0
Citibank Online Saver	One of the highest intro rates on the market! Take advantage of this offer now.	5.80%	4.75%	1.05%	$0	$0 / $0
ANZ Online Saver	Access your funds 24/7, no minimum balance and earn a high rate.	6.00%	4.25%	1.75%	$0	$0 / $0
Easy Street Bonus Saver Account	Enjoy zero fees and the ability to make unlimited deposits.	5.61%	0.01%	5.60%	$0	$0 / $0
St.George Direct Saver	Enjoy this amazing rate from one of Australias number one banks.	5.75%	4.50%	1.25%	$$0	$0 / $0
NAB iSaver	Open a savings account with one of Australias biggest banks.	5.50%	4.15%	1.35%	$0	$0 / $0

RaboDirect experiment on Comparing Savings Accounts

According to RaboDirect Australians should transfer their spare funds from everyday transaction accounts into high interestsavings accounts.

The advice came as RaboDirect announced the result of its “money tree” experiment in which it adorned a tree in Sydney’s Fleet Park with $5 notes.

RaboDirect said: “The experiment was conducted to identify how Australians react to money they can see and touch, compared to the way they treat their actual savings, which often sit untouched in transaction accounts and low interest paying savings accounts that – quite incredibly – still have fees and charges.”

The bank said that after a slow start where bystanders ignored the cash or simply took pictures of it, the tree was stripped bare in less than three hours. The experiment came out with a clear picture portraying the current situation of a savings account for consumers.

According to RaboDirect, the experiment shows that Aussies should be looking to compare savings accounts and make more of their money. By comparing savings accounts they can save a large amount of money which will help them in making good investment of their money.

RaboDirect said this will be proved by their soon-to-be-released National Savings Survey, which reveals Australians are missing out on $4.7 billion in lost interest each year by failing to transfer surplus funds into online savings accounts.

The news comes after Reserve Bank assistant governor Malcolm Edey suggested that the current interest rate climate has made now a great time to save.

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4. RaboDirect Premium Saver Account