How to Earn Free Coffees with a Savings Account

Coffees are an accepted currency for most people, you know how much they are, you know where to get them. You know how many coffees will be required to get you on a blind date, to meet your sister’s boyfriend or catch up with your mother while she’s in town. So do you take your coffee with cream, or would you prefer that your coffee was the cream?

What do coffees have to do with high interest savings accounts? Nothing really, the big banks are not literally giving away coffees with your savings, but a coffee is simply a unit of measurement here to show you just how much benefit you can receive from a high interest savings account.

What is a High Interest Savings Account?

Sit back with a nice strong coffee for a minute, and find out what a high interest savings account is, what it does, how it can benefit you and where you can get one. High interest savings accounts:

• Are accessed primarily online. This means you simply need to complete a short 10 minute online application form and you can start saving right away in some cases. Plus, because the account is opened and managed online, there are no fees for transactions on your high interest savings. Since the account is dedicated to your savings, you don’t want to be encouraged to access it anyway, so it doesn’t matter that branch access or ATM access is not included in the account features, because you’re in it for the coffees you can earn in interest.
• Pay a high rate of interest daily. Because the banks can make such savings by operating their high interest accounts online, they can offer even higher interest returns. You can earn an average of 5.00% on your savings in the current high interest accounts, and that interest is calculated daily, meaning you earn the maximum amount of interest every month because the interest is compounding.
• Are linked to your transaction account for easy deposits. You can either set up an automatic payment plan from your linked transaction account to your high interest savings account to keep your goals on track, or you can make sure of the simple transfer system to deposit any spare funds you have left in your transaction account at the end of the week, directly to your savings account. You don’t have to be delayed by queues in a bank branch or lose your motivation to even go to the bank when you can make deposits to your savings anytime anywhere, online.

How Many Coffees Are Your Savings Worth?

To show you just how easy it is to accumulate interest in a high interest savings account, take a look at this example, you make a $2,000 initial savings deposit, and a regular $200 monthly contribution for a year.

The standard interest rate on a high interest savings account is 5.00% and based on your initial investment and regular contributions you could have earned up to $150 – $180 dollars in interest in just 12 months. That interest can convert into 50 free coffees, 50 free beers, return flights interstate or you could reinvest that interest into a new savings account or term deposit to keep it working and earning even more.

This is because on top of your growing balance, you are also earning interest every day of every month for a year, so if you were to make your savings plans based on only your initial deposit and your monthly contributions, the interest earned would be cream, for your coffee, for your holiday or for however you like to treat yourself.

If you set up a regular savings plan, you are planning on making regular contributions to grow your balance to meet your goal. Therefore, you can use the interest earned over your savings period as a reward for your hard work and convert it to a caffeinated (or carbonated) treat, or leave it to accumulate as part of your savings balance and cut down the time it will take you to reach your goal.

To make comparisons of the savings accounts with the highest current interest rates, use the Savings Account Finder™ comparison tables here. You can find a savings account with an interest rate, access and reward to suit your savings goals, and you can follow our secure links to start earning your free coffees today.

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