Best Savings Account

Best Savings Accounts

There really is no such thing as the best savings account – the best account is the one which suits your needs perfectly, therefore, at Savings Account Finder we are going to help you compare savings accounts to find the one which is best for you.

Top 5 Savings Accounts

Savings Account	Account Details	Intro Rate p.a.	Variable Rate p.a.	Intro Period p.a.	Fees	Min Balance and Min Deposit
HSBC Online Savings Account	$0 per month for Unlimited Internet and Phone Banking transactions at no charge.	0.00%	5.00%p.a. interest on balances greater than $5,000 until 1 July 2010	-	$0	$0 per month
ANZ Access Advantage	$5 per month for Unlimited transactions	0.00%	0.00%	-	FREE	$5 per month
NAB Classic Banking	Until 21 January 2010: $5 monthly fee Or simply deposit at least $3,500 per month and you won’t pay the monthly account fee. From 22 January 2010: $0 monthly fee	0.01%	0.01%	0.00%	$5 monthly* ($0 after 22/1/10)	$0
NAB Gold Banking	$10 monthly Or, simply deposit at least $5,000 per month and you won’t pay the monthly account service fee.	0.01%	0.01%	0.00%	$10 monthly* ($0 if deposit at least $5,000 per month)	$0

We’ll help you find:

• The best savings and transaction account.
• The best high interest online savings account.
• The best term deposit investment.

What Makes the Best Savings Account?

A savings, or transaction, account is one which gives you everyday access to your money and allows you to make purchases, pay bills and withdraw cash at a time and place which suits you.

To choose the best savings account:

• Find your most common transactions and be rewarded for them. This is as simple as reviewing past bank statements to see how many EFTPOS transactions you made last month, how many ATM withdrawals you made and whether you accepted or cashed any cheques, or did your banking in branch. Then, as you compare transaction accounts, you can see which accounts include the transactions you most need, and even which providers will reward you for using those transactions.
• Decide on the services you need and how you want to access those services. This comparison will reveal itself as you are determining your most common transactions, as you will be able to see whether you need internet banking services, whether you pay with your card a lot and would benefit from the convenience of a Visa Debit card, or whether you accept international cheques and have no choice but to complete an assisted transaction.
• Contact the bank, or be able to contact the bank. With your everyday account you are bound to have questions about the account, whether you want to know why a transfer hasn’t reached you, or whether there will be additional transaction fees if you use your account overseas, make sure you can contact the bank in a way which suits you. Some banks will have 24 hour call centres, and others will have branches which are open longer than typical bank hours, and making these comparisons can help you choose the best transaction account for your needs.
  

How to Choose the Best Online High Interest Savings Account

A high interest savings account can help you reach your savings targets faster and whether you are aspiring to a home extension, have your heart set on a new car, are saving up for a big wedding or are doing all these and more, an online savings account can get you there faster and easier – but only if you choose the best.

How to compare online savings accounts:

• Compare the interest rates, and the conditions of those rates. If you have a short term savings goal then a promotional interest rate which expires before you reach that goal is a great option. However, if you are saving for something further down the track then you will want to compare the standard interest rates on the account for the longevity of your returns.
• Apply online and stay online. There is nothing as detrimental to your savings as fees – anyone with a stash of cash under their mattress can tell you that. Therefore, go online for your savings account and keep up your savings. Online high interest savings accounts will often charge you zero fees – none on set up, none for your transactions and nothing when you withdraw your funds. Being online allows the bank to save in staffing costs, savings they pass onto you. Applying online also means you can open a high interest savings account within minutes and in some cases be earning interest on your money that same day.
• Be able to contribute regularly. Regular savings contributions will obviously grow your fund faster, but in an online savings account where interest is calculated daily, you will be earning more interest with each regular deposit, than with one deposit at the end of the month. This is because when interest is calculated daily you’re earning interest on your interest. If you choose an online savings account which allows you to set up a direct transfer from your everyday account you can grow your savings and your interest automatically.

How to Compare Term Deposit Accounts

If you have never invested in a term deposit account you should consider this guaranteed and secure saving method as a way to help you reach your financial goals.

The best features of a term deposit:

• A term deposit which lets you choose the best term. Compare the terms you are allowed to choose on your term deposit account – many financial institutions will allow you to choose a term anywhere from one month to five years.
• The option to earn more interest. If you choose less frequent payment of your returns will your term deposit give you a higher interest rate? What about if you deposit a larger initial investment, or invest for a longer term? Compare the ways you can maximise your investment in a term deposit, because it is possible.
• Easily managed account. You choose a term deposit account because you want to be able to invest and earn interest without having to manage your investment. Therefore, compare the access to your investment, and whether you will be sent regular statements on the account or whether you can view it online – also find out how you go about re-investing all or part of your funds at the end of the term, and how easy that is to organise because some funds can do this for you automatically.

At Savings Account Finder we have all the tools and information you need to make a decision on the best savings accounts for your needs, so do your research and apply securely right here.