Top 4 Savings Accounts Compared

Your savings account can help you live the life you choose, as long as you choose the right savings account to look after your funds. Since choosing the best savings account is an important decision, following is a little simple advice to help you narrow down your choices and compare the best accounts for your needs, before you open a new savings account.

Top 4 Savings Accounts

Savings Account	Account Details	Intro Rate + Base p.a.	Base Rate p.a.	Intro Rate p.a.	Fees	Min Balance/Min Deposit
Citibank Online Saver	Enjoy the benefits of having a saving account with one of the worlds biggest banks.	6.45%	5.25%	1.20%	FREE	$50/$20
ING Direct Saver	Famous for their great rates, ING continue the trend.	6.25%	4.90%	1.35%	FREE	$1/$1
St.George Direct Saver	The St. George Direct Saver savings account.	6.15%	4.60%	1.55%	FREE	$0/$0
RaboDirect High Interest Savings Account	Rabobank offer up a great deal through RaboDirect.	6.40%	5.00%	1.40%	FREE	$0/$0

Why Open a New Savings Account

You may already have a savings account, or high interest account; if you are like most Australians, that ‚Äòsavings’ account simply allows you to access the funds in your transaction account at an ATM or when you use EFTPOS, and your high interest account may not be getting you the best deal because banks are always offering new deals and better interest rates, especially to new customers.

Opening a new savings account

• A new savings account can make you eligible for new customer bonuses. Some banks will offer higher interest rates or bonus interest on savings accounts for only new customers as they want to attract new business. Therefore, existing savings account holders with the bank may not be eligible for these great offers, but you might be.
• A savings account should offer you high interest. You shouldn’t use your everyday savings account to save for your goals, or to hold your emergency fund because you don’t want to be tempted with easy access to your funds, and you want to be earning high interest. High interest savings accounts are able to offer you such great returns because they are rewarding you for saving, and they don’t need to offer you the access cards and transactions which come with an everyday account.
• Your needs change and so should your savings account. Many parents will have set up a savings account for their children when they started school or started earning pocket money. However, a children’s high interest savings account is very different to the accounts built to tailor to adult savings needs so while you may be well and truly grown up, moved out and earning more than just pocket money each week, the account your parents opened for your as a child is probably still open. Well, now is the time to review your savings goals and needs, and switch your savings account to a new and more suitable option.
• Review your savings and your savings account regularly. Even if you have opened an adult savings account which earns you high interest, it is still important to remember that your needs and situations change, just think about how what you’re doing now is different to what you were doing this time last year, your kids are older, you may have more kids, you may have new pets or fewer pets, the car loan may have been paid off or you may have bought a new car. Even simple changes like these can affect your personal and family budgets and your savings plans so it is important to review your savings account at least each year, to make sure your finances are still on track.
• It’s easy to open a new savings account so don’t let that stop you from saving. If you have considered this advice and decided that you do need to open a new savings account, don’t let paperwork and lengthy automated telephone banking menus stop you. Opening a new savings account can be done online in less than ten minutes and it’s as simple as entering your personal details and savings goals.

How to Open the Best Savings Account

Before you open a new savings account you have to carefully consider which account is best for you and your needs and you can do this by reading Savings Account Finder reviews on savings products and comparing the features of each account in our comparison tables.

Opening the best savings account

• Clarify your situation, savings, goals and habits. Before you can choose the best savings account to open, you need to know how and why you will be using the account. The how and why determine the savings you can make because if you choose an account with features which don’t align with your needs you could be losing savings to fees and not be earning the maximum interest possible.
• Open online to save time and money. We all know time is money and when you can complete an online application for a high interest savings account in less than ten minutes you’ll be saving yourself both. Online applications are also easier for the bank to process and less processing time means less costs for them, and less costs for you.
• You don’t have to pass a credit report, anyone can open a high interest savings account. Even if you have a poor financial history or a bad credit report, whether you have $500,000 in a mortgage to your name already or are still in school and don’t have a credit history yet, just about anyone can take advantage of a new savings account. There are no credit checks run on your by the bank when you open the account and all you have to do is verify your identity, plus most savings accounts will allow anyone over 12 years old to open an account, so you can open a savings account for your kids, just as your parents did for you.

For more advice and comparisons of the best savings accounts in Australia browse our product reviews as each one is equipped with a savings comparison table for easy reference. When you’ve made a decision on the best account for you, follow the secure Savings Account Finder linked buttons to open your account now.