Which Savings Account provide the most interest?

So you have specific questions in your mind about which savings account is best for your needs? So which savings account suits students? Which savings account is best for a short term goal and which savings account do you need if you’re saving for a house? And these are just the beginning of the questions too.

Therefore, to help you see which savings account really is the best one for your needs, we’re going to ask you some questions about your savings needs, spending habits and financial goals, so take note of your answers because these can point you towards the best savings account for you.

Which Savings Account…Is a Savings Account?

To make sure your savings are working hard for you, you need to be sure they are carefully put away in a dedicated high interest savings account.

How to spot a dedicated savings account:

• It will offer you high interest on your savings. Your transaction account is likely to offer you little to no interest on your funds whereas a high interest savings account will offer you an interest rate at least as high as the Reserve Bank of Australia’s cash rate, which is at 3.75% after the December 2009 rate rise, if not higher.
• It will be a primarily online account which means you can save on account keeping and transaction fees. Opening a savings account online or over the phone and managing the account through internet banking and email correspondence with the bank saves you time and money, meaning more focus on growing your savings.
• You will not get an access card. This means less temptation to withdraw your savings at an ATM on a night out, and less chance that you’ll make EFTPOS purchases and buy online with the money you are supposed to be saving.

Term Deposit	1 Month	3 Month	4 Month	6 Month	12 Month	24 Month	36 Month	60 Month	Min Deposit
St.George Direct Saver		6.15%	4.60%	1.55%	FREE	$0/$0

Which Savings Account…Is Your Savings Account?

So now you know which features are must-haves when you choose a high interest savings account, how do you know which account, of the many available, is the one which is right for you?

Choose your savings account:

• Which savings account should you choose for business? A business savings account will be specifically targeted at the size of your business so make sure you are not choosing an account with features for a multimillion dollar international operation, when you are a local franchise. It’s also important that you choose a business savings account which allows you to easily track your statements your way, for example, if you enter everything into an accounting program, choose a savings account which lets you download your statements and import them directly via an Excel spreadsheet format.
• Which savings account is best for your kids? Children need to understand the balance between spending and saving because if they are taught everything must be saved they’re not going to be able to manage when real-life expenses come along. Therefore, open a savings account which accepts small and frequent deposits of pocket money or gifts, but also allows easy access for your kids to buy when they reach their savings goals. Also make sure the kids savings account statements are easy to read and understand so you can explain how their money has been earning interest while they were saving it, giving them more to spend.
• Which savings account will give you the best investment portfolio? Diversifying your investments to include cash can help you spread risk if and when another crisis strikes. Therefore, you want an easy to manage savings account which rewards you for long term savings and minimal withdrawals.
• Which savings account can help you reach a purchase goal? Saving up for a purchase instead of putting it on your credit card might seem like a novel idea, but it is easier than you think when you use a high interest savings account. You may be waiting just a little longer for your new TV, couch or holiday but if you choose a savings account with a high promotional rate to give your savings a flying start you’ll have reached your goal and be saving for your next purchase before you know it.

To compare savings accounts according to your needs, use the interactive Savings Account Finder comparison tables. You can sort the top savings accounts by their interest rates, their promotions, their standard rates or their bonuses to find the one with the features which best suit you. Opening your chosen savings account is then as easy as following the secure Savings Account Finder links to a short online application form.