How to find a savings account that makes you more money


How to find a savings account that makes you more money

We talk a lot about saving on your mortgage, but what about your savings account?

This is one area of your financial life that can be easily reviewed, and if necessary, tweaked, so you reap higher returns on your interest and save more. 

Here’s what you need to know.

It takes only a small amount of time

Okay, we know the day (week, month and year!) is already jam packed with life, work, kids and everything else you’re up to. 

But, taking 20 minutes out of one day every 6-months is all it really takes to review your savings account, and if necessary, change to a more attractive rate.

Although we don’t advocate searching for loans online, as online lenders tend to charge higher interest (read more about the risks of online loans here), we don’t feel the same way about searching for savings accounts.

There are some great online comparison websites (we like this one!), which will help you see what kind of options are out there.

As well as interest rates, InfoChoice.com.au allows you to easily compare the details of different savings accounts, as well as any additional fees involved.

What is the best savings account for me?

Obviously, your goal is to choose a savings account with a high interest rate, as the more money you inject into your account, the more interest payments you’ll receive from the bank.

On top of this, it pays to look at the fine print. So, check out the details of the loan before settling on what you want, and be sure to check out the bank’s terms on their actual website, just in case the comparison website is out of date. 

Comparison websites like InfoChoice.com.au are a great starting point, and will allow you to see whether you’re getting an attractive interest rate on your savings account, or whether you should switch to a more favourable solution.

How do I switch banks or accounts?

If you have identified that you want to switch to a more attractive rate, then doing so is relatively easy. 

Most banks will let you open accounts online, however you may need to visit the bank in person in order to close it. (Ask your bank what their protocol is for closing accounts.) 

You’ll also need to transfer your funds into the new account, so think about opening the new one first, transferring the funds, then closing the old one. 

Yes, it seems like a hassle to walk into a physical bank, but if it’s going to save you more, it’s certainly worth it.   

Want to save on your loan too?

Talk to us about securing a loan that not only saves you more, but also matches your goals. We do all of the legwork, by researching and tailoring a loan that fits you and your life, just right.

 Get started now.

Financial Advice Disclaimer: This information is general in nature. Mortgage brokers do not provide financial advice. Clients seeking financial advice will be referred to a qualified financial planner.

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