Compare Savings Accounts
| Savings Account | Security device | Promo rate % p.a. | Standard variable rate % p.a. | Fees | Minimum balance | Apply |
|---|---|---|---|---|---|---|
| Virgin Saver | No | 6.51* | 5.35 | Nil | $0 |  |
| UBank USaver | No | 6.01* | 5.41 | Nil | $0 | |
| ANZ Online Saver | No | 6.00* | 4.25 | Nil | $0 | |
| ANZ Progress Saver | No | 5.75* | 4.75 | Nil | $0 | |
| Citibank Online Saver Account | No | 6.40* | 5.25 | Nil | $0 | |
| St George Direct Saver | No | 6.25* | 4.75 | Nil | $0 | |
* Warning: The promotional rates and conditions offered are different for each product provider. They can and do change without notice. Please confirm details before making an application.
High Interest Rate Accounts
If you've ever seen an ad for a high interest rate account, you'll probably notice the pictures of carefree people opening one of these interest-bearing checking accounts. These advertisements treat the prospect of having such an account the same way one would advertise individuals getting in line for an all-expense-paid trip to the tropics or something. However, getting a high interest rate account isn't just rainbows, peaches, and sunshine; even the most optimistic and naive of people should be aware that there are certain requirements to be met for such a rewarding account.
More to the point, a typical high-deposit account includes large fees, a variety of requirements, the dangers of inflation, and so forth may detract from the advertised benefits of this type of checking account. Before taking a leap into the high interest rate accounts world, you should first take time to think things through. In particular, figure out your personal financial needs in order for you to make an informed decision once you do decide to get a high-yield account.
There is a virtual multitude of financial instruments available to you. You should also take into consideration fees and services that are most relevant to your requirements. There are also banks who offer special promos and considerations for loyal clients, or at least customers who are willing to arrange for direct deposit of government benefits, pension, or pay checks.
Don't allow yourself to get overwhelmed by the wide variety of choices available to you, because it'll only take about an hour of investigation for you to determine which course of action or service best suits your current financial situation. You should never acquire a high-yield account willy-nilly; you should instead be aware of your options in order to maximize your potential gains and minimize whatever possible downsides are out there.
You should shop for accounts like this the same way you'd shop for other products or services. Remember to compare costs and benefits and take into consideration which particular account best deals with your investment. You should also make sure that the money you want to invest on a high interest account is significant enough to meet or exceed the minimum amount of the bank you've chosen. Don't forget to investigate fees and restrictions carefully.