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 | |
| HSBC Serious Saver Account | Yes | 5.80* | 4.75 | 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.
Savings Accounts
A savings account is the most common bank account type out there. In fact, it's probably the first account you'll ever access right next to a checking account. A savings account is a straightforward way of monetary safekeeping wherein you can earn a small amount of interest monthly. What's more, you won't be putting your money at any risk because the issues usually associated with high interest accounts are absent in savings accounts in exchange for a much more paltry interest rate. There are also fewer requirements to be had for accounts such as this. For example, a savings account sometimes requires no minimum balance or even a particularly low one (like about $25) depending on the type of savings account and the bank.
Other than the fact that you'll probably think twice before spending your hard-earned money when places in a savings account, this type of financial setup is also a lot safer because it's insured. To be more specific, even if you're robbed in your home, you won't lose the money you've placed within your savings account. Putting your money inside a savings account is certainly a lot more practical than burying it in the mountains as though you're some sort of stereotypical pirate. Your savings cash locked safely within a fireproof safe by the credit unions or banks that you've entrusted your life earnings to. Besides which, your money is also insured as well. This extra level of protection ensures that even in the unlikely even that your bank of choice goes out of business your money won't be lost from you forever.
A savings account works like so. First, you open up a savings account in your local bank by filling up the necessary information about yourself, your address, your current place of work, and the like. From there, once you have everything setup and ready to go, you can start depositing your earnings there, which should net you a decent sum the longer your money stays in the account. The bank reserves the right to loan that money to others, only this time they'll charge a higher rate on the loan compared to what you get for your account in order for them to make a tidy profit and stay in business.