Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
Online savings account
An online savings account is designed to provide at-call access to your funds via internet and phone banking. It usually offers a higher interest rate in exchange for limited fund access; there are usually no cheque and over-the-counter facilities but unlimited transactions via ATM, phone and internet. Most of them can also be used for EFTPOS purchases. Because it's a 'virtual' account, the bank reduces overhead costs and paperwork and passes the savings to you via competitive interest rates. This makes the online savings account a popular means of saving for short-term and long-term goals.
You don't need to be an Aussie customer
Ongoing low interest rates
Live life at a great rate
Calculate what is best for your financial situation with the Banks.com.au Online Calculators.
