Savings Account Guide Australia

Savings Deposit Guarantee

In October 2008 the Federal Government announced the introduction of a Deposit Guarantee which will take effect in deposit-taking institutions which will be regulated by the Australian Prudential Regulations Authority (APRA) Authorised deposit-taking institutions regulated by the Australian Prudential Regulation Authority (APRA) The list of some institutions will follow. There are some conditions to the Deposit Guarantee. For Deposits of or under $1 million, the guarantee will be free. However for deposits over $1 million the eligible institution will be able to get cover for a fee.

The Government advised that this guarantee would be for a three year period. With touch economic times ahead it will pay to ensure that you have your savings or personal superannuation within an eligible institution. Many of our reviewed institutions have the Government Deposit Guarantee in place and you just need to fill out a few forms to be eligible. So speak to your Bank Manager and protect your money.

Savings Account Update

If you are looking for a high interest savings account then now is the perfect time for you to get yourself a bargain. Competition between the Australian banks is fierce with more special offers than ever before. Banks such as Bankwest, Suncorp, HSBC, Members Equity and St George are offering high rate savings that give you upwards of eight percent return on your money. If you compare the top savings account deals in Australia you will be sure to find an account that suites your needs.

Suncorp eOptions Savings Account is their high online Savings Account, as they say if you are saving for new car, new dress, or even those dreaded school feels this account is right for you. With no account keeping fee, no minimum deposit, balance or term and you can link it your everyday account at any bank. Yes any bank! Suncorp eOptions Savings Account seems to good to be true you can even choose between fixed or variable interest rates on your account and lock in certain amounts to receive higher interest. To help you save the smart people at SunCorp don't issue you with a ATM Card but you have full access to your money via the Internet. SunCorp is expanding across Australia like wild flies so take them up on this great offer and open a SunCorp eOptions Savings Account.

Bankwest have two options if you are looking for a high interest rate savings offer. Currently Bankwest are offering the Telenet Saver and TD Direct accounts that give you eight percent and severn percent respectively for your money. Along with the high interest rate Bankwest also give you low monthly fees and a low minimum deposit amount to get you started. This is one of the reasons Bankwest savings accounts has been voted the best savings account in Australia for two years in a row.

Members Equity have entered the high interest rate war with its flagship offer the Members Equity Online Savings Account. This ME savings deal gives you a competitive interest rate of over 6 percent along with a zero dollar monthly fee and zero dollar minimal deposit.

HSBC is one of the worlds largest and respected banks and for Australia they have introduced the HSBC Serious Saver Account that gives you the professional service of HSBC along with a high interest rate of over 6 percent per annum. The Serious Saver account has no monthly fees and a minimum deposit of zero dollars.

The St George Power Savings Account promotional rate running at the moment earning you high interest for a long period. With no monthly account fees or minimum monthly balances, this account is great for those wanting to use it for DIY Super. Also St George are eligible for the Government Guarantee for Deposits which makes us all feel a little safer.

Sophies Story - The Average Aussie Battler

Many of us break up the word SAVE into four other words....Spend All Very Easily. In a time when mortgages are high and rentals are even higher. Buying a car is not that easier and the unemployment rate is going through the roof. Who really has time or money to save?

But the saying is true that the more your earn the more you spend, I can recall a time when I was earning a decent wage and managed to take care of my child, pay school fees, put food on the table and a roof over our head and manage to pay all the bills on time and even have a little left over the spoil myself once in a while. But there was always something deep inside saying more would be better just an extra couple of hundred dollars would be just fine.

When that time came and the pay rise arrived not much changed, I still managed to end up with the same amount at the end of the month. If I was smart I would have set up a savings account and forgotten I had received the pay rise and put the extra couple of hundred dollars into a high interest savings account. I am have since learned and opened a great savings account and at the end of the year always treat myself to a new outfit or a piece of jeweler or something.

Basically what I am trying to say is that by taking out $50 a week or $100 a week from your pay after a while you will get used to the income you have coming in and adapt. You just need to get yourself a good high interest savings account  and start depositing. Maybe you can even ask your employer to split your salary and pay some into your spending's account and the rest into your savings account.

Another great idea is to lock your savings for a period of time. Not only do the banks give you a higher interest when you do this but you can't be tempted to touch your money. By the end of the year you could have saved $5200 + the interest from your savings account. Not a bad effort by adjusting your lifestyle a little.

Savings For Your Kids

Is this not a common question amongst our nearest and dearest. Gone are the days of receiving 50c a week for pocket money. Times have changed and children are wanting to get jobs or do more chores around the house or the neighbourhood to save up for their favourite new console and let me tell you they are not cheap.

So its great that your young offspring have decided to start saving and taking on the responsibility of earning their own money for the future. Definitely a plus as we never know what the future holds for our younger generation. So as a parent you want what is best for you kids, you want them to have a secure and safe savings account.

Savings accounts are good for? yes you guessed it SAVINGS!!!!! Many Lenders offer great Savings Accounts for Children and offer them great rewards for depositing money regularly.

Savings Account - In the Spot Light

Suncorp eOptions - Bank Account combines the benefits of online savings account and term deposit. You are free to choose the duration of your term deposit for any period between 1 to 12 months, and let your money fetch higher interest for you. Review of Suncorp eOptions Bank Acocount, let’s see what the account has to offer us:

1. No account opening charges.
2. No minimum balance required.
3. There are no transaction costs.
4. The standard rate of interest applies. In addition to this, Suncorp eOptions offer a bonus interest rate deal. This enables you to earn more interest on your savings.
5. You can easily switch over from fixed to variable interest rates and vise versa.
6. Based on your financial requirements, you can keep a part of savings in term deposit and earn more interest.
7. Freedom to choose your own tenure for deposits. You can choose any duration from 1 to 12 months.
8. Free access to you online account. You can operate your online account 24/7.

The Suncorp eOptions bank account is suitable to all techno savvy people who want to maximize their earnings, without the hassle of going to a bank. When your term deposit matures, you can transfer it to your savings account or you can reinvest that money.
Suncorp eOptions is an online account. You cannot withdraw the money directly from this account, as there are no debit cards, check books or pass books attached to this account. You can withdraw the money by transferring the amount you want to withdraw to Suncorp transaction account, and then you can withdraw the amount.

The maximum amount that you can transfer is $5000 per day.  Thus, your withdrawal capacity is restricted. But this option works best if you want to maximize returns in a short time in a secured way.

Get the Latest Savings Account Deals - FIZONE Newsletter

FIZONE enables you to review and apply online for a selection of featured* Australian bank and saving accounts. Our featured savings account offers, give you a high interest rate, with low monthly fees so you can make more from your hard earned money. Our selection of featured bank account deals are ready for you to apply online today and we give you the latest deals from all the big banks in Australia.

Compare our range of featured* bank and saving account deals from such banks as Suncorp, Bankwest, NAB, ANZ, and more. The major banks are currently offering high paying savings deals that give you a high return on your investment. If you are looking to open a bank account online you are also in luck with the major banks giving you more features than ever. NAB, ANZ and St George each give you the option of a prepaid debit card when you open certain bank accounts with them. This gives you the option of getting the same benefits of Visa or Mastercard with using your own money to avoid costly repayments.

Free FIZONE Money Saver Email

    

Get Australia's latest finance deals sent to you.
No spam and best of all its totally free!

• New top guides, deals & tips.
• Spam-free monthly email.
• Australian interest rate alerts.
• Best of all its free!

Email:

           

Privacy Policy

• Credit Cards
• Personal Loans
• Car Insurance
• Home Loans
• Bank Account
• Trading
• Mobile Phones
• Broadband
• Website
• The FIZONE
•