Savings Accounts compared for February

Provider	Interest Rate	Fees	Minimum Balance
UBank USaver Online Savings	Up to 6.01%	No fees	None
RaboDirect High Interest Savings Account	Up to 6.01%	No Fees	$0
ANZ Online Saver Account	Up to 6%	No monthly accounting fee	$0
HSBC Serious Saver	Up to 5.95%	$0	No minimum balance
Virgin Saver	Up to 5.85%	No fees	No minimum balance
St.George Maxi Saver	Up to 5.8%	No monthly accounting fee	None
Citibank Online Saver	Up to 5.8%	No monthly fees	None
Raboplus Premium Saver	Up to 5.75%	None	None
St.George Power Saver	Up to 5.65%	No monthly accounting fee	None
NAB iSaver Bank Account	Up to 5.5%	No account fees	$1

Savings Accounts Explained

An individual’s savings often forms the bedrock of their personal finances; therefore it makes sense to look for the best possible deal. This does not mean exclusively searching for the account that offers the highest rate of interest, but also looking for an account which best suits your needs.

Regular savings accounts offered by banks and building societies are the most common type of savings accounts. These accounts pay a higher rate of interest compared to current accounts, and sometimes lock in the customers funds for a set period, or require a regular contribution every month.

Some banks offer internet savings accounts, which because of their lower overheads compared to branch savings accounts, offer higher rates of interest than those type of accounts, online savings accounts often allow their customers to withdraw their cash without providing notice.

A final type of savings account is what is known as a term deposit account. This type of account holds a fixed deposit for a fixed amount for a specified period of time and generally offers the highest interest rates available. The big disadvantage with this type of account is should the account holder require money urgently if notice is not provided, or before the term of the deposit has ended, the holder will have to forfeit the interest earned.

Related Savings Account News

Competition For Australian Deposits Less Intense

The battle for deposits amongst Australian lenders seems to be petering out, with only two of the country’s top online savings accounts passing on November’s interest rate hike by the Reserve Bank of Australia, to their customers in full.

Despite failing to pass on the interest rate increase to depositors, bank’s continue to make the argument that higher funding costs are the reason behind higher interest rates which have been passed onto borrowers in excess of official rate hikes by the central bank.

NAB Technology Chaos Infecting Other Banks

Technology problems affecting NAB have begun to spread to the IT systems of other banks leaving millions of Australians short of cash and corrupt savings accounts which reflect phantom debt.

NAB’s problem began last week and over the weekend the systems of other Australian lenders started to become infected. Nearly a week after a “corrupted file” delayed payments, including wages and welfare benefits, the NAB error has now contaminated the entire banking system.

Australian Households Saving More

Australians are saving more with the level of household savings increasing during the June quarter. However credit card have usurped the mortgage as the main type of debt being carried by Australians for the first time in nearly four years according to the results of a survey.

Three Ways To Save A Bit Of Cash In A Low Interest Rate Environment

With governments globally raising income tax rates globally in their response to fiscal deficits run up during their attempt to deal with the financial crisis, it is becoming increasingly difficult to save.

In Australia, fortunately the government so far has yet to raise tax rates, the top marginal tax rate is the same as it was last year however it is still at a hefty 45 per cent.

NAB Abolishes Fees On Everyday Accounts

Australian banking major National Australia Bank (NAB), has announced the abolishment of monthly account service fees for two of its everyday banking accounts effective from January next year. The lender will also scrap the $25 fee for exceeding the limit of its credit cards.