Who should you get a savings account with?
Tuesday June 3, 2008
Banks will generally all offer reasonably good deals for customers opening a savings account with them, but which banks have the best saving account offers? This normally depends on what kind of savings account you intend to open, as not all banks are best for every kind of usage. For instance, for your day-to-day banking you will want a savings account that gives you easy access to your funds, while a savings account for making you the most money possible should have high interest as a priority.
For everyday banking it will usually be preferable to go with one of the larger banks, such as the Commonwealth Bank, ANZ, NAB or Westpac. These all tend to have many branches and dedicated ATMs, meaning you will usually not have a hard time accessing your funds cheaply. If you would prefer to go with a smaller bank with fewer branches and ATMs, it will be important that you choose a savings account that includes some free ATM withdrawals from any ATM each month as well as not charging for EFTPOS. HSBC and St George are both reasonably prevalent in Australia, making them acceptable options for everyday banking.
If you wish to make the most from your savings account, then often smaller banks will offer high interest accounts to convince you to bank with them. BankWest and RaboPlus both offer excellent deals for an online savings account, with interest rates that should make you very happy. Access is not overly limited either, as online banking will allow you to transfer money to your everyday savings account with ease.
Please visit our comparison page to learn more about getting an excellent online savings account.
