Category: Money Matters
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Sub category: Saving
18 December 2017

What to look for in a savings account

At a glance

The key questions to ask yourself when looking for the right savings account are:

  • What kind of interest does the account offer?
  • How much will you get charged in fees?
  • Does the account provide flexible options for transferring money?
  • Will your money be safe?

 

The right account is a key foundation for any successful savings plan. But it can seem like a daunting process. There are lots of banks to choose from, often described by what can seem like tonnes of jargon and acronyms.

 

To help you make the best decision, we’ve outlined some of the key questions you should be asking yourself when looking at options.

 

What kind of interest does the account offer?

 

If you’re looking for your savings to grow quickly, this is one of the first things you should consider. Higher interest rates will help you reach your savings goals faster. However, it’s important to make sure that these rates are not just introductory rates, which revert back to a lower rate after a certain time period. Check this with the provider to ensure you will get the best interest rate you can for as long as you have the account.
How much will you get charged in fees?

Fee structures can vary between banks and it’s important to find an account with low fees, or better yet – no fees, that grow your savings quickly. People often just look for the best interest rate and forget to check the fees – which can often eat-up your savings without you noticing.

 

Some of the fees in savings accounts include:

 

  • Monthly account keeping fees
  • Eftpos fees
  • Electronic transaction fees
  • Branch deposit fees

 

Does the account provide flexible options for transferring money?

Some online savings accounts give you less access to your money than average transaction accounts. Look for an account that allows you to make payments easily and over a number of platforms.

 

For instance, ING’s Savings Maximiser customers who also have Orange Everyday accounts can transfer money over the phone and via mobile for instant access at no cost.

 

Will your money be safe?

 

In order to know if you’re dealing with a reputable and trustworthy institution, it’s good to review the list of Authorised Deposit-taking Institutions from the Australian Prudential Regulation Authority (APRA).

 

With the right account, you’ll save smarter not harder. You’re the expert when it comes to what works best for you and your lifestyle, so don’t be afraid to shop around for the right account and compare your options.

 

Check out ING’s Savings Maximiser to see how you can grow your savings faster to reach your goals sooner. You can open an account in minutes online.

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Home and Contents Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.

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