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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.
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