Savings Accounts Articles

What is compound interest, and how does it help me?

Currently, the rate of interest on most savings accounts is low, so growing your money may seem hard. But one thing that can help to increase your savings is compound interest. What is compound interest, and how is it calculated?

How much of my pay should go to savings?

Whether you earn a salary or run your own business, you need to look over your finances from time to time to make sure what you earn meets your needs and lets you put aside some money for a rainy day. If you find yourself wondering how much you should save up, you may not find an easy answer. However, you can approach the question from a couple of different angles.

Term deposit rates vs bonus savings accounts

Term deposits and high-interest savings accounts are two popular options to grow your savings but which one is right for you?

Simple interest vs compound interest: Understanding the difference

When you deposit your money in a bank account it earns interest, but which kind? It’s helpful to know how simple interest vs compound interest may affect your savings

Does it cost money to open a savings account?

Banks may not charge you a savings account opening fee, but they may charge other fees. So, it may be a good idea to compare the fees charged by different banks.

How can a bonus saver account help me build my savings?

Bonus saver accounts allow you to earn a higher rate of interest if you meet certain conditions, such as increasing the balance each month and restricting withdrawals. Find out how they work and whether opening one can help you.

How can I increase my savings quickly?

Increasing your savings can be easy if you are willing to put the time and effort into it. There are steps and tips to follow that will help you achieve your savings goals sooner.

What do you need to apply for a savings account?

If you’re looking to open a new savings account, there are a few things you’ll need to have ready for your application.

How to prepare for a recession

With some economic experts speculating that Australia could enter a mild recession by the end of 2023, it’s worth getting your finances in check ahead of time.

How much faster can you save for a home deposit with a higher cash rate?

Could first home buyers save a home faster in a higher cash rate environment? Ordinarily yes, but there are external factors at play right now that will impact the time it takes to save for a deposit.

What is the Parenting Payment and how can it help me?

Eligible parents struggling to meet costs related to child-raising can apply for Government support in the form of the Parenting Payment and Family Tax Benefit.

Automate your savings with an automatic savings account

Do you notice your fortnightly car repayments, iphone bill or charity contributions when they are direct debited from your account? Based on the same concept as direct debiting, setting up an automatic savings plan can help you to save more and help you reach your financial goals sooner.

What are the different types of interest?

Depending on the financial product, you could be paid or charged either simple interest or compound interest. Ask your bank about how interest is calculated on your accounts.

What are the pros and cons of a savings account?

Want to open a savings account but not sure if it’s the right financial decision? It may be worth weighing up the pros and cons of having a savings account to help you decide.

What is withholding tax on a savings account?

If you earn interest on your savings, it may be taxable, just like your wages. Your bank may withhold - or deduct - tax when paying out your interest.

Can I open a savings account for my grandchild?

Can grandparents set up savings accounts for grandchildren? Most banks and credit unions in Australia allow this in some way or another. Here’s what you need to know about opening a savings account for a grandchild.

What's the difference between a savings account and a transaction account?

We’ve put together the following overview to help you better understand these two account types and find one that best suits your needs.

How safe is the money I put in a bank?

Depositing your money with an Australian lender is about as safe an investment as you could make.