Types of savings accounts

Once upon a time you had a choice between having a savings account or a cheque account but financial institutions have woken up to the fact that, as with everything else, people have a choice and are prepared to shop around until they find it.

Saving account options

Banks want you and your money but with the changes in peoples' approach to money management the financial institutions are now offering more incentives to attract customers. Some savings accounts worth looking at are

  • High interest savings accounts
  • Internet savings accounts
  • Cash management accounts
  • Incentive saver accounts

Basically, you want an account that’s going to benefit you and fit your circumstances and financial objectives.

Savings accounts: Other information

Some banks offer great interest rates as part of an introductory offer, but make sure you know what the rate will drop to afterwards as it may not be as good as you could get elsewhere. It’s the ongoing interest rate that is worth looking closely at.

If you’re able to lock your money away for a while, you might want to consider a term deposit. These accounts pay a set rate of interest on your money for the term of the fixed deposit but the rates vary depending on the length of the fixed term.

Also look at how your interest will be calculated. Many calculate on a daily basis and pay monthly which is good for helping your savings to grow. Keep in mind that some will require you to keep a minimum balance to avoid banking fees, so if that doesn't suit your circumstances look for accounts that don’t ask you to keep a minimum balance in your account.

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