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Top Savings Accounts for October

Bankwest TeleNet Saver

  • Rate : 8.1 %
  • Account Fees : Absolutely no fees
  • Minimum Balance : No minimum balance

 

HSBC Serious Saver

  • Rate : 7.5 %
  • Account Fees : No monthly account keeping fee#
  • Minimum Balance : No minimum opening or ongoing balance

 

HSBC Combined Savings & Everyday Banking

  • Rate : 7.5 %
  • Account Fees : $0 monthly account keeping fees#
  • Minimum Balance : $0

 

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Excellent time to start saving, Australians told

Excellent time to start saving, Australians told

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Date Published : Tuesday, July 22, 2008

The current economic climate combined with diminishing returns from the stock market make it an "excellent time" to start saving, a financial expert has said.

Andrew Carruthers, head of savings and investment with HSBC Bank Australia, added that consumers looking to open a savings account can take advantage of some "very competitive offers" at the moment from the major banks.

Recent research by Datamonitor found that the "shaky" conditions in the stock market have seen both the supply of and demand for deposit products rise.

At the same time, the federal government has promised to restrict the switching fees some institutions charge for changing financial products in order to stimulate greater competition in the market.

It is also considering introducing legislation that would allow bank customers to transfer their direct debit arrangements when they open a new account to make it easier to get the best deals.

For customers looking to maximise their deposits or get a better deal for their current savings, Mr Carruthers recommended a high-interest saving accounts that is linked to an "everyday" transaction bank account.

These arrangements give consumers a higher return on the extra cash in their savings account, while still giving them quick and flexible access to their money through the transaction account.

The advice on savings comes after a survey by Citibank found 81 per cent of Australians do not know the rate of interest on their savings account.

Some 21 per cent of men and 34 per cent of women said they knew the interest rate when they opened the account but have since forgotten it, the report said.

Australia's best savings accounts compared and reviewed.
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