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Date Published : Monday, March 17, 2008
Choosing savings accounts can be a bit of a drama. With a number of competitive accounts on the market, it is important to many customers what company they bank with in order to get the best return from their hard earned dollars.
The BankWest TeleNet Saver account offers customers access to a 7.75 per cent interest rate on all savings within the first 12 months of opening an account, with interest rates level with those set by the Reserve Bank of Australia after the initial period has expired.
Winner of the 2007 Money Magazine Gold award for the best term deposit 'short term' and 'long term' from a bank, the BankWest TeleNet account requires no minimum deposit and does not charge an annual fee for its use.
Meanwhile, the directsaver account from St George offers savers an introductory interest rate of 7.5 per cent for the first 18 months, with rates altering to the Reserve Bank's base rate after that period is up.
Instant fund transfer is available when the savings account is linked to a regular St George bank account, while no annual fees are charged and the bank requires no minimum deposit.
A statement on its website reads: "Choose an eligible St George account as your nominated account and have instant access to your funds 24 hours a day, seven days a week. This helps you to maximise your interest."
The RaboPlus high interest account, however, offers customers rates of 7.3 per cent throughout the period of the account, with no special introductory rate or base rate match. Rabobank also does not require a minimum deposit, with no annual fee charged.
Compare savings accounts.
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