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Date Published : Tuesday, April 22, 2008
There's nothing quite like a dip in the balances of superannuation funds to make Australian's sit and take notice of their financial situation.
A recent report by Commonwealth Bank said that many of those on the verge of retirement are now more aware of how much money they have in super funds and savings accounts than they were three years ago.
The ongoing uncertainty in the financial markets has meant that many baby boomers are now beefing up their retirement bank accounts in preparation for their later years.
However, despite high interest rates, many are having to carefully shop around to get the best deal.
Tim Gunning, general manager at Commonwealth Financial Planning, said: "This generation is continuing to take an optimistic outlook toward retirement despite the current economic conditions. With expectations and aspirations high, many have reviewed their financial position and taken a more active role in their retirement planning.
The high interest rates mean that there are many possible good options for consumers wanting to put their money into a savings account.
Currently, the Rabobank high interest savings account offers consumers a rate of 7.8 per cent interest - above the Reserve Bank's official base rate of 7.25 per cent - with no fees charged by the financial institution.
Meanwhile, BankWest's TeleNet Saver offers above base rate interest of 7.75 per cent for the first 12 months, with no fees charged and no minimum balance required in order to earn that rate of interest. Customers can access their savings account via online banking and have a guaranteed interest rate of 7.25 per cent after the initial period is over.
Compare savings accounts.
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