Online Savings Account Comparison
The market for online savings accounts has grown enormously over recent years, offering Australian savers a wealth of choices of where to put their money. These Internet based savings accounts are attractive to those who want to manage their finances on the Internet and enjoy the higher rates of interest that online savings generate. Below you can read up about the accounts that the leading Australian banks and deposit taking institutions are offering their customers, explore the benefits of this type of account, and then apply today for the best online savings account.
Reasons for Applying for an Online Savings Account
There are plenty of very good reasons for Australian savers to apply for an online savings account, not least the higher interest rates that many of these accounts offer. Internet-savvy investors are increasingly living their financial lives online, managing business, shopping and socialising via the Internet, so online savings are a natural part of many Australians’ lifestyle.
Online savings accounts are also a great way to introduce children and first-time savers to the world of Internet banking, learning the benefits of saving money and engaging with technology.
Many savers are confident to manage their finances without face-to-face contact and the need to physically visit the bank, and the removal of bank branch overhead charges means online savers share the benefits with greater interest rates. And high interest rates are the best reason for applying for an online savings account, the chance to grow your savings and enjoy the rewards.
Online Saving Accounts Features
Sensible savers should take a number of features into consideration when comparing and applying for an online savings account. Interest rates vary between banks and can depend on how much money you save and some reward customers with a higher rate if there are no withdrawals during a month. By using our free-to-use comparison table you can find one that matches the size of your savings and your financial habits.
Transfer rates and times also vary, so it is important to consider how often you want to access your money. Online savings accounts are either linked to an existing account, or may be necessary for you to set up a paired personal account for transfers and withdrawals. Look into and compare any fees that may be incurred and the time it takes to move money to find a match for your needs.
Online savings accounts also offer different rewards for short or long-term saving. Some offer higher interest rate for an introductory period, while others offer a constant high rate over longer terms, so choose a package that suits the length of time you intend to save your money.
Suitability of Online Savings Accounts
Online savings accounts are perfect for tech-savvy and first-time savers who are comfortable managing their investments online, enjoying the rewards of higher interest rates. They are also suitable for anyone who doesn’t want the hassle of visiting the bank, or if you want to leave your money to grow on its own. Once set up, online savings account can be left alone to gather interest – that’s the exciting part!
Online savings accounts are also suitable for people who don’t necessarily consider themselves as Internet-savvy, and are a great for children to learn about online banking (under the guidance of their parents). Banks are encouraging their customers to manage their accounts online, so they make their Internet banking services secure, intuitive and easy-to-use.
Benefits of Online Savings Accounts
There are many benefits from choosing an online savings account. They give you the freedom to manage your finances online, and for the less experienced offer an introduction to Internet banking. Once established, your level of involvement with your online account is for you to decide. If it suits your lifestyle you can sit back and watch your money grow with little interaction.
The right choice of online account can suit any financial plan from the short to very long-term ambitions, and there’s always the option to withdraw funds in the event of an unforeseen emergency. The main benefit of applying for an online savings account is the high rate of interest banks offer, allowing you to get the best rewards on your investment.
Open Your Account Now Online!
By using our free service to compare online savings accounts, you can make the best money choice for your investment. The Australian Government’s Deposit Guarantee Scheme covers online savings for free, insuring funds up to $1 million. This scheme operates until October 2011, so the sooner you apply the longer you can grow interest under the scheme’s protection. By applying today and taking the simple steps to establish an online account, you will make the most of your money and enjoy the best rewards.