Savings Accounts Articles

How much of my pay should go to savings?

Whether you earn a salary or run your own business, you need to look over your finances from time to time to make sure what you earn meets your needs and lets you put aside some money for a rainy day. If you find yourself wondering how much you should save up, you may not find an easy answer. However, you can approach the question from a couple of different angles.

Term deposit rates vs bonus savings accounts

Term deposits and high-interest savings accounts are two popular options to grow your savings but which one is right for you?

Simple interest vs compound interest: Understanding the difference

When you deposit your money in a bank account it earns interest, but which kind? It’s helpful to know how simple interest vs compound interest may affect your savings

Does it cost money to open a savings account?

Banks may not charge you a savings account opening fee, but they may charge other fees. So, it may be a good idea to compare the fees charged by different banks.

How can a bonus saver account help me build my savings?

Bonus saver accounts allow you to earn a higher rate of interest if you meet certain conditions, such as increasing the balance each month and restricting withdrawals. Find out how they work and whether opening one can help you.

How can I increase my savings quickly?

Increasing your savings can be easy if you are willing to put the time and effort into it. There are steps and tips to follow that will help you achieve your savings goals sooner.

What do you need to apply for a savings account?

If you’re looking to open a new savings account, there are a few things you’ll need to have ready for your application.

How to prepare for a recession

With some economic experts speculating that Australia could enter a mild recession by the end of 2023, it’s worth getting your finances in check ahead of time.

How much faster can you save for a home deposit with a higher cash rate?

Could first home buyers save a home faster in a higher cash rate environment? Ordinarily yes, but there are external factors at play right now that will impact the time it takes to save for a deposit.

What is the Parenting Payment and how can it help me?

Eligible parents struggling to meet costs related to child-raising can apply for Government support in the form of the Parenting Payment and Family Tax Benefit.

Automate your savings with an automatic savings account

Do you notice your fortnightly car repayments, iphone bill or charity contributions when they are direct debited from your account? Based on the same concept as direct debiting, setting up an automatic savings plan can help you to save more and help you reach your financial goals sooner.

What are the different types of interest?

Depending on the financial product, you could be paid or charged either simple interest or compound interest. Ask your bank about how interest is calculated on your accounts.

What to look for in a multi-currency account

If you’re looking to travel overseas in the future or trade in foreign cash, you may be interested in an account where you can keep multiple currencies in one place. Several financial institutions offer foreign currency or multi-currency accounts with affordable fees. Read on to know more about these accounts.

What are the pros and cons of a savings account?

Want to open a savings account but not sure if it’s the right financial decision? It may be worth weighing up the pros and cons of having a savings account to help you decide.

Tax on Interest Earned: How much do you pay? | RateCity

You need to add the interest earned from your savings account to the income you declare on your tax return and pay tax on the total.

Get better interest rates: variable savings accounts vs term deposits

Variable savings accounts or term deposits, which will provide the highest return on your savings? Learn more about both to make an informed decision.

What is withholding tax on a savings account?

If you earn interest on your savings, it may be taxable, just like your wages. Your bank may withhold - or deduct - tax when paying out your interest.

What are ethical savings accounts?

Ethical savings accounts are growing in popularity in Australia, as more people make an active choice to bank with financial institutions that align with their values. So, is it time for you to make the switch to an ethical savings account?