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Save online for best interest rates at-call
With interest rates low, savers looking for decent returns in an at-call deposit account will do well to look to the Internet. A number of offerings only available online have the jump on other cash management style savings accounts. Their higher rates and lower fees are made possible because accounts are less costly to maintain online with no branch access.
St George's DragonDirect savings account has no account fees, with account applications accepted over the Internet or by phone.
AMP Bank's Easysaver account has no minimum balance, monthly fee or transaction fees for deposits and electronic withdrawals. However, fees do apply for some services such as withdrawals via bank cheque.
ING Direct is a 'virtual bank' with no branch presence. Its Savings Maximiser account also has no account-keeping fees. It can only be opened online and withdrawals can be made via transfer to a savings account at a conventional bank.
HSBC offers a similar account with no monthly fees and cheque book access and was the first 'virtual account' to offer over the counter access.
The latest product to be offered to consumers is the Wealth Accumulator Account from Melbourne Credit Union. It also offers over the counter access. Check the latest interest rates on offer in these accounts.
Of course, those who have a home loan with a full offset account attached can do even better. Invested savings then earn an effective return equal to their home loan interest rate, say 6.30 per cent.
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