Earn $500 in 20 minutes

By Lauren Leisk, Yahoo7 Moneyhound Updated February 9, 2013, 8:00 am

Time is money.

Offer someone $500 to fill out a 20 minute questionnaire and they’ll jump at the chance.

But offer the same amount to fill out an online application form for an online savings account, and they’ll put the task at the bottom of their priority list.

What is a savings account?

Yet in Australia, with our current interest rates (compared with rest of world), every $4,000 you save could earn you around $200. And it doesn’t stop there.

With regular automatic deposits from just $30 a day (the price of your daily breakfast, coffee and lunch), and interest compounding monthly, you could be close to $500 richer by the time Christmas rolls around this year.

Here's a quick break down of how your next 20 minutes could earn you money;

Basic bank accounts

Everyday basic transaction accounts (the ones that let you to pull cash out of an ATM) offer close to zero percent interest. Of course, we all need them to conduct our daily spends, but if there’s more money in your everyday account that you actually need, you could transfer the excess funds into a high interest savings account.

High interest saving accounts

These days we don’t need to visit our bank branches - most of our banking can be done online. For this reason, online savings accounts like these can offer more than 4% p.a. interest on any excess funds you have that don’t need to sit in your everyday account.

Furthermore, many these high rate accounts like the Rabo Direct Saver do not have to be with the same banking institution as your everyday transaction account. With the two accounts linked (even from different institutions) it only takes overnight for funds to be transferred from one to the other, allowing you to get the cash from an ATM the next day if you really need it.

Some of them do require your everyday account and your savings account to be with the same institution like the ANZ Online Saver, and doing this will not only secure a higher savings interest rate but also allow you to transfer and access the funds immediately.

These high rate accounts accumulate interest daily, and pay the interest to you monthly, which means cumulative interest is being calculated over time (earning interest on the interest). And the best part is these accounts are totally FREE to own. Yep that’s right, the bank pays you for keeping your money with them, and charges you nothing for it.


If you give yourself a savings goal: an overseas holiday, a renovation, a wedding, then by using our Moneyhound Help Me Save calculator (at the bottom of this page, click on the right of the widget) it’s easy to see how and by when your financial goals can be met.

Here’s an example:

By saving $1000 each month on an initial deposit of $3000, with an interest rate of 5.2% p.a. paid monthly, in just two years you’ll have more than $28,000

Having a goal is important, and knowing you’re earning extra interest for every dollar you squirrel away is added incentive to stay on track and stop yourself from pulling that cash out when you find an excuse to spend it.


Follow these links to apply for any of high rate accounts today. It only takes 20 minutes, sometimes less:

It’s that easy.

Or, use the widget below to search and compare all the high interest saving accounts in the market, and compare their interest rates.

(Products mentioned on this page might yield referral payments to Moneyhound. For more information see how we get paid.)

Was this article useful? Use the feedback button below or comment and share your tips on our facebook page.

Great reads:
Debt Consolidation: How to be debt free, faster.
10 Ways to lower your rent
Earn $500 in 20 minutes
10 things you should never buy new
Best smartphone deals you'll find online

Moneyhound Product Picks this Month:



Get the latest deals that could save you money on your monthly bills

Help me find a savings account

  • Account type

  • State/Territory

  • Anytime access accounts

  • Fixed-term deposit accounts

Help me Save

Use our savings account interest calculator

      • Interest rate (APR*) used : 5.2%

      *APR and APR term suggestions are based on market competitive products listed on this page. Fees and charges are payable. Read the disclaimer

      Moneyhound helps you compare 405 saving accounts from 81 trusted issuers

      Savings Accounts Latest News

      Compare more products and services

      Disclaimer: Yahoo7 has partnered with RateCity and WhistleOut for the provision of pricing information for financial, telecoms products. Yahoo7 has partnered with Lifebroker to provide information regarding life risk products and with RateCity to provide information on general insurance products. Yahoo7 has no direct affiliation with any finance, telecom or energy institutions listed here to promote this content. The content of this website has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should not acquire any financial products before taking into account whether your selected products are appropriate to your personal circumstances, having regard to your own objectives, financial situation and needs. Whilst reasonable efforts are maintained to provide accurate, true and correct information, it is advised that you confirm the terms of any product or contract and consult the product disclosure statement before making a decision to apply to any product issuer.

      Whilst Yahoo7 Moneyhound attempts to provide information regarding as many products in the market as is possible, not all available products are compared on this site.The comparison rates for home loans are based on secured credit of $150,000 and a term of 25 years. The comparison rates for car and personal loans are based on credit of $10,000 and a term of 3 years. WARNING: The comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. Read more on our disclaimers here.

      Yahoo7 Money Hound Pty Ltd | ACN: 151 232 450 | ABN: 20 151 232 450
      AFSL: 407341 | ACL: 407723 | COSL: M0011954
      Financial Services Guide