Calculate the interest you can earn on your savings.
Can’t decide whether to open a high yielding savings account or a term deposit? It is important to look beyond headline interest rates and consider the ‘real’ rate of return when fees, inflation and tax are taken into account. Savings accounts typically offer higher rates of interest whereas everyday transaction accounts used to pay the bills typically offer no or very low interest. Savings accounts are designed to help you grow your wealth. Some may offer features like rewarding regular deposits (by offering higher interest), while discouraging withdrawals.
A high-interest savings account can let you split out your tallies towards your targets, and will give you an instant assessment of your progress. For you, that will be both reassuring and motivating. Be sure to give each account a name that spurs you into even further savings action.
Deposit Products are issued by Suncorp-Metway Ltd (“Suncorp Bank”) ABN 66 010 831 722 AFSL No 229882. Please read the Product Information Document for Personal Deposit Accounts before opening an account. Fees, charges, terms and conditions apply and are available on request. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it. For that reason, before acting on the advice, you should consider the appropriateness of the advice having regard to your own objectives, financial situation and needs. Where the advice relates to the acquisition, or possible acquisition, of a particular financial product, you should consider the Product Disclosure Statement before making any decision regarding the product. Contact us 13 11 55 for a copy.