Types of Savings Accounts
Online Savings Accounts
Many savings accounts are now operated completely over the internet with an emphasis on self management of the account. With very little input from the bank/ financial institution and few overheads they can afford to offer a more competitive interest rate to the customer.
Children’s savings accounts
Many banks/ financial institutions are keen to attract future potential customers by offering Children’s savings accounts with a high rate of interest and no fees or charges. The account will usually be managed by a parent or guardian but children can learn how to deposit money themselves and save for a goal with Children’s savings accounts often rewarding saving with bonus interest.
First home saver accounts
First Home Saver Accounts (FHSA) were introduced by the Australian Government in 2008 as a way of encouraging Australians to save for their first home in a simple and tax-effective way. To be eligible for a FHSA you must never have previously owned a property in Australia and money saved in your FHSA must be used to purchase/ build your first home.
The bonus of this type of savings account is that the money that you save in your FHSA will be topped up by Government contributions. Earnings on your FHSA are taxed at 15% which is paid by the account provider. For further information see: http://www.ato.gov.au/content/00250962.htm
Cash Management Account
Cash Management savings accounts are aimed at those with a larger amount of money to deposit. Interest rates will often be tiered with larger deposits earning a higher rate of interest. Your cash will still be easily accessible if required with most Cash Management accounts offering instant access to your funds if you need it.
Superannuation and retirement accounts
Superannuation savings accounts can be a simple and convenient way to save for retirement. It is possible to save as much or as little as you wish with your money safely locked away and earning interest. Money cannot be withdrawn from a superannuation savings fund unless you meet a condition of release under superannuation laws.
Christmas savings accounts
Christmas savings accounts are designed to help those who prefer to steadily save throughout the year for Christmas expenditure. Your savings can usually only be accessed over the Christmas period with penalties for withdrawing at any other time
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