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Bank Account



Sometimes it is quite difficult to decide on the right bank to handle your hard-earned money. One of the first features that a consumer looks for when opening a bank account is the interest paid on those checking or savings accounts. Everyone wants money to grow and gain the highest interest amount possible.

There are many types of accounts that are geared to different requirements that the consumer decides is the best one for them. Some of them are high interest savings accounts, checking accounts, on-line savings accounts, and transactions accounts. To name a few that are available in Australia: Telenet Saver, Simply Freedom, and Serious Saver.

Consumers also look for other features, such as:

  • Unlimited fee-free everyday banking
  • Unlimited branch access with certain types of accounts
  • Fee-free internet banking and phone banking
  • No minimum monthly balances required
  • Free ATM debit cards
  • 24/7 access to Internet and Phone banking

Bear in mind that when it comes to the question of interest, Transaction accounts attract very little interest, usually between 0.1 to 0.5 per cent. If you are using this account for day to day banking you are not going to see much in the way of interest. However, should you often have amounts of $1,000 or more that sit it your account for a while, it would be wise to look at an account that attracts a higher rate of interest. These savings accounts are often referred to as advantage saver accounts, deposit accounts or investment accounts. These accounts are for medium to short term savings and can be instant access or a term deposit.

Consumers can easily go to the Internet and find comparisons of different bank locations and features that will fit their needs. It pays to shop around when choosing to open a bank account in Australia. There are a range of options offered by banks, credit unions and building societies.

A day-to-day account or transaction account is the most common account used by the general population in Australia. These accounts have an EFTPOS card and an ATM access along with telephone and Internet banking. You can also pay your bills by direct debit, use a cheque book, or use a visit debit card issued by the bank you choose. Wages are deposited into the account, for day-to-day expenses and paying bills.

Besides deciding on an interest rate or type of account, the user has to decide what is the most convenient. If you are going to need to visit your branch on a regular basis, you do
not want to travel out of your way to get there. The bank and type of account you choose should suit your purposes and give you flexibility when managing your money.