Types Of Savings Accounts
There are various types of savings accounts - all with varying interest rates. Over the last few years online electronic accounts have become very popular. They must be linked to another account to access or deposit your money, but they have no fees and better interest rates than many others. At least you can do all your banking from your home via the phone or computer.
The term deposit is also a good way to save. You can salt your money away for a term, earn
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good interest on it and not be tempted to draw money out, because if you do there will be a fee. A retirement account may also give you reasonable interest rates and few or no fees. Many banks have retirement accounts that offer features that are handy for the elderly.
Some savings accounts have higher fees than others, depending on what features are offered so be sure to compare accounts carefully. You may prefer the convenience of a chequebook, or you may be happy with telephone or computer access.
If you have a loan account for a house or car, you may like to have an offset deposit account to reduce the interest on the loan. This will be linked to your loan account.
Read more about
term deposit accounts and
term deposit interest rates at the Macquarie Private Wealth website (http://www.macquarieprivatewealth.com.au).
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