They are financial products that the vast majority of us have, but they are also the financial products that are probably least likely to be top of mind for us: our everyday banking (transaction) account and our savings accounts.With our historically low official cash rate of just two percent – and our low official savings levels – savings accounts are perhaps somewhat out of favour at the moment. In a low-rate environment though, getting the best return on your funds is imperative, if only to ensure that your money is keeping pace with both inflation and tax. Currently on CANSTAR′s database, the interest paid on a savings account can vary from nil up to three percent – make sure you check your savings options rather than setting and forgetting.
A transaction account is also a necessary product and we′re collectively making more transactions than ever before. The Australian Payments Clearing Association (APCA) advises that we′re moving closer towards a cashless society, and the CANSTAR figures suggest the same thing, with almost 70 percent of the visitors to CANSTAR′s transaction account selectors indicating that they transact mostly online. For many savers and spenders, though, the personal service received in-branch is still a vital part of their day to day banking experience.
CANSTAR′s Everyday Banking & Savings Awards recognise the institutions offering a winning combination of competitive interest rate, low fees and outstanding account features.