Transaction & Savings Account – Star Ratings
The fact that the official cash rate languishes at its historic low of just 2% is great news for home loan borrowers – but the complete opposite for those trying to build up savings. Thankfully, the government has decided to axe its idea for a bank deposits tax, so that’s one thing we don’t need to worry about.
It remains difficult to find a good return for your money, and most of the better accounts impose strict conditions on their use. That’s why you’ll want to regularly check that you’re still getting the best value out there. You might be able to offset an uninspiring interest rate by finding an account that waives the regular fees. After all, every drop of water raises the sea.
As we move to a cashless society, deposit accounts have become specialised in nature and are designed to cater for the different ways you use them. That’s why we research and rate deposit accounts across four savings profiles – Flexible, Regular, Junior, SMSF and Cash Manager – and three everyday transactor profiles – High, Low and Youth Transactors.
Here at CANSTAR, we put more than 350 deposit accounts from 75 different institutions under the research microscope. Our five-star ratings are awarded to products that offer outstanding value in their profile. See how your current institution stacks up with what
is available on the market, and switch if you’re not satisfied. Getting the best deal possible to build your savings is sensible any day of the year but absolutely essential when rates are as low as a limbo stick.