When you are looking for a high interest savings account, there are three considerations that you should take into account. These include high interest rates, fees and which account is going to serve your needs best.
Interest rates
Interest rates can make a significant impact on how much you save over time. This is why it is important that you do your research to find the best investment rates. With an interest rate of 4% p.a., APS Savings offer a significantly higher interest rate compared to most banking institutions in Australia, allowing you to save more over time.
By looking at the amount you wish to invest, and the interest rate offered, you can calculate your savings potential.
Are there fees involved?
You should be looking at the fees associated with your high interest savings account. Often, people get stuck with the same bank over a long period and don’t realise the fees that are adding up.
APS do not charge fees on high interest savings accounts, however, popular savings accounts with the big banks generally have a number of fees to look out for. These include account fees, deposit fees and withdrawal fees.
Choosing the right high interest savings account
There are several options available for people who want to open a high interest savings account in Australia. Choosing the right account for you depends on how much you would like to deposit and the purpose of your investment.
At APS Savings, we offer term investments and 31-day Notice of Withdrawal (NOW) Accounts. Term investments are more suited to those looking for a longer-term safe investment as opposed to those who would like to use their savings for those expected and unexpected expenses such as holidays, the Christmas period and car expenses. Learn more about the difference between APS term investments and NOW accounts here.