The Ins & Outs of Savings Account Features

High interest accounts come with a variety of fairly self-explanatory feature. Voila...

• ATM / EFTPOS access
• Branch access
• Debit card
• Internet transfers only
• Internet banking
• Cheque book

Some of them attract monthly fees - so consider whether they're really worth buying as options. After all, cheques are endlessly fun, but also entirely unnecessary to modern life, unless you have hordes of grandchildren requiring Christmas presents.

Savings account downside?

Well... that would be the tax. Unless you'd consider an extended stay in Brunei, there isn't much wiggle room here.

The taxman wants his share from your cleverly selected savings account, so you'll need to keep a record of your glorious interest earnings and add that to your income. It'll then be taxed at your relevant income tax bracket.

How to Swing High Interest Rates and Low Fees

Ongoing high interest, minus the fees: that's the goal, now here are Mozo's quick pointers:

Intro rates

We all want a big rate and no fees - enter the intro rate savings account. Introductory rates can be a handy way for banks to dress up a bland account with a dishy savings interest. Like any relationship, banks assume they don't have to try as hard once you've gotten to know each other. So yes, we all like a good introduction, but look past that charming first date: can you really live with that standard rate? Make sure it's a keeper.

High interest account conditions

The best ongoing savings interest rates tend to involve various conditions, and if you don't meet them you either lose that special rate or incur a monthly fee. So you have to be able to meet these conditions to make it work.

No fee savings accounts

In general, you really don't want to pay any fees on a high interest account, and there's enough competition to avoid them. You can rank savings accounts by fees, standard interest and shifty intro rates on our savings accounts table.