Send the banks a SOS (Save Our Savings) message

Send the banks a SOS (Save Our Savings) message

Did the news of more RBA rate cuts leave you feeling as deflated as the recent interest earnings on your savings account?

Well, there are two things you can do about it. Do nothing (not really a financially sensible option) or you can send your bank a SOS message and switch. Many banks have already started to decrease their savings rates (most by the full 0.25% decrease) so there is no point hanging around while your interest rate dwindles. Get out there and rescue those savings.

You can set up an online savings account in less than 15 minutes and because you’ve got sites like Mozo where you can compare all of your savings options with one search, you don’t have to spend hours on the internet trawling through bank websites or pounding the pavement between branches.

We’ll make it even easier, here are 5 top savings rates (if you’re on lower, time to send that SOS):

Bankwest Telenet Saver

4.80% special rate for 6 months

ING DIRECT Savings Maximiser

4.75% special rate for 4 months

Commonwealth Bank GoalSaver

4.65% monthly deposit of $200 or more

IMB Reward Saver

4.65% for first 4 months

Rural Bank One Term Deposit

4.45% for six month term ($5000 deposit)

Longer term, possibly higher return alternatives

  • Investment funds. If you are looking to invest for 12 months or longer an investment fund could be worth considering. The Yellow Brick Road (YBR) Smarter Money fund for instance promotes a 7.10% p.a. return after fees and is available for investments from $1000. See here for more info:

  • Share market. Investors are returning to the share market to get better return on their money and according to a recent article by Michael Pascoe in The Age, equity yields slaughter the best term deposit rates. You’ll need an online trading account so check out your best options here on Mozo.

Send the banks a SOS (Save Our Savings) message was last modified: July 8, 2015 by Kylie Moss

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