Check the fine print rather than going for best interest rates

Aussies going online to compare savings accounts have been urged to look carefully at the fine print before selecting a product.

YourMoney Magazine's managing editor Jackie Pearson explained that attractive interest rates may not necessarily prove to be the best options for savers planning to put cash aside for their children.

"Parents should check the fine print carefully and be aware of terms and conditions such as age limits," she stated.

She noted that interest rates might not be as generous as they appear at first and that the long-term conditions of an account should also be considered.

Ms Pearson advised parents to start saving for their children's future early on, adding: "It's never too early to start teaching financial awareness."

Her comments echo those of Resi Mortgage Corporation's chief executive officer Lisa Montgomery, who recently told National Features that it is important that younger generations are educated about financial security.

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