Student savings account fees and features
To ensure your student savings account is the handsomest bird of the bank flock, follow Mozo's quick high interest student account tips:
- Introduction rates can be a handy way for banks to dress up a bland account with a dishy interest rate. 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.
- The best ongoing savings interest rates tend to involve various conditions, and if you don't meet them you either lose that peachy rate or incur a monthly fee. So you have to be able to meet these conditions to make it work.
- In general, you really don't want to pay any fees on a high interest student account, and there's enough competition to avoid them. You can rank student savings accounts by fees, standard interest and shifty intro rates on our stable table.
(The taxman cometh - a student savings account interlude)
Sadly, there's no combative alternative to the Australian Tax Office (unless you're keen on Brunei). The taxman wants his share from your cleverly selected student savings account, so you'll need to keep a record of your glorious interest earnings and add that to your income.
(Did someone say "maximised deductions"?)
All this money talk is killing me!
- Time to check out the seven steps to student savings heaven.
- I just want to look at a nice picture of someone else's money.