Sentry Page Protection

Tip Store: Banking: Savings Accounts

Round-Up and Painlessly Increase Your Savings

​You can automate your savings by rounding up transactions. Some free round up savings apps are Chime and Acorns. These apps let you round up your daily transactions to the nearest $1 or $5 so the change goes directly into your savings account. The advantage is that it is an easy way to save money. For example, if your groceries cost $52.40 you could round it up to the nearest $1 and save 60 cents, or if you rounded it up to the nearest $5 you would save $2.60.
Contributed by Sarah Griffiths

$100 Savings Bonus

I thought this may be of interest to Cheapskaters who like a good deal. 

ING are running a promotion at the moment where you get a $100 bonus for setting up for a fee-free everyday account and a high interest saver account earning 2.80%. These accounts are recommended by the Barefoot Investor. Just enter the promo code FKV166 before setting up the accounts.
Disclaimer: I receive $100 when someone signs up using this code too.
Contributed by Meagan Pass

Skip the Bank and go to the Credit Union

​Why do people have Bank Accounts when Credit Unions are far more competitive plus most are non-profit! Simple to open an account, all are online with excellent data sites. Have not had a major-bank account for forty years, all financials have been with a credit union without any problems or grievances! To use an expression of today....Is a no-brainer!!!
Contributed by Robert Goulding

​CUA eSaver Boost

​The best solution I have found is CUA. They have an online account they call an eSaver Boost which pays 2.95% calculated daily and compounded monthly. There are two strings attached, so you want two of these accounts.

The catches are you need to deposit $250/month, and make no withdrawals. So what you do is, set up automatic transfers from your transaction account into each on the 1st of the month, and then, if you need money, on the same day you empty one completely, putting the surplus into the other one.

That way you lose nothing, as the account which wouldn't draw interest has a zero balance, and you still get the 2.95% on the portion you didn't need to spend.
Contributed by Fulvio Gerardi

​Two Free Accounts Plus Debit Cards

​I joined MEBank many years ago got two free accounts plus debit cards. Easy to use online system, they have mobile mortgage people who come to you and discuss your wants and needs I've always found them very helpful and easy to deal with. Would recommend them to everybody, you even get a discount if you are a member of certain superfunds.
Contributed by Lesley Thompson

​Best Banking Deals at Bendigo

​I found Bendigo Bank Had the best deals. I opened 2 accounts free of bank fees. Interest gets paid monthly and I get 2 withdrawals every month and at the same interest rates the Commonwealth Bank was paying me. I have one account that I save in for Vet Fees and the other one is for new fences which I will need in a few years. I also bank all my loose change direct into a Christmas Club account.
Contributed by Leanne Coward

​Comparison Showed ING Best Bank for Me

​I did a comparison some time ago and found ING Direct to be the best option. You can apply online really easily and use your local Post Office if you need to do any cash transactions.

There are no monthly fees and as long as you deposit a minimum of $1,000 per month you can use any ATM across Australia and you will be refunded the ATM Fees. With the VISA debit card option on the Everyday Bank Account it also makes it easy to make online purchases.

I've set up multiple accounts with ING including a savings account and these can be accessed very easily with the ING phone app (if you use a smart phone). The variable interest rate on the savings account is 3.00% which is pretty good.

ING has really helped me manage and save money easily, I recommend this bank to all my friends...
Contributed by Natalie Johnson

​Check Transactions for Best Banking

​Look very carefully at your transactions. You get four free a month from Bendigo Bank (it was 4 to 7 a month) then they charge exorbitant fee if you go over. I changed to Heritage Bank never looked back; both are smaller banks but do your homework to find what suits your banking habits best.
Contributed by Kath Alderwick

​Skip the Big 4

Don't bother with the Big 4. They serve shareholders not customers. Try ING, ME, Beyond Bank or Bankwest. Depending our needs these are the only banks we deal with.
Contributed by Sarah Daly

​Bank Said to Find Another Bank, So I Did!

I was with Westpac since 1963 when we returned to Australia and was given a pound in a bank account from them. My Hubby had a Bankcard with them and I asked a simple question about his amount coming down but not the payments and the woman I asked said maybe I should find another bank.  So I did; I went to the Bendigo, its closer to home and the staff are very friendly and helpful. 
Contributed by Robyne Neal

​Banking Switch Saved Frustration

​I haven't done any comparisons, but I bank through Commbank and MeBank. I was frustrated by the account charges associated with Commbank to open savings accounts so switched to MeBank. 

MeBank allows me to have as many accounts as I want (I currently have 9 to organise everything), with NO fees. I even get bonus interest (nearly double) on my big savings account as long as I use paypass/tap and go once a week. 

I now only keep my Commbank account for when I need to cash in my change jar as there is no fee for the coin machine for customers.
Contributed by Kate Bradshaw

​Some Investment Options

I have friends that have done all of these. Term deposits, they have shopped around and got the best deal for them and like the fact that they don't have to do anything. Others like the stock market as they say for little time they can make some money, but it has its risks. A few said if you have inherited enough to buy a house and rent it out, or a block of land and sell it when the market is good.
​- Contributed by Cara Keskkula

​Term Deposits

​U-bank have a great online bank account which pays about the same or more than regular bank/credit union term deposit accounts. There is no fixed term and if you pay regular deposits into it you can get bonus interest. I have used this account for a few years now for my savings fund. They also have some great features on the website to show how much interest you have earne and how long it will take to reach your savings goals.
- Contributed by Louise Deland

​Inheritance

​Do you have a mortgage? If so then put it in the mortgage, saves on interest and is tax free. If you put it in a term deposit then you could be liable to pay tax on the interest earned. If you don't own a house and are planning on buying, then talk to your bank about possible first home buyers savings accounts as interest is paid and the government contributes to your savings, but you can only use this for a first home purchase. Lastly if neither of the above apply, pay off any loans you have outstanding.
​- Contributed by Glen Playford

​Investing with an Investment Club

​I enjoy keeping up with economic matters and joined an investment club-check any in your area for gains and losses. As a group there is more for investment purposes then you have as a single investor. If you are interested it will also teach you how to research companies and read reports so that you can make informed choices
​- Contributed by Bea Scheer

​Term Deposits


These are good and safe, shop around for the best rates as they seem to be coming down all the time. Maybe split the money up and put one portion in for a few months, and some for longer. Personally I don't feel comfortable having my money locked away, and you can get very good rates on on-line savings accounts, Ubank is offering the best deals at the moment and your money is readily accessible.
- Contributed by Judith Lowe

​Term Deposits

​They are not big interest payers but very safe, I would recommend them. Have a look at a couple of banks rates and the terms they offer the best rate on, because it can vary quite a bit. Just take plenty of ID with you if it isn't your usual financial institution.
- Contributed by Kim Lee

​Financial Advice

​How wise you are to look at your inheritance with open eyes and plan for your future! Even small amounts of money can make a huge difference to your future if you plan well! We often get caught up in what a difference winning lotto would make when (as we Cheapskaters know!) small everyday differences can have even better affect on our financial health. There are plenty of independent financial advisors around (do some searching in your local area/ask friends) who can assist you (just be careful to find out how they are paid (e.g. if they recommend certain financial products). From personal experience we found the best products by reading financial magazines/blogs (e.g. Cannex ratings) and searching on the Internet which got us the best interest rate on our mortgage, consolidating credit debt and long term savings account. You can do some simple calculations by writing down all the debts you currently have (and their interest rate) and then looking at the best term deposit rates you can find (often if you don't withdraw and have longer deposits you get better interest but these are very low at the moment). Be careful of any products offering more than the banks rates - higher rates = higher risk! Often the best planning for your future is to do a few different things with your money - pay off high interest debts (or if you can't pay off in full straight away - consolidate with a plan to pay off), put some aside in long term deposits, cut up your credit cards if you can't pay them off every month. Its not really worth earning $100 a year interest if you're paying hundreds or even thousands in interest on a debt/s. Its also a good time to look at your current financial situation (without this inheritance) - are you living within a budget that allows for savings? Where do you want your finances to be in a year, 5 years etc! Good luck - but really its all about being savvy about every penny!
​- Contributed by Michelle Wilkinson

​Investment

​If you have a mortgage/home loan, the money would be best in your offset account, you'd save more in the compounded interest & life of your loan then you would save in a short term deposit account. Offset account means that you can draw the funds out immediately with no fees as well.
- Contributed by Annie Scholefield

​Short Term Investment

​We have found that now the interest rates are so low and going lower that Term deposits aren't very productive. They are however very safe. If you feel safe to invest in the Stock Market then the four big Banks are the place to go. This year has been much better for us financially since we have been with the Banks, especially the CBA, but you have to weigh up the risks. However if the big banks go down, we will all be in a big mess. The stock Market has out performed cash and property, so there is a good chance of bigger rewards. But play it safe.
​- Contributed by Julie Colbert

​Where to Invest in the Short Term

​Check out the rates offered by Banks, Building societies and also ING and other online banking. As you cannot go into a branch to withdraw your funds, it must be done through the system so that 'impulse' is not a temptation. Good luck. "Look after the cents and the dollars will take care of themselves".
- Contributed by Marie Seddon

​Saving Inheritance

​To get the most out of your inheritance (depending on the amount), I would suggest you put 1/3 into your mortgage, 1/3 into Super and 1/3 into either an online Savings account or Term Deposit. A good place to start for comparisons on interest rates is mozo.com.au
​- Contributed by Angela Cathcart

​Term Deposits v Mortgage - Which Offers the Best Returns?

​We received a small inheritance a short while ago and had to decide what to do with it. It depends on when you need to pay the bills. We found a term deposit a good short term investment providing some security, a better interest rate, and just enough untouchability to ensure we were really sure about what we wanted the money to do for us. We went with a major Bank, but shop around as minimum deposit amounts vary between the Banks. Good Luck!
- Contributed by Carolyn Beveridge

​Good for the Short Term

​With dropping interest rates, term deposits may not be the best option (I had some money invested at 6%, by the time it matured the interest rate for reinvesting was only 4%. I decided for me I'd put it into my mortgage, and then get the bank to refix it - the lower amount and interest rate saved me $600/month). If you have debts - clear them. If you don't (lucky you), talk to your bank about what brings you the best interest rates - sometimes they have better rates on their saver accounts. Or, if you're braver than me, look at the stock markets. Keep a little to enjoy though, life's for living not waiting.
​- Contributed by Kate R.

​Term Deposit

​I found it easier to go on the internet and look at what banks and building societies were offering, and I did not want the money tied up for 6 or 12 months and found some don't do short terms and if you needed the money urgent you were penalized. The best I came up with just on 3 years ago was UBank, they are with national bank so knew it was safe. So research is the best as the rates change quick and the other thing that UBank offered if you put it in for 3 months and decided to put it in for another 3 months they gas you a bonus % which all helps and none of the others were offering that.
​- Contributed by Lynette Stewart

​Depends On So Much.........

​Making a financial decision depends on so many things - what's your personal situation (age, income, dependents, debts), what level of risk are you willing to take, what's a short term investment to you (maybe you mean 6 months, maybe you mean 2 years, maybe more), what do you define as the 'near future' (again 6 months/2 years/something else?), are you willing to 'lock in' the money, will there be penalties if your situation changes and you suddenly need the money, will you be wanting all of the money back in the 'near future' or just a certain amount for something particular, do you want/need to receive regular dividends during your investment, how much money are you talking about, do you have equity in your house that you could borrow against to further the investment/make the most of this one-off windfall? And I'm sure that's not all the questions you need to consider. You say 'I know I will need it in the near future' is that an absolute definite (ie. need a medical operation) or just presuming something will come up and you will need it? Check your local library for some great reads - I recommend authors David Koch, Scott Pape and Paul Clitheroe (Australian) and Robert Kiyosaki (American) for down to earth, straight talking, easy reading financial advice - but pay attention to when they were published as a financial book written 10 years ago may not be as relevant as one written recently. Also, lots of magazines available (check your library/newsagency). I would also highly recommend you seek financial advice from a professional (you can usually get a free first appointment), not just for this inherited money, but for an overall picture of your current/future financial situation. Whilst you do all this, put the money in a high-interest savings account (eg. ING Direct - totally free account, all online). And remember, you are guaranteed to receive conflicting advice from people. For financial decisions, what works for one person doesn't work for everyone. Good luck!
​- Contributed by Collette Smart

​Term Deposits

​I placed my inheritance in a short term deposit as it was the same rate as a longer term deposit. The interest earned goes into my saving account monthly. Incidentally the savings account earns decent interest as well. I do not touch the principle (original inheritance) and keep the term deposit rolling over every TWO months so I don't feel locked in. It's good to know the funds are there if I need it (new car in the future!) and my money is 'working' for me. It's best to have ONE big account rather than lots of little ones when it comes to compounded interest.
- Contributed by Bindii Bee

​Investing and Saving Money

​When my father passed away over 30 years ago, we were all left a small amount in todays money. A friend said to go and talk to the finance manager at my bank and see what they can do with it. They suggested a term deposit that I could draw on once a year. Over the years I have added to it but we have had small, mainly camping, holidays with the interest. I still have the principle in the account plus extra. With my super I invested it in shares which are making a small return. If the money goes into an ordinary account it gets eaten into and never put back
​- Contributed by Robyne Neal

​Financial Investments

​There are a few good short term investments. If it is only a small amount, a high interest account is probably your best bet. Otherwise, you could consider something like a term deposit (try CBA or Bankwest for a start). These are very low risk and usually have a yield, so pretty secure. This can be good if you don't need access to the money for a specified time period (the term). I believe that you can usually re-invest the money with your earnings back into a term deposit at the end of the term too. Managed Funds can also be effective investment strategies. These work the same way as superannuation funds, but obviously for a shorter term since you don't have to hold the money there until retirement. Managed Funds allow you access to a diversified investment for a smaller price. Some of these funds invest in property, bonds, shares, cash etc... Try Googling a few of these. It is probably worth a Google search to investigate which companies are good for investing in and checking what is right for you.
​- Contributed by Amy E.

​It's a Bonus!

​Treat a small inheritance as a bonus. It is nice if you have a small windfall, however if you have managed up till now to do without, keep a small retainer for the bills and invest the rest. Term deposits are safe and when the interest is due, let it compound. As you see it grow you will be loath to touch it. I invested for our granddaughters from birth and place small amounts in for birthday and Christmas and it is amazing to see how many deposits have been made with interest. May not be much but certainly helps. By the time they are 18 should be a nice little sum to hand over.
- Contributed by Corry Dobson

​Term Deposit Savings

​The term deposit at your bank is definitely worth it. I had about $30,000 left after buying a house and put that with Bendigo Bank and earned last year 6% interest over 12 months, so that was very good! Nice to have that at the end of the year and I left the starting sum in the bank and have put it away again (for 6 months this time) as I want to have some for a mid-year holiday. At the moment the rates of interest are lower than last year, but you can shop around and even if you do not have an account with the bank, you can still put your investment to work with them! To check out individual banks, go to their online website and then compare the term deposit Interest rates of a few. So worth doing!
​- Contributed by Carla Moora

​What to do with Money

​In July 2012, I put money into a term deposits at a return rate of 6.something%, for 3 months. In January 2013, the return rate for 2 months is 4.35%. I have moved into the share-market because the rate of return on dividends is better. Buy only so-called blue-chip shares, some of them are still cheaper now than they were before the GFC. Talk to a reputable broker, a discount broker will buy and sell what you instruct them to do, a full-service broker charges more, but advises and recommends. If you want to know more, the ASX offers free lessons about the stock-market, on-line http://www.asx.com.au/resources/shares-courses.htm
- Contributed by Diana Smith

​Term Deposit Questions Answered

​Any investment vehicle that returns a gain (instead of a loss, like most standard superannuation plans over the last few years) is a positive. Without knowing your specifics, it's hard to advise you, but here is what I do and why: I have a strict budget. My aim is to keep under budget, which I pretty much always do. Any 'leftover' from the budgeted amount, (along with any 'extra' money I come into - which sounds like your scenario) gets put straight into a high interest yielding bank account that is separate to my normal everyday transaction account. You could use an ING Direct, or NAB Internet Account for this. What you're wanting to do is separate the money from your daily amount, so it's essentially gone. You want it to be a little difficult to get access to (a couple of bank transfers or a day or two to wait) to help prevent you from dipping into it regularly. This way, if I need to access a little extra for something, I know it's there and I CAN get to it if needed. Typically, though, I never dip into it. The interest rates on these types of accounts are usually as good as, if not better, than term deposits with the added bonus of being able to access the money if need be. However, if you want the security of locking your money away without you having access to it, then a term deposit may very well be for you. Still keep with the extra high interest yielding account, into which you can put your 'leftover' or 'extra' monies, and at the end of each financial year, lock it into a term deposit for 12 months. After your first 12 month period, roll your term deposit over with the addition of another 12 months worth of 'leftover' or 'extra' money!
​- Contributed by Vashti Wood

​Term Deposits

​There are a number of on-line savings accounts that are very good and offer great interest rates. My particular favourite is the ING Savings Maximiser account which is easy to set up and your money is always available. At present, ING is offering 5% interest for up to 4 months from account opening. See www.ingdirect.com.au I find this more convenient than a term deposit, where your money is not accessible for a certain time (unless in an emergency and then you lose a lot of the interest).
​- Contributed by June Gregg

​Website: www.ingdirect.com.au

​Get a Better Rate as a New Account

​The rates for NEW accounts for many online saver accounts usually exceeds term deposit interest rates. MEBank is good at the moment and I think Bank of Melbourne and ING have new account specials. This means that for the first 6 months or so you will get a bonus rate which usually takes the total interest rate over the term deposit rates. You can keep signing up for new accounts with different providers if you want to keep earning extra beyond the initial provider bonus period. The money in a term deposit cannot be accessed without penalty during its period so an online saver is usually better both with interest rate (if you have the bonus rate) and also you can get the money without penalty at any time. Not all banks offer a bonus rate or even a good normal interest for online saver accounts though. There are some other ways to make money grow - like if you are a low income earner and you put it into your super the government will match it with more than you could earn in interest in a short period of time. If you are a first home buyer and you know that you will definitely buy a house in the relatively near future and open a special deposit account the government will also contribute an amount that would exceed any interest earned in the term. In both cases however, the money is tied up until term or retirement so would not be useful for paying any bills in the future.
​- Contributed by Susan Czermak

​Check with a Financial Advisor

​If you know how much you have to invest talk with a consultant about wanting to get the money to grow a bit. There are plenty of government finance places that will be able to help you out (and should be free) they will also be able to look at the bills side and get a good result for both sides (going into a bank they have their interests at heart first). They may have a few ideas you hadn't though of, but make sure you think about each one and which best suits you. I used to work in law and handled settlement of properties and it was very common for my clients to have their money sitting in a short term investment account but each one was different and had different outcomes. The same will apply to you. Shop around once you know what your going to do and your finance officer should be able to help out with some really good places as well!
​- Contributed by Sarah Coyle

​Centrelink, Inheritances and Savings

​Before you get an inheritance, if you get any allowance or family tax benefit, contact Centrelink and the ATO and ask them what will happen if someone inherits money and how will it effect your payments. An old friend of mine received a $,5000 inheritance and put it straight into a term deposit for his girls, but because Centrelink deemed it an inheritance he lost all of his allowance and was in the process of losing his house because he lost his allowance and couldn't pay the rent. However if he had just put it into a savings account (like Netbank saver from Commonwealth Bank) it would have just been deemed savings and he would have been ok. At the moment Centrelink says a single person can have $5,000 savings without it affecting Newstart and $10,000 for a couple; but again check this out because every story is different.
​- Contributed by Denise Scotford

​Investing with Saving Goals

​You might like to have a look at the Commonwealth Bank's Netsaver and Goal Saver accounts. These pay slightly higher interest than most accounts without the commitment involved in a term deposit. For example, the Netsaver account calculates interest daily so if during the month you have $2,000.00 for a week or two then your interest for the month increases. The Goal Saver is similar but it has more rules.
​- Contributed by Louise Oliver

​Inheriting Money

​In my experience you would be better off with a high interest online acct. That way you are not locked in for a period of time. I was looking at a term deposit 2 years ago, and when I searched online for the best deal, I found that the interest rates were very similar.
​- Contributed by Robyn Howard

​Making the Right Investment Choice

​There is a website www.infochoice.com.au which sets out and compares all the different term deposits on offer. You can put in different amounts and different periods of time. This might be a good place to start. Or, put Term Deposits compare into your search engine.
​- Contributed by Sue Lane

​Website: www.infochoice.com.au

​Term Deposits - a Good Idea

​I have used Term Deposits several times. I have found in my own experience, that they are good, and motivate me to keep saving and add to my nest egg. I always re-invest the interest and watch my money grow. Its pretty low risk, as your money is always sitting there, and you can see it. I've used ING Direct before, they offered me really good rates! Once I had enough for a deposit, I put my money towards a deposit for property investment.
​- Contributed by Jocelyn Robertson

​The Electronic Change Jar

​Here's an electronic version of the change jar! The St George Sense account is two accounts in one - an everyday account with Visa Debit access, and a savings account with high interest. There is a monthly account fee of $5 which is waived if you deposit a minimum of $2000 a month. Here's the neat bit, though - purchases using Visa debit, Freedom (ATM/EFTPOS) card or BPay are rounded up to the nearest dollar and the rounding amount is transferred straight to your savings account. You'll be saving without even thinking about it!
​- Contributed by Jennifer Kerr

​Combine Accounts to Beat the Fees

​Approximate $ Savings: $120 plus

​Simply by combining two bank accounts I have saved $120 a year. We had several accounts with the one bank that had been opened over the years for different benefits when the accounts were free, now they all charge a monthly fee. By combining them into one account which charges no fees if you deposit more than $2000 a month (covered by our wages), we now pay no fees for our accounts! That's $120 in my bank account each year rather than disappearing as 'bank fees' simply by tidying things up!
​- Contributed by Leisa

​ANZ Money Manager

​I wanted to make everyone aware of a fantastic program that ANZ have on their website called "Money Manager". This is great if you have internet access to all your bank/loan/credit cards, you store all of your account internet details on this program and it automatically downloads all of your savings and debts so you can see the bigger picture. You can see every transaction, it automatically makes spending reports each week/month and automatically categorises all your eftpos/bank transactions into say "fuel" or "Groceries" or "telephones". Its a fast and fantastic way to see where every cent is going and it can send you automatic alerts if you over spend on you categories you budget for. I think this product is great if you have everything online, you know where every dollar is spent, it saves you time as it updates all of your accounts daily so you don't have to log in to all of your different banks/credit cards/other financial institutions and its free! This has helped us see problem areas we need to spend less in, and has already helped us reduce our Credit card debt already.
​- Contributed by Tanya

​Warning on ATM Scam

​I no longer use ATMs since a few friends have lost several thousand each through ATM scams, with digital equipment set up at the ATM. Each of the banks made them jump through hoops, then took several months to repay the money despite police involvement.
​- Contributed by Nicole

​Savings Matched Dollar for Dollar

​Approximate $ Savings: $500 plus $500 matched savings

​A local Ballarat firm, BGT, in conjunction with Brotherhood of St Laurence and ANZ bank are running a Saver Plus program. Participants must have a health care or pension card, be studying or have a child who is studying to qualify. Participants agree to save $500 over 10 months towards an educational goal, i.e.to purchase books, a computer, school uniforms etc. You must attend four two and a half hour workshops and at the end of the ten months, if you have met your requirements, your savings will be matched dollar for dollar up to $500. Workshops are fun and cover budgeting, goal setting, attitudes towards money, shopping habits, establishing savings routines, professional advice from the bank about credit card, loans, superannuation etc. There are twenty-seven sites across Victoria that are running this program, just look for a local provider in your area.
- Contributed by Shannon

Being Aware That Every Cent Count

With the bank that I am with (Australian Central Credit Union) there is an account called "Cheers Account". There Is a $10 annual fee on this account. If you have the Visa facility on your ATM card already you are paying $4 a month for the privilege of the Visa facility, so for a extra $1 dollar a month you could have the Cheers Account. The benefit of this account is if, when shopping, you press the credit button on the EFTPOS for the transaction. You get paid five cents per transaction. If you use the BPAY facility you are paid ten cents per bill. For example if your shopping bill came to $158.88 you would save seven cents if you put it on EFTPOS. if you were to pay cash you would be paying $158.90c so you would be losing out on two cents.
​- Contributed by Michael

​ING Direct - Orange EveryDay Visa Debit Account

​Approximate $ Savings: at least $300 per year

I have been struggling with bank fees and charges for the last 12 months. No matter how hard I try I still average $20 a month on bank fees. My current bank charges for everything, B-Pay, EFTPOS, ATM, transfers and on top of that a monthly account keeping fee. I decided enough was enough and researched some other banks to see if they could do better. I came across a new everyday account with ING Direct. The account has no monthly fee, no EFTPOS fees, no ATM fees (except on other banks machines) no transaction fees and no B-pay fees. But there is more. For every ATM withdrawal of $200 or more they will reimburse the owner ATM fee, for every EFTPOS transaction of $200 or more they will pay you 50 cents. There are also one off payments for the first time you have your salary deposited into your account they will pay you $20, if you set up an ongoing direct-debit (i.e. mortgage repayments) they will pay you $20, and the first time you use the Visa Debit Card they will pay you another $20. That is $60 cash just for making the account your primary transaction account. So over 12 months I will easily be able to save at least $300 on bank fees, plus get paid for each EFTPOS transaction that I make! Very happy with the switch, check out the details at: http://www.ingdirect.com.au/everyday/orangeeveryday.htm
- Contributed by Rachel, Melba

​Website: www.ingdirect.com.au/everyday/orangeeveryday.htm

​Join a Credit Union!

​The banks and building societies have charges for this, that and everything. The one I use has very few charges at all and none of which apply to me. If you bounce a cheque, yes of course there is. The banks/building societies charge for everything and now even withdrawing your own money. Funny that. Who wanted the ATM's installed anyway - the banks; and why - to sack employees. Now they charge you for withdrawing your own money IF you don't use the bank's own ATMs. The credit union I am with (like others) are in an arrangement whereby if you use a Rediteller then the re is no charge. My nearest branch is a couple of hundred miles away. Also use Internet banking as a lady before said here. It is very useful, stress free and works without fault.
​- Contributed by Clive

​No Account Keeping Fees

​A good Internet banking site which is free of account keeping charges and you don't have to maintain a minimum monthly account balance, is through Members Equity (www.membersequity.com.au). We got our loans through them and you need to be a member of a trades union or have superannuation, although I don't know if you have to for their savings and credit card accounts. Check their Internet site. The best part is no minimum balance. We were with a big bank previously and it was $8 a month for our account keeping fees on each of our savings and home loan accounts - $24 a month which really was a waste of money!
​- Contributed by Maryann

​Get a Better Deal on Savings Accounts

​Always ask your bank for the best % rates on savings accounts. I had a savings account that was only giving me 3% and only by chance I went into the bank one day and overheard someone saying about a higher interest rate for savings so I enquired and providing you do all your own savings on line I got an extra 3%. I receive about $20 a month in bonus interest. The particular account I have I don't get penalised if I make a withdrawal out of the account for the month.. you get charged according to what is in the account over the month. The bank I am with did not even send a letter or anything to promote new options/products.
- Contributed by Sharon

​Homemade Christmas Club

​Each week I allocate $100 for my groceries (including fish, meat, fruit, grog). I put the 'change' from my $100 into an envelope at home and forget about it. Then come November I tally up all the left over money, and there is the Christmas presents for all my family! Perfect!
​- Contributed by Lauren

​Christmas Clubs...Not Just for Christmas!

​I have discovered an alternative use for the Christmas Club. I have mine with the Bendigo Bank and I opened a second one this year. My car registration is due at the end of November and tends to sneak up on me, so I usually end up having to pay it by credit card. Instead, this year, I have the two Christmas Club accounts, one for Christmas, the other for my registration. Because you can access the money from some time at the beginning of November, it's perfect for me. I worked out at the beginning how much per fortnight I would need to put in to have enough by the time it was due. This would only work for those whose registration is due around the same time mine is, of course. Between the two accounts, it will result in much less trouble with my finances at what is a very demanding time of year in that respect.
​ - Contributed by Emma

​Pay Yourself First and Watch Savings Grow

​Having trouble saving money? I suggest that when you receive your pay - pay yourself first. I put this into a separate account that attracts a higher interest if there are nil withdrawals during the month. I then pay a few dollars into the utilities accounts (I rarely get a bill by doing this and my account is mostly in credit). What is left I then buy groceries etc and if there is any left at the end of the week I transfer that to my separate account.
​- Contributed by Margaret

Christmas Club Accounts

​Finding it hard to save? Have a portion of your pay deposited directly into a Christmas club account each week, fortnight or month. They generally earn a better rate of interest and you can't touch it until it falls due. You don't have to spend it; you can roll it over into the next year's club account. Sit back and watch your savings grow.

​Great Bank Account

​I bank with St. George, they have an account that is linked to the everyday account, and this is called Dragon Direct. It pays 5% interest calculated daily, you can access it anytime, and the money is not tied up at all. You can add to the balance at any time, and if you wish to make a withdrawal, you only have to transfer the money back to your everyday account, which is instant, and then withdraw from the everyday account. There is no cost for the transfer of funds, between the 2 accounts. The Dragon Direct account is not advertised, its a case of asking about it. Other banks offer similar linked accounts; so if you are already with another bank, and are happy with them, enquire about this higher interest rate.
​- Contributed by Jill

​Another Bank Account

​A great way of saving money is to open a bank account with a financial institution, which you currently don't use. Set up an automatic deduction from your pay or direct debit to credit your account at your new bank. Don't get ATM access on the "new" account, so it means you would have to physically visit the bank to make a withdrawal. Limited access is a great way of saving.
​- Contributed by Tina