Savings Accounts Australia

Interest rates are on the rise and there has never been a better time to start building on those savings. With this in mind we have decided to look into factors of what make a good high interest savings account.

There are so many ways and methods to invest your money including property, shares and bonds. As the world markets have become so volatile and unpredictable at this moment in time we strongly recommend a safe way to invest your hard earned money.

It's very easy to open a savings account but there are a few factors you should be aware of before doing so. We have listed 5 points you should consider before opening an account.

1. Financial Goals
One of the most important things to do before anything else is to set yourself some financial goals. Once you have done this you will then have a clearer picture outline of what savings account would suit your requirements.

2. Market Research
Research the market yourself. Best place to start would be the search engines. Google is probably the best search engine when searching for information. Go to Google and type in 'internet savings accounts, 'high interest savings accounts' or even 'online savings account'. There are even some useful comparison websites which provide the latest deal, tools and articles. We found this website very useful: http://www.savings-accounts.com.au.

3. Which Account?
There are many decent providers in the Australian savings market including ING Direct, BankWest Telenet, HSBC and St.George.

4. What should I look out for?
We recommend any of the above but make sure they meet the following criteria
* Highest Variable Interest Rates
* Online Access twenty four hours a day and seven days a week. This will save you on administration charges
* Make sure the account you choose fits in with your lifestyle e.g. If you like to use a computers to bank then make sure you can have access 24/7. If you like chequing accounts make sure the account comes with this facility etc.
* Choose an account with no initial or ongoing payments
*Choose an account that does not require a minimum payment.

5. Protecting your Savings Account
Be careful when agreeing to the terms & conditions. Though you might think that the T's & C's are standard most of them are not. You should always take time before signing on the dotted line.

Looking for the Right Investment for your savings

In order to give an edge to your Australian investment and get advantageous returns on your savings, there are few establishments that offer such lucrative offers such as the world leader in finance, HSBC.

If you opt for the HSBC Online Savings Account scheme, your need to carry hard cash around with you becomes unnecessary with this HSBC banking product giving you free unlimited ATM transaction access besides combining all your products. The greatest benefit of this scheme is perhaps that you would not have to pay any charges to the bank on a monthly basis for keeping your accounts even as you enjoy a generous daily interest rate. And the good news does not stop at that your HSBC ATM transactions are free and unlimited, you also get five such free transactions with any bank's ATM in Australia every month. The Gold winner of Money Magazine's Best of the Best Award - Best e-Transaction Account (Bank) for the successive second year, HSBC's Online Savings Account answers your day-to-day banking needs ideally.

However, you can also link your current bank account by HSBC Serious Saver scheme where internet banking can be done 24X7 and you get a fantastic monthly interest rate by not withdrawing your savings. Your advantage in this investment plan is that you need not keep any minimum opening or ongoing balance nor pay any monthly charges to keep accounts. The scheme's recommendation also comes from the Money Magazine who awarded it the Bronze for 2008 Best of the Best Award - Best Online Savings Account.