Every year CANSTAR researches a multitude of savings accounts on the industry, to establish which organisations supply outstanding worth for Australians. This year CANSTAR is pleased to congratulate Victoria Teachers Mutual Bank on taking out the Customer Owned Institution of the Year – Savings award for 2014.
CANSTAR caught up with Victoria Teachers Mutual Bank CEO, William Wolke, for some suggestions on what consumers are searching for in a savings account.
Q: When deciding in between a straight on the internet savings account and a bonus saver account, what considerations ought to consumers weigh up?
This depends on the customer’s need to have to access funds. Our Bonus Saver is designed to encourage savings by rewarding with bonus interest, as lengthy as eligibility criteria are met. Buyers must make at least one deposit and make no withdrawals for the duration of the calendar month to earn the bonus interest.
The Online Saver supplies a competitive price for balances above $ 2,000 and has no restrictions around withdrawals. Based on the customer’s timeframe, the Bonus Saver is excellent for longer term savings and the Online Saver can be employed to park income that is earmarked for spending in the brief-medium term.
Q: This is a wonderful time of year to save for the Christmas holidays – can you suggest 5 savings tips for readers?
- Spend your self initial – set up an electronic deposit straight to your savings account so your savings and spending funds are separated.
- Set savings goals – your savings will fund your life style, helping take control of your monetary future and providing much more choices in life.
- Implement a spending budget – this will support you manage your money flow. Evaluation it annually or when your situations modify.
- Take benefit of compound interest – over the medium – longer term your funds will develop.
- If you have a property loan use features such as offset accounts or redraw to park extra funds till required or make added repayments if you can, as these techniques will assist minimize the amount of interest you pay.
Q: Have you noticed any trend towards or away from on the internet saver accounts instead of term deposits over the past couple of years?
We’ve noticed that consumers are saving more and the demand for each on the internet savers and term deposits is robust it just depends on their savings goals and whether or not they need funds at contact. We are really competitive across all item varieties, and have seen important deposit development more than the past few years. Nonetheless growth in the on the web saver has been slightly greater than term deposits in the past 2 years due to availability of funds and competitive rates.
Readers can download the Savings Award report here.
When it comes to saving…
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