Every single year CANSTAR study a multitude of transaction accounts on the marketplace, to establish which organisations provide outstanding worth for Australians. This year CANSTAR is pleased to congratulate BankVic on taking out the Everyday Banking Non-Bank of the Year award for 2014.
CANSTAR caught up with BankVic Executive Manager Marketing and advertising and Member Improvement, Melanie Dilges, for some spend ing and savings suggestions.
Q: When deciding among a straight on the web savings account and a bonus saver account, what considerations need to buyers weigh up?
Believe about your savings objective, and your ability and motivation to save. If a bonus function gives you added incentive to save, this can help you reach your savings aim sooner. This can be particularly helpful if you’re saving for a particular goal such as vacation, vehicle or even a deposit towards a home. If your income is irregular, or you anticipate frequently dipping into your savings, it may possibly be better to consider a regular on the web savings account.
Q: This is a fantastic time of year to save for the Christmas holidays – can you recommend 5 savings guidelines for readers?
1. Establish a standard savings program. Open a separate high interest savings account eg a Bonus Saver, and set up a typical transfer (every pay day) from your transaction account. Even a small normal transfer adds up!
2. Spend off your credit card on time every single month. Credit cards are valuable, particularly when you travel, but interest charges can add up. Check your payment due date and pay off the balance monthly on time if at all achievable.
3. EFTPOS withdrawals. If you want to take out smaller sized amounts, attempt to get into the habit of utilizing EFTPOS to make money withdrawals as an alternative of ATMs. They can be cheaper unless your bank delivers limitless free of charge ATM transactions.
4. ATM charges. If your bank gives you free ATM withdrawals from the ATMs they personal or a preferred ne2rk, attempt to stay away from employing other ATMS. It’s remarkable how quickly the ATM Operator charges can mount up otherwise.
5. Do not spend account maintaining fees. BankVic members do not pay any fixed month-to-month account maintaining charges on transaction or savings accounts. Possibly you shouldn’t either.
Q: Have you noticed any trends towards or away from on the web saver accounts alternatively of term deposits (or vice versa) more than the past couple of years?
On the web savers are becoming extremely common as members can set them up on-line, earn higher interest, and still have immediate access to their funds. But some members nevertheless prefer the discipline of locking income away in a term deposit. Some members do each and we aim to offer our members with choice to suit their demands and preference.
Readers can download the Daily Banking Award report here.
BankVic: Do not pay charges
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