Online Savings Accounts

In this age of information as technology advances so too does banking, in fact, the humble bricks and mortar that house our financial institutions are beginning to become a thing of the past, as online banking takes on different initiatives and offers greater returns with minimal outlay.

Since the inception of the World Wide Web some twenty odd years ago, the information superhighway has grown and developed making investment more simplified, and when things become more straightforward this usually means you reap the rewards in terms of convenience and excellent investment opportunities.

The online savings account is exactly this, and one of the many ways that banks are helping you to maximise your monetary growth with high interest rates of up to 6.80% p.a.

Whilst your dollar value will not grow rapidly it will steadily continue to build and with the ease of linking your online account to your usual bank account you are able to withdraw your funds without incurring penalties or having to wait for extended periods. Moreover, as technology advances so to does security and you can rest assured that if you open an online savings account that your money is as secure as if it were in the brick and mortar bank vault. 

The philosophy behind the online savings account is that you make regular payments into it and try not to make many withdrawals. This way your money grows as the interest and your contributions increase the initial balance.

If you start an online savings account with a small deposit and only make small contributions you will discover that it takes time to build wealth, however, once you generate a sizeable balance you will then begin to realize how beneficial these types of account are.

In terms of interest most accounts use the compounded methodology which is calculated daily and paid monthly into your account. Simply put, this means that you earn money on your interest and your balance grows. For example: if you have $5,000 dollars in an ordinary savings account and you pay $5,000 in annually for a period of 5 years you would have $30,000 in your account, but in a high investment online savings account with a rate of 6.8% p.a that is calculated daily, your $30,000 grows to $36,802.35 over the 5 years.

The best online savings accounts are those that offer you the highest interest rates without imposing minimum balance or deposit restrictions upon you. It is also advisable that you find a bank which offers an account that is ‘fee free’, has no fixed deposit term and allows you access to your money 24 hours of the day 7 days a week.

There are now many larger Australian banks offering an online savings account with extremely attractive interest rates and it will pay for you to research just who is offering the best deals.
To do this type ‘Online Savings Account’ into Google and then select ‘pages from Australia’ and hit enter.

By thoroughly exploring your options before signing up you will reap the financial rewards!

Disclaimer:

No investment advice provided to you.
This web site is not designed for the purpose of providing personal financial or investment advice. Information provided does not take into account your particular investment objectives, financial situation or investment needs.

You should assess whether the information on this web site is appropriate to your particular investment objectives, financial situation and investment needs. You should do this before making an investment decision on the basis of the information on this web site. You can either make this assessment yourself or seek the assistance of any adviser.