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Frequently asked questions
What features should I look for when opening a savings account?
When you tell apart the various accounts available, it is evident that the bank product that offers the highest interest rate would be the most optimal choice for you. But you should also consider the other significant factors. They include no banking fees, withdrawal limitations, and Internet banking accessibility. Also, you will have higher chances of saving more funds at a short period with zero-charge linked accounts, getting incentives for meeting monthly deposit requirements, and obtaining introductory savings interest rates.
What are the essential things I need to have when opening an account?
In Australia, it is easy to open a savings account. You can perform it through Australia Post, heading to the local branch of your selected financial service provider, or visiting your lender’s official website. Make sure that you have the essential documents with you, like your Australian passport, Medicare card, or driver’s licence which confirm your identity, nationality, and place of residence. Your bank will make your account active and open for deposits 24/7 once they verify that you are an authentic client.
How do I determine how much interest I will earn on my account?
You need to consider the various factors which could affect how much interest you will make on your savings account. These elements consist of:
- The duration in which you keep the account active;
- The interest rate that your lender offers;
- Your deposits;
- Your savings balance; and
- Your schedule of interest payment.
You should make sure that you are getting a high-interest rate to be able to earn more interest on your savings. Also, you should pay attention to conditions such as withdrawal limits and minimum deposits which could impact your account.