How to choose the best savings account

Saving money is a great habit to get into, and once you’ve started to put some funds aside each month, you’ll want to make sure it’s working hard. That’s why you need to choose the best saving account for you.

When choosing the best saving account for you, it's important to understand the difference between a transaction account - the one you use for every day expenses, and a savings account – where you want to add funds to regularly, not make withdrawals, and see grow over time. There are three main steps to choosing the best savings account which we've outlined in this infographic.

Our savings accounts

Depending on your savings goals, Heritage has a range of savings accounts for you that are simple to set-up, provide quick access to your funds and are seamless to manage. Our savings accounts have no set-up fees and no monthly account keeping fees^.

One of our popular accounts is our Online Saver savings account. This is a higher interest savings account which makes it easy access to your funds online with a great interest rate from the first dollar. You can set up a regular transfer or transfer savings yourself each pay. If you have to withdraw your savings you can do so at any time.

If you’re looking for a savings account that encourages you to save, then the Target Bonus savings account could be for you. This bonus rate savings account is accessible online, and offers a bonus interest rate for savers who need a little extra incentive to not touch their funds month-to-month. 

If you already have $1,000 or more in your savings, you could consider a term deposit. A term deposit gives you a fixed interest rate for a nominated time of 1 month to 5 years and you may be able to access a higher interest rate than savings accounts. This means you’ll know exactly what your investment is worth ahead of time.

We know that the wide choice of savings accounts from many financial institutions can get confusing. If you're still unsure, the best step to take is to talk to a financial adviser, or contact your bank so they can provide you the information you need to choose an account for you.

Whatever your goals are to grow your savings, Heritage is here to help.  Applying for a savings account can be done easily online within minutes

Related tips 

Carefully consider investment tips from finfluencers
Have you ever stumbled across a ‘finfluencer’ while scrolling social media and wondered if you should follow their advice? Here's what to be careful of.
Current scams in Australia
Learn about current scams in Australia and how to avoid falling victim.
How to save more money
Save more money, reach your goals sooner and feel more in control of your finances with our online guide.

Related products