Saving is an important factor by which we can enjoy great benefits in our problem days. Natural disasters and family problems can come any time so we must be ready to face them by making some savings. It is difficult to save money these days after allocating & budgeting for important items like transportation, housing, and food but it is very important to save money, even a small amount, as the benefits are multiple. A bank saving account in Australia is a very important financial tool which is providing lots of facilities to people with all time saving benefits. I want to save money but why should I open a saving account? It is a natural question which comes to every savers mind; let's check ten reasons why you should open a saving account!
Saving in Secure accounts
Australian Banks provide different choices in saving accounts like online saving accounts, simple saving accounts with different rates and choice of withdrawals (with and without withdrawals). People can choose according to their suitable rates, everything is a secured saving option.
Free and No minimum balance
Many Australian banks are providing saving accounts to its customers without any fee and with no minimum balance required. You can open saving account with any amount you want to save and deposit.
Australian Government's Guarantee
Federal Govt. of Australia announced a complete guarantee for all deposits in Australian owned banks including saving accounts. There is no fear for account holders due to any international economic problem.
Unlimited Withdrawals
Number of withdrawals in saving account is unlimited with some of the banks providing ATM facility free of charge.
No Tax
Deposits and withdrawals on all saving accounts in Australia are not taxed. You can withdraw your money after saving it for the period without any cost.
High Interest Rates
Saving accounts in Australian banks have high interest rates. Banks are paying a good interest on your amount ranges from 3.5 - 5% and you also have choices to when you want your interest to be paid like annually, quarterly etc.
Internet Access of saving accounts
Australian banks are now providing you direct internet access on your saving account by which you can check your balance before and after deposits, any withdrawals or receiving interest. It is a free technical facility with all saving accounts.
Changing the type of saving account
You can change the type of saving account after its completion term or fixed date with any other of your choice. You can compare different types of saving accounts and choose any suitable to your type with any changes to your needs.
Security and Accessibility
Banks provide complete security to the account holders. Saving accounts in Australian banks are completely secured both from the economic problems and personal securities. These saving accounts are accessible at any time from the ATM machines as according to the type of account you choose.
Multiple personal benefits
Saving accounts creates interest rates for you and increases your savings which you cannot get by keeping money at home. Any type of saving account of your choice can earn you good money with a timely approved withdrawal at the time of needs like family planning, child's education and retirement. Saving accounts always at free of cost which gives you a tension free secure place to keep your money.
Asad Zeeshan
Management Consultant
Pakistan
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