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Dollar Saver tip #37


Save: Up to $1882

Tip overview

Switching to a high interest savings account could earn you an extra $1882 in the first year.

James Edwards here, one of Finder's investment experts. I recently switched to an ING Savings Maximiser account (currently offering 5.50% p.a.) to help me save for a house deposit.

Our research shows the average Australian has $30,218 in savings and deposits $635 every month.

If you put those savings into a high interest savings account paying 5.50% p.a. you could save an extra $1882 per year (compared to an account with the lowest rate).

Did you know?

The highest ongoing savings rate in our database right now is 5.50% p.a. On the lowest base rate of 0.05% p.a, you'd receive just $17 of interest over a year (based on the average savings balance).

To earn the bonus rate you may have to satisfy certain requirements each month like depositing a minimum amount, making a certain number of purchases or making sure your balance increases.

If you don't want to meet any monthly conditions you could switch to an account with a high ongoing base rate.

For example, the Macquarie Savings Account and Bank of Queensland Simple Saver Account both currently offer a decent 4.50% p.a. ongoing without any conditions to meet (this is after their initial introductory bonus rate periods end).

Keen to see how much more you could earn by switching? Use our savings calculator to see how much extra you could save based on your own balance and monthly deposits.

If that's made you excited, compare savings accounts and start saving!

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