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If you want to earn a high rate of interest on your savings balance but at the same time enjoy easy access to your funds whenever you need, an at-call savings account could be just what you’re looking for.
Many Australian banks, building societies and credit unions offer high-interest savings accounts with convenient at-call access to your funds, but it’s important to compare the interest rates and terms and conditions that apply to these accounts before deciding on the right one for you.
Use our table to compare at-call savings accounts. Indicate your initial deposit and your monthly deposits. Choose the number of months you'd like to invest in and click on 'calculate'. While all of the accounts in our table will allow you to access your savings when you want to, in some cases you may forfeit bonus interest or other benefits by doing so.
A savings account is a special type of bank account that pays a much higher interest rate on your account balance than an everyday transaction account. This allows you to build a larger savings balance simply by investing your money with a bank.
However, putting funds into some high-interest savings accounts means your money is ‘locked away’ for a certain period of time and you are unable to access it. For example, if you deposit funds into a 12-month term deposit, you won’t be able to access that money until one year from now when the deposit matures.
An at-call savings account, however, provides at-call access to your funds whenever it is convenient for you. This allows you to check your balance and withdraw money at any time without incurring any hefty bank fees.
See how the cash rate affects your at-call rate here.
There are generally no minimum deposit requirements so you can kickstart your savings plain
Consider the following factors when weighing doing a comparison of at-call accounts and interest rates.
While at-call savings accounts undoubtedly offer many benefits, you may also be well placed to take advantage of the security and consistency of the fixed interest rate on a term deposit. You may wish to consider holding a term deposit alongside your at-call savings account so you can have the best of both worlds.
If you think you could benefit from the savings benefits and easy access of an at-call savings account, the best thing you can do is start comparing all your options. Shop around for the best at-call interest rates at finder.com.au today and find out how you can start building a big savings balance.
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