Are you missing out on bonus interest? 3 ways to maximise your savings

Saving money is about more than just stashing cash. By getting smart with the way you save, you can build wealth better.

High interest savings accounts are a well-established means of boosting your savings and growing funds over time.

But are you using yours to its full potential? We've compiled our top tips to help you maximise your savings this year.

1. Make sure you actually have a savings account with a high interest rate.

Savings accounts can vary quite a bit in the amount of interest they earn. So it's worth doing a bit of comparison and checking how your current interest rate stacks up.

Let's take a look at Rabobank's High Interest Savings Account as an example. At the time of writing, this account offers a rate of 5.75% p.a. for the first four months, for new customers, on balances of up to $250,000.

After the first four months, the rate drops to a variable rate of 4.40% p.a., which still allows for considerable savings potential. You can also use Rabobank's PremiumSaver account which has a maximum ongoing rate of 5.00% p.a. if you can deposit $200 a month into the account. Rabobank also doesn't charge account-keeping fees on the High Interest Savings Account, so you won't need to worry about your savings being chewed up by excess costs.

Now, whichever account you use, it is normal for your interest rate to fluctuate a bit as it's tied to the overall cash rate set by the RBA. However, if you haven't checked your current account's interest rate in quite a while, it may have dropped quite low since you first signed up.

Making the switch to a new savings account provider can be a great way to take advantage of an introductory offer while also securing a higher interest rate overall.

Learn more about saving with Rabobank

2. Work out a realistic savings goal each month and stick to it

Part of getting better at saving is developing a routine with your finances and sticking to it. Many Australians plan to save after meeting all of their other expenses – but that's an easy way to simply end up saving nothing!

However, by putting money in your savings as soon as you get paid – sometimes called paying yourself first – you're much more likely to set yourself up for success.

This can also be a great time to reassess your overall budgeting and spending habits to look for more ways to save, too. You can find a guide on how to budget right here on Finder.

Tools such as the Moneysmart Savings Calculator can also be useful.

Sticking to a plan will not only help you save towards specific goals more quickly, but it'll also help you continue to build wealth over time.

3. Set up reminders or automatic debits

So, you've set up a high interest account and you've got your budget ready. What's next?

Even if you've got an account like Rabobank's High Interest Savings Account that doesn't require minimum deposits, setting up automated payments can still be a great way to put your money out of temptation's way!

So setting up automated payments can be a great way to ensure that you've got money going into your high interest account each month.

4. Check the fine print

We mentioned minimum deposits just before – but it's not uncommon for high interest savings accounts to have even more specific criteria for unlocking the maximum interest rate.

Some of these common clauses include:

• Growing your overall balance month-to-month
• A minimum number of transactions from a linked account
• A specific number of deposits each month
• Not withdrawing funds before a specific date

Each account will be different, so make sure you check the terms and conditions closely before signing up.

It should be noted that these criteria don't necessarily make accounts better or worse for saving.

Everyone's saving habits and goals are different; some people find that strict conditions actually help them stay more disciplined in their saving.

However, some people are looking for an option that's a little more low-maintenance.

To point to one example, Rabobank's High Interest Savings Account includes no restrictions, including no minimum deposits or withdrawal restrictions. You can find a more detailed review here on Finder.

By doing some searching around, you can find an account that will also aid you in the saving process too.

Start saving today with Rabobank

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Name	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Intro/Ongoing	Government Guarantee	Monthly Max Rate Conditions
Rabobank High Interest Savings Account	Maximum Variable Rate p.a. 5.75%	Standard Variable Rate p.a. 4.40%	Intro/Ongoing 4 months	Government Guarantee	Monthly Max Rate Conditions Balances up to $250,000	View details Compare	loading Fetching your data...

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Information provided is of a general nature and does not take into account your objectives, financial situation or needs. Consider these factors along with the relevant terms and conditions, and seek professional advice before making any financial or tax decisions.

Rabobank Australia Limited ABN 50 001 621 129 AFSL 234 700 is the issuer of Rabobank Online Savings (these terms and conditions, product disclosure statement and target market determination are available at www.rabobank.com.au, at Rabobank branches, or by calling 1300 30 30 33.)