5 features to look for in a high-interest savings account this year
From interest rate to app access, we'll show you the features you could consider in a high-interest saving account.
Sponsored by ING. When you sign up for a Savings Maximiser Account, you could earn up to 5.50% p.a. variable interest rate (standard variable rate 0.55% p.a and 4.95% p.a additional variable rate). Terms and conditions apply.*
Trying to grow your savings in 2024? Not all savings accounts are created equal – you want to make sure you've got the right features in place for your needs.
1. A high interest rate
A high interest rate is one of the key features of any savings account. It directly affects your ability to grow your wealth.
Let's look at ING Savings Maximiser as an example. You could earn up to 5.50% p.a.* – it is one of the highest rates in the market at the time of writing if you meet eligibility criteria.
There are some conditions you need to meet in the previous month to earn the highest variable interest rate the following month. Let's break them down.
- In addition to your Savings Maximiser account, you'll also need an ING Orange Everyday account.
- Each month, you'll need to deposit at least $1,000 from an external source to any personal ING account in your name.
- You'll also need to carry out at least 5 eligible transactions with an ING card every month.
- Last but not least, you'll also need to grow your Savings Maximiser balance so that the balance of your account is higher than it was at the end of the previous month, excluding interest.
To give you an idea of how much earning at this rate can boost your savings over time, you can check out the ING Savings Calculator.
2. Rounding up your spending to add to your savings
If you're getting serious about saving, you probably already have a budget in place. And if not, no problem – you can find a budget planner right here on Finder.
Setting aside cash each pay period is a great way to get your savings started, too – but there are also ways to kick it up a notch.
If you've got an ING Orange Everyday account and use the Visa Debit card it comes with, you're able to round up** eligible transactions to the nearest $1 or $5 of your money.
This difference is then transferred straight to your ING Savings Maximiser account so you can top up your savings account regularly, without even thinking about it.
3. Low (or no) account fees
It's always worth keeping an eye on the fees you pay for a long-term savings account. After all, you don't want fees chipping away at your funds for no reason!
The good news is that it's possible to find accounts that charge either very low – or no – fees.
One example is ING's savings account, which doesn't charge any ING fees on the Savings Maximiser account.
Shopping around for an account with minimal fees can be a good way to make sure that you're maximising your savings potential, and not having it undermined by unnecessary fees.
4. Daily interest calculation
Savings accounts can vary in how often interest on your balance is calculated.
With this said, opting for a daily interest calculation can be beneficial.
This is because it allows you to more effectively capitalise on compound interest and on seeing more rapid growth when you make deposits.
The ING Savings Maximiser is one account that calculates interest daily and pays monthly. So whenever you make a deposit, you're able to immediately start earning extra interest on your money, without having to wait.
5. App access to your balance
Before you sign up for an account, check whether it also includes app access to your funds.
The ING Savings Maximiser allows you to track your benefits – and check whether you're on track to qualify for bonus interest – via the ING app***.
Having on-the-go access to your balance can help you stay on track with your savings more easily, and help you get real-time insights into how your wealth is growing.
Find out more about ING Savings Maximiser
Compare other high-interest savings options here