Saving money can be challenging so it’s important to find a savings account that helps you to reach your savings goals.

The right savings account can help you to grow your money and fits in in with your savings habits.

Here are some things to consider when choosing a savings account.

1. Fees and charges

When it comes to making the most of your money, it’s important to look any fees associates with your savings account. Some accounts charge fees for withdrawals or have monthly account keeping fees.

If you plan on making regular withdrawals from your savings account, consider one that doesn’t penalise you for withdrawals, so you don’t pay a fee every time you want to move money around.

BCU Bank’s iSaver Account has no monthly account keeping fees and no minimum balance.

2. Interest rates

Interest rates can vary widely across savings accounts.

The higher the savings account interest rate is, the more money you can make on your funds.

However, higher interest rate accounts may have restrictions on how you can access your money or what you can do with it. For example, you may be limited to a set number of transactions each month, not be able to make any withdrawals at all, or need to maintain a minimum account balance to qualify for a bonus incentive. Consider whether you value a higher return on your money, or the convenience of being able to access it easily, anytime.

3. Accessibility of funds

Higher interest savings accounts often don’t offer card or ATM access, so consider how you’ll access your money when you need it. If you regularly need access your savings, consider setting up internet banking access to ensure you can transfer funds easily.

BCU members can manage their accounts in the BCU Bank app or via BCU iBank.

4. Savings offers and incentives

Many financial institutions offer incentives for moving your money over from another bank, or for opening a new type of account, such as promotional interest rates for a short period of time.

Make sure you understand what you’re signing up for. Some accounts may require a minimum balance to be eligible for the promotional interest. It’s also important to consider what you will do with your money after the promotional period ends.

5. Term deposits

Term deposits offer a fixed interest rate that is generally higher than your standard savings account. Consider whether you’ll need short-term access to the funds - once the money is in a term deposit, it generally can’t be touched until the term is up without incurring an interest penalty.

Our term deposit calculator can help you crunch the numbers and work out how much interest you could earn.

Important information

Banking and Credit products issued by Police & Nurses Limited (BCU) ABN 69 087 651 876 AFSL/Australian Credit Licence 240701. Any advice does not take into account your objectives, financial situation or needs. Read the relevant Product Terms and Condition, before acquiring this product in considering and deciding whether it is right for you. The Target Market Determination (TMD) for products is available on request. Lending criteria, terms & conditions, fees & charges apply.