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Max K.
Max K.
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I'm a university student trying to decide where I should keep my money for maximum savings potential.

I currently have a savings account getting 2.75% interest. Is this a good rate or should I shop around? Or maybe consider other options?

4 years ago

Responses

Hi Max

In browsing through financial comparison sites such as Mozo, Finder and Rate City the 2.75% interest on your savings account seems quite competitive at the moment. There are a few providers with rates a tad higher but they do come with restrictions on the minimum amount on deposit.

There are options available that may help drive a greater return on your funds however it will depend on your appetite for risk and how accessible you need the savings to be. You could look at a term deposit or create a share and investment portfolio depending on the funds you have available.

If you are looking at these types of options then it is important to get the right advice from a financial adviser who wants to work with you in the short and long term. If you need access to your funds on a regular basis then the 2.75% does seem to be competitive.

I hope this helps

Best wishes

Paul

You should definite check rate comparison websites such as RateCity.com & Mozo.com.au to shop for better.

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