Savings tips from our team
Choosing the right account(s)!
We've got lots of different accounts, so which one do you choose?
If you need your money to be easily accessible, our Online Saver account works well. Our Bonus Saver account is handy if you're saving for a specific reason and you can regularly add to the account but don’t need to withdraw funds.
There's an advantage to opening two accounts rather than one, for example an Everyday Access account with a Visa debit card attached and an Online Saver account which is accessible but has a higher interest rate.
Your salary and income can be credited to the Everyday Access and then transferred via internet banking or the app to your Online Saver account to help you reach your savings goal. You can also open multiple savings accounts if you’re saving for different things or want to keep your money separated into different buckets.
Your other option is a Term Deposit. They’re great if you want to invest money for a specific period and they offer a guaranteed rate of return on your money. But, remember, if you wish to access your money before the term deposit matures, a 31-day notice of withdrawal is required.
Budgeting
If you're saving for something big like a house deposit or a backpacking trip, our Budget Planner is useful for calculating monthly living expenses and how much you can afford to save each month.
It’s a good idea to work out your budget and transfer what you think you can save when you receive your salary rather than wait for the end of the pay period to see what’s left. This way you work within a budget and can see your progress towards your savings goal.
Naming or restricting accounts
Our savings accounts can be re-named or tagged with a description so it stands out from the other accounts on your statement, internet banking or app. You can also set up multiple accounts for different things: your rent, a home deposit, bills, for example. To do this, just give us a call or send us a secure mail through your internet banking or app.
Another strategy is to ask for your internet access to be "view only" on selected accounts. This may help you reach a savings goal by taking away your own access! With this option, you can see the funds but can only withdraw from it in person at a branch. This avoids any impulse spending.
Another option is to not link the account with your savings to internet banking, phone banking or your app. You can set up a recurring transfer to deposit money regularly and keep it levelling up without you even noticing.
See? Getting your savings set up and ready is not as hard as you think! And we can help you along the way. Call us on 132 888 to help you get your accounts set up.
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