Compare accounts online for a good deal, advises money expert Adrian Raftery.
Question:
Which is the best savings account on the market right now? There seem to be so many options, I don’t even know where to start. Louisa, Dubbo, NSW.
Adrian's Answer:
A You can compare bank accounts at the website of ratings company Cannex (www.cannex.com.au), where all bank accounts are rated on a star system.
Currently, they have given a five-star “outstanding value” rating to 17 online savings accounts.
They have also recently awarded Bank of Queensland with the Best Value Australia - Savings. This award goes to the institution they believe has offered consistently high rates across a range of impressive savings products.
CUA was awarded the inaugural national savings award for credit unions as the standout performer in the non-bank sector.
Ultimately, it is your decision, but just remember not to automatically go to the account that pays the highest interest rate, as there may be a higher risk involved.
Advice is general in nature. Readers should always seek further financial advice before making financial decisions.
