Comparing Savings Accounts to Save More Money
Here at Savings Guide, we talk a lot about the need to have a savings account and regularly contribute towards it. Whether it is 10% of each pay cheque or any loose change you can afford to save, the benefits of working towards a savings goal cannot be over looked.
So hopefully you now have a high interest savings account, or better yet – just about to sign up for one as today we are looking at the benefits of shopping around and comparing savings accounts on the internet to ensure you are getting maximum interest rates on your hard earned savings account.
The difference between one savings account and another can be as much as 4% interest or more – imagine the money you could be losing? Depending on how big your savings account is, you could be losing anywhere from a couple of hundred dollars to thousands per year – all because you haven’t taken 5 minutes to search around for the latest and greatest savings accounts.
So where do you start to find the best Savings Account?
After trying very hard to find a website that allowed me to compare savings accounts in a non biased way, I stumbled upon Mozo – a relatively new site, that’s sole business is to compare savings accounts and other products like credit cards, term deposits and loans.
The difference with Mozo that impressed me, is that unlike many of the other comparison websites – Mozo offered honest advice, has an ACTUAL office (unlike many of the other websites out there) and they appear to have put a new spin on comparing financial products.
Something on the site that also helped me was the fact that the savings accounts had actual savings account reviews, voted on as such with testomonials. This gave me an inside view from actual account holders as to what the best savings account for me was and it helped my decision making process substantially.
The benefits of comparing savings accounts
While looking at the different savings accounts available at Mozo, I compared my top 3 options; Raboplus, ING or ANZ. I ended up signing up for an ANZ account as the interest rate was high, lasted longer than other providers and at the same time was a very well known, established Australian bank. The benefit of ANZ is that they have branch access, no minimum balance and no monthly fees – all for a interest rate that is much higher than most of the other banks.
The money I deposited into this account was substantial, it is the money I am saving for a very big trip I will be going on to Scotland, Europe and America in the coming year. I can easily say from my calculations that by swapping accounts (previously I held a high interest account with another bank) I will be making around $500 extra in interest over the coming year. Not bad in my opinion.
Give Mozo a try yourself
If you want to try out Mozo for yourself, you will be able to compare savings accounts easily and also narrow down your comparisons using the following predefined catagories;
- Top Picks
- Standard Rates
- Promo Rates
- No Monthly Fees
- No Minimum Balance
- Branch Access
To check Mozo out, visit them at;
http://www.mozo.com.au or give them a call on; (02) 9037 4366 (I even like that you can actually call them!)
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