Where is the best place for my savings
So you’ve managed to pull together some savings. Awesome work! But what comes next? Where do you put it and just how hard should those savings be working for you?
If your plan was to stash your cash under the mattress then there are some things we need to talk about. There are many places you can keep your savings but ideally you want them somewhere where they are earning money for you. And last time we checked; the mattress wasn’t paying up. So, what are your options?
You could keep your savings in a transaction account, but chances are you will earn little to no interest on your savings there. The two most common places to deposit your savings are either an account specifically designed for savings or a term deposit. But how do you choose? Here are some things to consider:
Savings Account
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Term Deposit
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If you have an offset account attached to your mortgage, consider storing your savings in that account. They won’t earn any interest, but they will save you interest on your home loan. Read more about getting the most out of your offset account here.
Why choose us?
Established in 1880, IMB Bank is one of the most enduring financial institutions in the country, helping people achieve their financial goals for over 140 years. Our members can access a fully featured range of services: home and personal lending, savings and transaction accounts, term deposits, business banking, and more.
Our renowned personal service is backed by innovation, providing convenient, secure digital banking options where and when you want it. IMB also has a growing retail branch network throughout NSW and Victoria, for when you need to speak to someone in person, and a team of professionals at our locally based contact centre. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you.
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