Bank Saving Account Tips

Banking is an essential service for many people. Here are a few Bank Saving Account Tips. With so many demands on money and time it can be hard to ensure that your everyday banking is working to your very best advantage. Whether you need a wide range of banking services or can make use of lower cost banking options, it is important that you use products and services which suit you. In this section we provide a few tips on better ways to bank which you may find useful. In summary we discuss:

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Organizing your day-to-day finances
How to make sure you’re running the right accounts
How to use the bank when it suits you
Bringing your banking together

Organize your day-to-day finances:

If you want to control your money and know your exact financial position at any time, planning is vital.

For example:
Listing down your monthly expenditure can help you see where your money is going.
Once you have this broader picture, you can redirect or reduce your expenses.
Budgeting can give you a clearer focus on what you want to do with your money.
Budgeting can help you isolate unwanted or ‘hidden’ expenses.
During these financially uncertain times, make it a priority to establish a 3 - 6 month cash cushion of savings.

Run the right accounts:

Choose the right accounts for your way of banking.
In day-to-day banking transactions, a mix of flexibility and convenience is important to most people. To get the best from your banking, identify your specific needs and think about how you are likely to use each account.

You may want easy access to your funds or a better interest rate. You may want to write checks, or use ATMs and EFTPOS (Electronic Funds Transfer Point of Sale) facilities. How often you make transactions is another important consideration when choosing an account, because some accounts incur lower or less frequent transaction fees than others.

Now it’s time to see what kind of account suits you best. Banks offer a full range of products and services, giving you the opportunity to use what is right for you now, with the flexibility to cope with changes in your circumstances.

Remember, choosing the right account now could save you time and money tomorrow.

Investigate special options or packages.
It’s always in your best interests to ask about options or packages for which you might be eligible. For example, some banks offer students, graduates, senior citizens, or customers who keep higher minimum balances certain special benefits.

What extras would help your banking?
Think about products or services that might complement and improve your banking. An overdraft policy is one example. Like many people, there may be times when you accidentally spend more money than you’ve got in available funds. A simple overdraft product allows you to apply for a credit limit of either $500 or $1,000 on your account in case it should ever become overdrawn.

A quick summary:
Identify what you need and how you will use an account.
Think about how often you will use an account.
Shop around
Check to see if you’re eligible for any special packages.
Ask about other products or services that might improve your banking.

Bank when it suits:

Many people now want the convenience of access to funds at a time and place that suits them. If that sounds like your way of "going to the bank", simply choose the kind of access that suits you – whether it be banking by Internet, phone, ATMs or EFTPOS. You may want to use them all!

Phone Direct Service
Phone Direct is a telephone banking service and provides a wide range of value-added services. With Phone Direct you can check your account balances, obtain information on previous transactions, transfer money between your linked accounts and pay bills. There is usually no charge to use your bank's Phone Direct service, and you can often make as many transactions as you like every time you access the service using your Customer Registration Number and PIN.

Internet Banking
Internet Banking allows you to access all the features of Phone Direct plus a few more. Whether you want to get an account balance, transfer funds, or pay a bill you can do so from the comfort of your own PC.

ATMs
ATMs are located worldwide and availalbe for use 24 hours a day.
In addition, EFTPOS allow you to make purchases at thousands of retail outlets, with funds debited directly from your account.

Using ATMs and EFTPOS can also help you reduce over-the-counter branch withdrawal fees.

Bring your banking together:

Keep your banking under one roof
Keeping all your accounts in the one bank not only streamlines your banking, it could save you money.
For example, customers who have a home loan or investments with one bank are sometimes eligible (upon application) for a reduction in their account fees. If you are in a position to offer one financial services provider the majority of your banking business, it’s certainly something worth asking about.

Consolidate your debts:

Debt can creep up on all of us. With a multitude of debts you might only be able to pay the minimum required each month, never seeming to make worthwhile inroads into your total debt. If that sounds like you, it’s time to think about the benefits of debt consolidation:

You could save on interest if you consolidate several debts into one loan that is financed at a lower interest rate.
You could save on transaction fees relating to each individual debt
paying off one loan is easier to manage.

Close accounts you no longer use:

Decide which accounts you don’t need and don’t use – and close them. Unused accounts often still incur fees, so it’s in your best interests to make a decision to use them or lose them.

Utilize bank expertise and information:

Banks are here to help you use products and services that offer you some financial or service benefit.

We encourage you to take advantage of the expertise and information banks offer at their branches, on the phon, or via the Internet to help you make informed decisions about the management of your finances.

 

 

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