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Author: Greater Bank

How millennials can be smarter with their money

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Whether you have a small sum sitting in your account or a large nest egg, it’s important to be wise with your savings.

Make sure your hard earned cash isn't just sitting idle. Make sure it's earning you bonus interest - rather than costing you - by selecting the right bank account to suit your needs.

Navigating high-interest savings accounts

1. High-interest + flexibility for under 25's

If you want to start saving for a car, a holiday or a home loan, but need regular access to your savings, why not open a Life Saver Account with a linked Everyday Account?

The Life Saver Account rewards under 25s for good saving habits by topping up your balance with interest when your savings grow each month. You’ll also be able to link this account to an Everyday Account, like our Access Account which provides you with 24-hour access to your money and the ability to send and receive instant payments using Osko by BPAY®. With no monthly account management fees++, the Access Account provides you with the convenience of an Everyday Account, but with the added benefit of your savings in your Life Saver Account being boosted with high interest.

2. Bonus interest + flexibility

If you’re over 25 but want to be rewarded for your earnings, a Bonus Saver Account with a linked Everyday Account might just be the way to go. Provided you make monthly deposits and no withdrawals, you’ll receive steady interest on your savings.

A strong motivator for filling that piggy bank is that the Bonus Saver Account has no monthly account-keeping of transaction fees. However, if you withdraw from the account or are unable to deposit money, you will not receive the interest for that month. The Bonus Saver Account offers excellent incentive to become a smart saver.

3. Responsibility = Bonus Interest

Wanting a greater return on your savings? Our fixed term deposits offer greater interest rates for long terms and large deposits.

If you’re sitting on a nest egg, and can commit to term deposit, be sure to budget accordingly. Exiting early out of a term deposit can result in fees and a loss of potential interest. Plan ahead with our Budget Calculator to make sure it’s possible for you to live without the money you plan to lock away with a term deposit. View our current term deposit rates here.

Managing your Greater Bank accounts has never been easier through our mobile banking app – we’ve put the bank branch in your back pocket. Our App for both iPhone and Android devices lets you manage your accounts, transfer funds, open accounts and make product enquiries on the go.

So, stash your cash and gain a greater return. Reward yourself for smarter saving habits today.

++Need to know: 1. The Life Saver balance at the end of the month must be higher than at the beginning of the month, excluding interest. 2. The Life Saver Account must be linked to an Access Account in the account holder’s name. 3. Osko® services are administered by BPAY® Pty Ltd ABN 69 079 137 518. Pay ID® is administered by NPP Australia Limited ABN 68 601 428 737.