+61.8.9355 5822 |   enquiries@pplfinanceservices.com.au

Saving money in a Bank Account


Bank accounts are an effective place to save money. Forget stashing your cash in the sock draw, a jar next to the door, or in a safe; a bank account is better and should be free.
Here’s how to save money in a bank account

Shop around

If you’re looking to save money in a bank account, then the interest rate is important. A high interest rate will help grow your money faster and accelerate your savings. Look for banks or credit unions that offer high interest rate savings accounts. These accounts should not have fees for normal banking, if they want to charge you an account keeping fee or transfer fees go somewhere else.

Don’t hide it in your sock draw, hide it in the bank

Your savings account only needs to be accessible in as much as you can check your money is in it and at some point get it back out again. There is no need for ATM access, over the counter withdrawals, or instant transfers to a transaction account. The harder it is for you to get money out of it, the less likely you will, which is the point of saving.

Segregate your money

If you only have one account it’s going to be pretty tricky to have a regimented saving plan. Having three accounts; a transaction, short term saving, and long term saving, is a basic system you could use. Deposit your income into your transaction account and use it for all your spending. Automatically transfer your savings to both the short term savings and long term savings accounts. Your short term savings account is good for annual expense like car registration, holidays, or a new washing machine. The long term savings should be keep, or better still invested, for the future.

Audit your accounts

Just because you got a good deal when you first opened your account doesn’t mean it is still the best product available. Periodically check other bank’s interest rates to ensure yours is still decent. There is no harm in changing banks or moving your money around, over 20 years you will earn about 40% more from interest if you get 5% p.a. instead of 4% p.a. on a $10,000 investment.
Setting up a new account isn’t difficult and can usually be done online from home. By having your savings automatically transferred to a hard to access, high interest rate account you will be set up to save more in your bank account.

About PPL Finance Services

We offer access to a broad range of finance services, through a network of carefully selected alliance relationships with service providers that have the experience and the level of expertise required to provide guidence, assistance and innovative advice to best serve and protect the interests of our members. Learn more...

Keep in Touch

  This email address is being protected from spambots. You need JavaScript enabled to view it.
  +61 8 9355 5822
  +61 8 9355 5833
  Suite1/160 Burswood Road, Burswood Western Australia


View our Location

Latest News


Getting a home loan approved...

Your home loan will probably be the largest loan you ever take out. So it pays to...


Saving money in a Bank...

Bank accounts are an effective place to save money. Forget stashing your cash in the sock draw,...


Start your retirement planning, sooner...

When do you want to retire? What lifestyle do you want in retirement? Do you want to...


Saving on Home Insurance

      Home insurance protects your home against unexpected events like fire, natural disasters, vandalism, theft etc. The insurance...


What is the right retirement...

In Australia your employer will pay a percentage (legislated by governement) of your wage into a superannuation...


How to save when buying...

It is an exciting time the day you decide to buy your first car. For many it...


Three smart ways to use...

A lot of people deal with their own share of financial burdens primarily because of the not-so-smart...


Make Better Financial Decisions by...

Frugality is not about saving money. We all know, saving money is a big part of living frugally,...