There are a wide range of investments on offer in Australia: the one that is best for you will depend on the amount of money you have available and the terms and conditions that best suit your plans. For most people, their current account will be the main bank account that they use on a regular basis: current accounts facilitate day-to-day deposits and withdrawals that enable people to manage their money and pay their bills. You are paid a small investment return by your bank for depositing your current account funds with them.
Many people will also have a savings account, which allows account holders to deposit money and earn interest on their balance. Savings accounts do not encourage frequent withdrawals, rather they allow you to set money aside for a specific purchase, or for a rainy day.
There are many other types of bank account and investment account on offer which cater to specific purposes or customers. These include joint accounts, which enable multiple account holders to access the same funds, and student accounts, which offer young people favourable conditions while they complete their studies. Customers who are prepared to accept a certain amount of risk in exchange for the chance of high investment returns may opt for stock market-linked accounts, or other investment options such as property funds or bonds.
For more details on investment options, see: