While online bank accounts can help you earn more interest, you have to make sure you get the right one. Here some suggestions on what to watch out for when choosing the right online saving account next time.

No 1: Interest Rate

Usually, the most important attraction for online saving account is interest rates. Interest rates vary depending on factor like the financial institutions providing the account and the current official cash rate. This means interest rates can be changed anytime. It’s important to find out the interest rate that financial institution offering, time frame whether it’s promotional rate and the monthly balance.

No 2: Minimum Deposit

Find out whether you need to deposit minimum amount to earn interest.

No 3: Access to the Money

if you want to take it and spend it, how much time do you needs to give.

No 4: Fees & Charges

Most online saving accounts come with no fees & charges. If you encounter an online savings account with charges, ignore it and look somewhere else.

No 5: Number of linked accounts

Find out how many numbers of linked accounts you can have with online savings account. Most of them come with one linked account to zap money, back and forth through your internet bank account.

No 6: Additional products and services

See if that comes with additional features such as pay bills online, buy things online etc.

No 7: Customer service option

How easy will it be to get questions and answered

No 8: Safety and security

See if that bank back by the Australian Government guarantee AUD 250,000 of your total deposits in each financial institution.

Final Comments

Always remember to read the terms and conditions.