Type of Saver

Type 1: The disciplined saver – you manage your finances carefully and have plenty of money to spare, plus a contingency plan for emergencies.

If you have a good handle on your finances, you probably don’t need to worry too much about the type of Savings Account you select. Focus on getting a top AER, and make sure there are no unnecessary restrictions to the amount and frequency of deposits.

Type 2: The regular saver – you want to start putting aside some money, but may want to dip into your savings occasionally for special occasions or emergency expenses.

You can afford to save regularly, but want the flexibility to access your money when you want or need it. If you’re a careful planner, a regular savings account might be right for you. If you want additional flexibility, then consider a notice account or an instant access savings account. Make sure you read the fine print, and check to see that the AER quoted will still apply if you make a withdrawal.

Type 3: The special event saver – you’re saving up for something big, and know exactly how much you’re saving and when you need access to your money.

You’re a good candidate for a fixed rate savings account. You know exactly what you’re getting, and you know when you’ll be able to withdraw your money. All you need to do is find the term you like, and shop around for the best AER. A word of caution – make sure you are happy with any of the restrictions on the minimum balance, and number of deposits you are allowed to make.