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Your Best savings

Compare accounts online for a good deal, advises money expert Adrian Raftery.

Question:

Which is the best savings account on the market right now? There seem to be so many options, I don’t even know where to start. Louisa, Dubbo, NSW.

Adrian’s Answer:

A You can compare bank accounts at the website of ratings company Cannex (www.cannex.com.au), where all bank accounts are rated on a star system.

Currently, they have given a five-star “outstanding value” rating to 17 online savings accounts.

They have also recently awarded Bank of Queensland with the Best Value Australia – Savings. This award goes to the institution they believe has offered consistently high rates across a range of impressive savings products.

CUA was awarded the inaugural national savings award for credit unions as the standout performer in the non-bank sector.

Ultimately, it is your decision, but just remember not to automatically go to the account that pays the highest interest rate, as there may be a higher risk involved.

Advice is general in nature. Readers should always seek further financial advice before making financial decisions.

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