Consumers Shift To Short Term Easy Access Savings Accounts
Posted September 16th, 2009
Savings accounts are trendy these days. According to a survey made by research house Datamonitor, consumers are becoming increasingly savvy with their money management as more and more opt for short term savers rather than long term savings accounts
In tough economic times people want instant gratification to help with cash flow and therefore many (as many as 62 per cent) are concerned with their savings value. We simply can’t afford to not have access to our savings (such as in a term deposit account) for the long term and neither can we afford to gamble with our funds and lose them.
The Westpac eSaver account; is a savings account that offers good interest rates while giving access to my money whenever I want it. This type of savings account is exactly what consumers are looking for these days.
The research has further shown that many UK consumers lack knowledge about the financial market with the average interest rate estimate being some 2 per cent off the mark despite Bank of England rates being 0.5 per cent for the last six months.
The problem with a situation like this is that consumer fail to realise if the savings accounts they deal with gives them a beneficial deal or not.
Source: Money Management
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Comparison of our Top Credit Card Offers
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
Bankwest Breeze MasterCard | A low interest rate on everyday purchases with a low balance transfer offer | 0% for 6 months (reverts to 10.99% ) | 4.99% for 9 months | $49 | 21.99% |   |
Citibank Clear Platinum Card | A low interest rate offer on balance transfers and purchases | 11.99% | 0% for 12 months with 3% handling fee | $99 | 21.74% | |
St.George Vertigo | An introductory offer on balance transfer and a low annual fee | 13.24% | 0.99% for 6 months | $55 | 21.49% | |
Virgin Flyer Credit Card | Earn 1 velocity point per $1 spent, plus an introductory offer on balance transfers | 20.99% | 1.9% for 12 months | $50 (for first year thereafter $99) | 20.99% | |
Westpac 55 Day Credit Card | No annul fee for the first year with a low rate on balance transfers and purchases | 0% for 5 months (reverts to 19.59% ) | 3.99% for 6 months | $0 annual fee for the first year ($30 thereafter) | 21.49% | |
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