Thursday, September 7, 2023


Mackay and Whitsunday Life

Bonus Interest Rate To Grow Your Savings

We all have different reasons for wanting to build savings. You might want to put away a deposit for a house, car, or other important life events, you may want to treat yourself to a holiday! Whatever your purpose, setting yourself up for savings can feel like a hard task – but it doesn’t have to be with Bendigo Bank Community Bank Sarina!

Whether you have an amount to start with or are starting from zero, here are three steps to setting yourself up for savings success.

1. Understand your spending to see what you can save.

● To understand your current financial situation, make a list of all your essential costs.

● Regularly review and compare your internet and utilities bills, and recurring subscriptions to see if there is a better deal for you.

● Use a spreadsheet or budgeting app to track how much you are spending.

2. Look for ways to start saving that fit with your lifestyle and financial goals.

A simple way to start planning savings is to divide your income into different purposes – your expenses, things you want, and savings. For example:

● 70% of your income will go on expenses,

● 20% of your income will go on wants,

● 10% of your income will go into savings.

Once you’ve decided the right percentage split for you, you may want to consider setting up your pay to be automatically transferred into a separate account for each of those areas. That way, your income for expenses and wants is always separate from your savings.

3. Get the best interest rate you can.

Savings accounts that grant rewards for deposits are great choices, like our Reward Saver account – you can earn a bonus rate of up to 5.25% p.a. if your end of month balance is greater than the start of the month (excluding interest deposits). So not only are you saving for your future, we’re also rewarding you along the way!

For more information and to start being rewarded for your savings – visit our friendly team at Community Bank Sarina at 37 Broad Street or call us on 07 4943 2634.

Any advice provided in this article is of a general nature only and you should consider whether it is appropriate for your situation. Please read the relevant product disclosure statement(s) available on our website before acquiring any product.

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