Want to earn more interest on your savings? While there a few ways you could go about that, in this post, we’re going to check out how you can use a linked debit card account to boost the interest you earn on your savings. Let’s look at a few example accounts that offer this feature.
Westpac Choice Account + Westpac Life Account
Only available to 18 to 29 year olds, this Westpac interest booster allows customers who have both a Westpac Choice account and Westpac Life account to earn more interest on their savings month to month.
How does it work? The Westpac Choice account is an everyday account, featuring a debit card for day-to-day spending. The Westpac Life account is a savings account that lets users:
- Set up to six savings goals
- Put savings on autopilot with a recurring transfer
- Monitor their savings progress using the Westpac app
What do you need to do? Your savings will earn interest at a rate of 0.25% p.a. variable (including a 0.15% p.a. variable base rate plus 0.10% p.a. variable bonus interest rate). You can earn an additional Spend&Save bonus rate of 2.25% p.a. when you make five eligible purchases a month with your debit card linked to your Westpac Choice bank account.
What does the offer provide? Overall, you can earn up to 2.50% p.a. on your savings (with the Spend&Save bonus applying to the first $30,000 in your Westpac Life account only).
What do you need to know? There are no monthly fees on the Westpac Life account. The Westpac Choice account charges a monthly fee of $5, unless you meet one of the following criteria:
- You deposit at least $2,000 each month
- You are under the age of 30 or a full-time tertiary student
- You are an Australian Pensioner Concession or Health Care Card holder
- You are new to Australia or are an expatriate customer (for the first 12 months)
ING Orange Everyday + Savings Maximiser
With an ING Orange Everyday Account, accountholders can earn up to 1.35% p.a. in interest on funds up to $100,000 held within their ING Savings Maximiser.
What do you need to do? To be eligible for the full bonus rate (made up of the 0.05% standard rate plus the 1.30% p.a. additional variable rate), you must:
- Deposit at least $1,000 into your account each month
- Make five or more card purchases
- Grow your nominated Savings Maximiser balance
What do you need to know? The bonus rate is only available on one account. There is no monthly fee on the Everyday Account or Savings Maximiser. You will pay no ING international transaction fees on online or overseas purchases when you deposit at least $1,000 and make five or more card purchases per month.
What do you need to be eligible? To apply for these accounts, you must:
- Be an Australian resident for taxation purposes,
- Have an Australian mobile number and an email address,
- Have at least two forms of ID,
- Be aged 18 or over.
ME Everyday Transaction Account + Online Savings Account
ME Everyday Transaction accountholders can earn up to 1.00% p.a. on funds held within their Online Savings account on balances up to $250,000.
What do you need to do? After opening your Everyday Transaction Account and Online Savings Account, you can boost the rate applied to your savings to 1.00% p.a. simply by making four or more tap & go purchases per calendar month using your Everyday Transaction Account debit card.
What do you need to know? As long as you meet the bonus criteria, you can move, add or withdraw money as often as you want and still qualify for the bonus rate. There are no monthly fees or minimum deposit requirements, and ME offers an ATM refund on fees incurred at all ATMs in Australia.
What else does it offer? With the ME Everyday Transaction Account, you can have up to five different colour-coded accounts, with instant access to your account via a digital card.
What do you need to be eligible? To apply for these accounts, you must be 16 or over and an Australian citizen, permanent resident or resident for tax purposes, with an Australian residential address.
Suncorp Everyday Options Account
With an Everyday Options Account, accountholders can open up to nine interest-earning savings sub-accounts to help them plan and save.
How does it work? Funds held within the Everyday Options main account earn a variable rate of 0.01% p.a., while funds held within each Everyday Options sub-account earn a variable rate of 0.05% p.a.
What do you need to know? There are no monthly fees, no minimum deposit requirements and no currency conversion fees on debit card purchases. You can also request unlimited transfers to and from your Everyday Options main account, and you can pay bills directly from your sub-accounts via BPAY or direct debit at no additional cost.
What else does it offer? With each sub-account, you also have easy, online access to Suncorp’s flexiRate feature, which lets you lock in a higher interest rate on balances for fixed terms up to 12 months.
What do you need to be eligible? To be eligible for a Suncorp Bank Visa Debit card, you must be 16 years of age or older.