Tips:
- open transaction at savings account with the big 4 banks or any bank that has branch or banks where you can transfer money from overseas to Australian bank.
Look for banks that has no monthly fee. Some banks requires you to deposit from 1k to 2k per month to waive the fees.
Big 4 banks provide lower interest rate or they only provide honeymoon rate like good for 3-4months bonus interest rate.
Yoiu can stay with them until the bonus rate expire then move your money to an online savings account which provide higher interest.
Exampke is Ubank. They provide up to 4.17% interest rate.
- makakuhaka ba sa pinas ng above 4% interest rate sa bank
note: I am not connected with Ubank or bnkwest any banks or finance institution I mention.
What I did:
- I have bank account with one of the big 4 banks. Open transaction and savings account.
I use the transaction account for everyday expenses as it has a link debit card.
- Open a online savings account with higher interest rate.
savings account cannot be use for everyday transaction.
- Advise your emplyer to split the deposit of your salary. deposit the monthly alloted budget on the transaction account and deposit the remaining salary to the online savings account with higher interest rate.
This way, you separate your bucket for expenses and for savings.
Actually, you cna create multiple account in Ubank if you want to be more specific about the savings like before I created an account for house deposit / emergency fund.
- Open children savings account to get higher rate than online savings account.
Sample info of children savings account:
http://yzzymae.blogspot.com.au/2014/08/highest-kids-savings-interest-bankwest.html