Choosing an account

Always exercise caution with any decision which is involved with money. When making the decisions about what account to get or how much to invest you must way up a number of options. Sometimes the highest interest rate is not the priority. In Australia there are four major banks Nab, Westpac, Commonwealth and Anz. These four, you can be more or less sure, are not going to go bankrupt or have really any financial problems due to there size. Therefore these four are always a safe and secure option for your money; they also have the most atm machines and branches so your money is easy to access.

This being said, Australia is a strong economy that is growing rapidly. It has very little problems in the finance world and thus you can be confident with just about any of the banks mentioned on this website. Are advice then, is use a combination of convenience, interest rates and past banking history. If you have been banking successfully with Westpac for all your life and have a relationship built up it is probably better off staying with them, even if across the road another bank is offering a better rate. A good relationship can be just as important as a good account.

Which bank to choose?

Like we have said above, the majority of Australian banks are secure and nationally accessible, with branches and atm machines all over the country. Make the decision based on past experience, who's offering a good rate and are there branches near by?

Bank or Shares?

This has always been a big debate for investors and for all people who have money they wish to save. We here at rates compare will always recommend going with the banks, especially whilst Australia 's interest rates are so high. Banks are secure and rates are guaranteed and often backed up by insurance. Shares, even strong blue chip shares and banks, can vary and have big losses.

We advise that unless you have a good knowledge and understanding of the stock market you go the bank path. It may be an option to do a little bit of both so you have some really money you don't have to worry about and some that you can hope to make some good investments on.

All advice on this page is given merely as advice and once again we recommend you research more before making any decisions. We take no responsibility for what we have recommend and wish to inform that are advise is based on experience from the team at rates compare.