Choose the right savings account
If you have money to put aside, make sure it’s working for you in the best possible way.
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National Seniors Money Manager account
The National Seniors Money Manager account pays interest on every dollar you deposit, and your money is there whenever you need it.
With no monthly fees, and access to your available balance online or via a Visa Debit Card, National Seniors Money Manager account offers you a flexible savings account anytime, anywhere.
Finding the right savings account isn’t just about chasing the highest interest rate. It’s about understanding how different features work together to suit your needs.
A savings account is best thought of as a digital piggy bank. Unlike a transactional account, which is designed for everyday spending, a savings account usually offers a higher interest rate and helps you grow your money over time.
It’s often linked to a transactional account so you can move funds easily, but it typically doesn’t come with card access, making it less tempting to spend your savings on impulse.
Savings accounts also differ from term deposits. While a term deposit locks your money away for a set period, a savings account lets you add funds, withdraw when necessary, and still earn monthly interest. This flexibility makes it easier to manage your money without sacrificing growth potential.
When comparing accounts, it’s worth looking beyond the advertised interest rate. Some banks offer bonus or introductory rates, but these often come with conditions—such as depositing a certain amount each month or limiting the number of withdrawals you can make.
Fees are another factor to watch out for, as some institutions charge ongoing costs unless you meet minimum deposit requirements.
It’s also worth considering whether the account can be linked to your transactional account. This can make transferring money simpler and, in some cases, may unlock bonus interest rates. Some providers even allow you to create sub-accounts, which can be helpful if you want to separate funds for specific purposes like rent, emergencies, or upcoming bills.
Accessibility is another consideration. While many savings accounts are managed online, some banks still allow you to handle transfers in-branch if your account is linked to a transactional account.
Finally, don’t forget about security. Always check that your account is with an authorised deposit-taking institution (ADI). This ensures your deposits are covered by the Australian Government’s deposit guarantee scheme, protecting up to $250,000 per account holder per institution.
Even after you’ve opened an account, it’s wise to review your options regularly. Interest rates and conditions can change, and staying informed ensures your savings are working as hard as possible for you.
By considering the full picture – not just the headline rate – you can choose an account that offers the right balance of growth, flexibility, and peace of mind.
National Seniors Australia Ltd ABN 89 050 523 003 arranges deposits as an authorised representative (AR 282736) of Auswide Bank Ltd (Auswide Bank) ABN 40 087 652 060, AFSL and Australian Credit Licence 239686. Auswide Bank is a wholly owned subsidiary of MyState Bank Limited ABN 89 067 729 195, part of MyState Limited ABN 26 133 623 962. We do not provide any advice based on any consideration of your objectives, financial situation or needs. A target market determination can be obtained at auswidebank.com.au/tmd. Before making a decision to invest, please consider the Terms and Conditions. If you make a deposit, we will receive a commission from Auswide Bank. For more information about our relationship with Auswide Bank please read the Financial Service Guide contained in the Terms and Conditions*. This account is protected by the Australian Government deposit guarantee. Up to $250,000 of deposits in ‘protected accounts’ held by an entity with Auswide Bank are covered under the Financial Claims Scheme. Information on the Financial Claims Scheme is available at www.fcs.gov.au
This article and any links provided are for general information only and should not be taken as constituting professional advice. National Seniors is not a financial advisor. You should consider seeking independent legal, financial, taxation or other advice to check how any information provided relates to your unique circumstances.
