5 reasons to consider switching your savings account this January
Looking to get on top of your savings for 2025? First things first – you need to pick the right savings account.
Sponsored by P&N Bank. With multiple savings accounts to choose from, P&N Bank can help you find the right account for your savings goals. Find out more on the P&N Bank website today.
If your current savings account isn't helping you hit your savings goals, it might be time to make a switch. We take a look at some of the reasons to make a change.
1. Get an account to suit your saving style
It's important to have an account that will work with your savings style and let you achieve your goals.
Because everyone saves differently, P&N Bank has a range of different savings accounts to choose from.
- Savvy Saver – Earn up to 5.10% p.a. on balances up to $100k when you deposit min. $500 and make 5 eligible transactions from your linked P&N transaction account.
- Hi Saver Account – Earn bonus interest for the first four months, to kickstart your savings.
- SwiftSaver Account – Score bonus interest when you stick to a regular savings plan.
2. Earn more interest
The interest rate isn't the only thing you need to consider in a savings account, but it is important.
After all, the amount of interest you earn will determine how much your savings can grow.
At time of writing, you can earn up to 5.10% p.a. when you opt for a high-interest Savvy Saver account with P&N and meet the eligibility criteria detailed above.
Check out the P&N Bank Savings Calculator to get an idea of how much you can save.
3. Ditch the monthly fees
No-one likes to see their savings get eaten up by excess costs.
So it's worth looking for a savings account that doesn't include monthly fees.
P&N Bank savings accounts don't include any monthly fees.
This way, you can make sure your funds are going where you want them – achieving your long-term financial goals.
4. No minimum balance
Unfortunately, life is full of little emergencies. Sometimes you need to dip into your savings – and you don't want to be penalised for that.
Fortunately, some accounts don't require a minimum balance to earn interest.
Most P&N Bank saving accounts allow you to make withdrawals as necessary, while still earning interest month-to-month.
5. Access to budgeting tools
Budgeting is a key part of saving. So online tools and apps can make it much easier to keep track of things while you're on the go.
mymo by P&N Bank is a budgeting app that can give you an insight into how rapidly you can grow your wealth.
You'll be able to get a clear overview of your expenses. You may even be able to find some new areas where you can save!
Start saving with P&N Bank
Sponsored by P&N Bank. With multiple savings accounts to choose from, P&N Bank can help you find the right account for your savings goals. Find out more on the P&N Bank website today.