Choosing the best savings account


Find the option that best meets your investment needs

When you're saving for the future, you'll want to keep a portion of your assets in cash. Savings accounts often yield a higher interest rate than other transaction accounts, which are designed for frequent deposits and withdrawals.

It's worth doing a comparison of savings accounts, to determine which of the following best meets your needs:

  • a cash management account
  • a high interest savings account
  • a term deposit account

Cash management accounts

A cash management account acts as a central cash hub for multiple income and expense streams. It's an efficient way to manage investments because of the complete visibility it offers. Unlike a term deposit, your money is not locked away. For example, with a Macquarie Cash Management Account (CMA) you still have transaction facilities like you would with a transaction account.

A cash management account can be a good choice for people with a self managed super fund (SMSF) as it allows you to keep track of all payments into and from the account, including distributions, pension payments, expenses, member contributions and asset purchases.

High interest savings accounts

High interest savings accounts are popular because of their simplicity and the high levels of interest they offer. You generally need to have a transaction account linked to a high interest savings account for cash withdrawals.

The interest rates associated with these savings accounts are variable, and sometimes high interest rates are offered for an introductory period only.

Term deposits

If you would like to see consistent returns on your savings, a term deposit is a good option. With a term deposit, you choose an investment period when you set up the account. Generally, the longer the term of the investment, the higher the interest rate. Withdrawals from term deposits are restricted and often incur fees. There is also often a minimum balance required to open the account.

To find out more about the options available to you, call 13 62 00 to speak with a Macquarie specialist and have your cash management questions answered.

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