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Saving in Australia — making your money work harder

Australia has a well-developed savings product market, but navigating it requires attention to the fine print. The headline "bonus rate" advertised by banks typically requires you to make a minimum monthly deposit and no withdrawals — miss the conditions and you revert to the much lower base rate.

For larger goals like a home deposit, it's worth understanding all the tools available:

• High-interest savings accounts: Shop around — rates vary significantly between institutions. Online banks and credit unions often offer better rates than the big four.
• Term deposits: Lock your money away for a fixed period in exchange for a guaranteed rate. Good if you won't need the funds and rates are favourable.
• First Home Super Saver (FHSS): Save up to $15,000/year (max $50,000 total) inside your super fund for a first home deposit. Contributions are taxed at 15% instead of your marginal rate — a meaningful saving for most people.
• Offset accounts: If you already have a mortgage, an offset account may deliver a better after-tax return than a savings account — the 'return' is your mortgage interest rate, which is generally higher than savings rates.