A Savings Bank account is an account where the individual account holder deposits money with intent to retain and accumulate them for any planned or unplanned event, expense or contingency. Of all different type of accounts which are usually offered by Banks to prospective customers, a savings account is the single largest category.

Although the banking sector in Australia is extremely competitive and there is really not much to decipher between the savings account options offered by different banks, a careful consideration of the below factors can prove to be useful for Australians.

Interest Rate Analysis: He should do a careful comparison of interest rates being offered by different Australian banks. After having done this comparison, he should go for the highest interest option, as that would mean his savings would earn the maximum possible appreciation over a period of time.

Minimum Balance clause: Savings accounts are usually of two categories – Minimum balance savings account and Zero balance savings account. It is advisable to go for a zero balance account, as minimum balance accounts require a specific amount to be maintained at all times and the customer may be imposed an additional charge, if the balance falls short of the specified minimum.

Fees and Charges associated with the savings account: Before you choose the bank where you intend to open a savings account, you should carefully study the schedule of charges or fees that are expressly mentioned in the product brochure.

Additional Benefits: One should also carefully compare the additional or fringe benefits that different banks have to offer with their savings accounts. Examples of such additional benefits could be cash pick-up and drop facility, add-on ATM card for spouse or children, dedicated or personalized concierge service etc.