Whether you’re saving for your next big holiday, a house deposit, or planning for your retirement, we all have financial goals we are working towards. Knowing what your goals are, can help you decide how to best reach them.


Once you determine your savings goals, setting a budget and developing a savings plan can help you focus on the achievement of your financial goals - and potentially realise them sooner. Consider how much you need and set a realistic timeframe. Tools like our Budget Planner and Savings Plan Simulator can help you understand the impact that changing a few small spending habits can have on your finances.

Transaction accounts

These accounts are convenient for everyday transactions, providing 24/7 access to your funds. They often have a debit card attached, so you can pay in a way that suits you. You can still use this type of account to save for a goal, but they often offer no or low interest. And with your funds so accessible, it can be easy to dip into your savings.

Savings accounts

If you are looking to earn additional or bonus interest on your funds, a savings /bonus savings account might be more suitable. Keep in mind that these accounts often have conditions that need to be met to qualify, such as a minimum monthly deposit and/or limited or no withdrawals per month. The ability to earn interest can provide you with that extra motivation to consciously limit your spending or contribute additional funds where you can to try and achieve your goal.

Term deposits

If you have a longer term goal and can resist the temptation of tapping into your funds, a term deposit might be a good option to consider. These may have a minimum deposit amount (usually $1000) and terms range from 30 days, up to 5 years. Your return is fixed, along with your interest rate, but you may be penalised if you withdraw your money before the end of the term.

The Australian Government's Financial Claims Scheme (FCS) protects people's deposits in the unlikely event that a bank, building society or credit union fails. It only covers banking institutions that are incorporated in Australia, and has been known as the Australian Government deposit guarantee.

If you have an offset account attached to your home loan, you might consider putting your savings in that account. You won’t earn interest on your savings, but you will save interest on your home loan.


Understanding your goals, means you can choose an account to help maximise your savings and achieve them sooner. Kick-start your savings goal with our range of Savings and Investment products.

Please consult with a financial adviser for personal financial advice.