BB Fact Sheets – Money – Bank Deposits 

The Basics

• The global credit crisis has made poeple stop and think about building up their equity and savings to be more financially secure into the future.

• Savings or Bank Deposits are way to build up your equity (nest egg) , while still earning interest.

• Bank deposits are currently guaranteed by the Government for some Australian banks. This may change in the future.

• Depending on the conditions of the bank deposit, you may still have easy access to your money

Baby Boomers and Bank Deposits

• Baby boomers are in a position in life where they are consolidating their savings and investments to prepare a secure financial future. Money in the bank is a familar saying to the baby boomer population as an indicator of financial security.

• The ups and downs of the share market and more recently the property market has scared some baby boomers into seeking out the security of saving funds in banks to ride out the global credit crisis.

Top Tips for Bank Deposits

• Shop around to find the best deal for you – some bank deposit accounts require you to deposit a certain amount in every month, but will waive the account keeping fee if this is done regularly. These can often save you time and money later on.

• Consider banks outside of your local area if they are offering a high-interest account

• Sometimes you need to wait a few months to get a really good deal – banks have specials too, and this can mean major money making if you capitalise on it at the correct time.

• If you see a better offer, take it! The Australian government has made it easier to switch banks and require both the old and new bank to assist with the transfer – there is no excuse not to get the best deal for you!

• If you are experiencing financial difficulty, you may choose to use financial counseling services which are available in every state and territory and provide a free, independent and confidential service.

Credit Ombudsman Service                                          - 1800 138 422

Financial Ombudsman Service                                      - 1300 780 808

NSW - Consumer Credit Legal Centre                           - 1800 808 488

QLD - Financial Counselling Service                            - 07 3321 3192

VIC - Financial & Consumer Rights Council                  - 03 9663 2000

WA - Consumer Credit Legal Service                           - 08 9221 7066

SA - Community Legal Service                                     - 08 8362 1199

TAS - Anglicare Financial Counselling Service             - 03 6234 3510

NT Anglicare Top End Financial Counselling Service  - 08 8985 0000

ACT - Care Financial Counselling Service                 - 02 6257 1788

Centrelink Financial Information Services                   - 13 23 00

ASIC information line                                                  - 1300 300 630

Australia - http://www.fido.gov.au/fido/fido.nsf#

              - http://www.understandingmoney.gov.au/content/default.aspx

              - www.asic.gov.au

              -  http://www.asx.com.au/

 

Indigenous Australians:

Fido for Indigenous Australians -  http://www.fido.gov.au/fido/fido.nsf/byHeadline/Indigenous

 

Multicultural Information:

Fido in LOTE                            -  http://www.fido.gov.au/fido/fido.nsf/byHeadline/Publications

Comparing Bank Accounts   - http://www.bankaccounts.com.au/compare-bank-accounts/

Money quiz                        - http://www.fido.gov.au/fido/fidowebquestionnaires.nsf/

Saving                              - http://www.understandingmoney.gov.au/content/FinancialLiteracy/Saving/

Women and money           - http://www.understandingmoney.gov.au/content/consumer/women/

Compare Savings Accounts - http://www.moneymanager.com.au/savings/accounts_guide

Money 'Lingo'                    - http://www.bankers.asn.au/Default.aspx

Banking products               - http://www.bankers.asn.au/default.aspx

Commonwealth Financial Counselling - http://www.fahcsia.gov.au/sa/families/cfcp-cfcp_directory.aspx

Financial Counselling Services in Australia- http://www.fido.gov.au/Financial+counselling

Centrelink Financial Counselling Service - http://www.centrelink.gov.au/internet.nsf/services/

List of Personal support services - http://www.fido.gov.au/byHeadline/Personal%20support

Commonwealth - Rural financial counselling scheme - http://www.daff.gov.au/agriculture-food/drought/rfcs

Disclaimer: The information contained in this section should not be used for individual financial advice. Please seek independent financial advice if you have concerns or specific questions relating to your money.

This article was created by Jennifer Lawrance for babyboomers.com.au - Australia's website for Baby Boomers. Sources include ASIC and the Federal Government. Babyboomers.com.au is an online resource to help people find information and services on health, money, travel and recreation

Copyright 2009 Babyboomers Pty Ltd. All rights Reserved.