START HERE
Get a free car loan eligibility assessment and compare offers tailored specifically to your circumstances.
Loan Amount:
$
Postcode:
All finance quotes are provided free (via our secure server) and without obligation. We respect your privacy.
Any Purpose
New car purchase
Used car buyers
Refinancing
Private sale
Dealer purchase
Any Situation
Refused by Banks
Self-employed
Bad Credit History
Low/No Deposit
No Savings History
Ex-bankrupt
All Features
Secured Car Loans
Unsecured Finance
Vehicle Leasing
Hire Purchase
Chattel Mortgage
Major Banks
Non-bank Lenders
Lo/No-doc Loans
Knowledgebase
Balloon Payment:
A large loan repayment made in order to clear a debt. Usually applied to a short-term fixed-rate loan, which involves small payments for a certain period of time with one large payment for the remaining amount of the principal at a time specified in
Car Loans Australia :: Articles

Car Loans Australia Articles

Online Savings Account Tips

What is an online savings account?

An online savings account is designed to hold the money you don't plan to use immediately.

Unlike checking accounts, it tends to pay a little higher rate.

Many of these accounts work like a piggy-bank as they add money to your existing checking accounts. If you don't need to spend money in the near future, you can move it into a savings account.

If you decide to use it, you can easily transfer it right back. In some cases, you can even pay bills directly from your savings account.

How it works

With an online savings account, you can easily access your cash because your money is liquid, allowing you to make a withdrawal quickly and easily. Bear in mind, however, that money in a savings account is not as liquid as it is in a checking account. The longer you keep your money in that account, the more interest you earn; you are paid just for storing your cash in the account. If you don't intend to use it anyway, it offers an excellent way of earning extra cash. Yes, it is not a huge amount, but it is still better than nothing.

For example, you have US$ 1000 and you do not plan to use it soon.

You can carry it around with you, keep it at home, or you might lose it.

If you keep it in an online bank savings account, however, you earn a little money.

The bank is also responsible for safekeeping it. If you keep your money at home and it burns down, you lose your cash. If you keep it in a savings account and the bank burns down, your money would not go with it.

Finding the right online bank

If you are sure you want to open an online savings account, choose the bank that offers the highest yields.

Today, some banks offer very good interest rates. Ideally, interest is compounded every day and compounded every month. If you already have a bank in mind or you already have a different account at an existing bank, ask your bank about its higher-yield accounts.

Some drawbacks

It may be very convenient making transactions online, but Internet bank services are not always swift. The biggest disadvantage of online banking is the transaction lag time.

There are online banks from which you cannot withdraw your initial deposits for 10 days. Moreover, funds that are transferred in or out sometimes take up to four business days to clear.

Ask your bank about these issues before you open an account.


Finance Articles

Handling Financial Situations As a Married, Unmarried Or Divorced Woman

Whether you are in a committed relationship or are a happy single person, you should make it a top priority to understand your finances. This article... read more

Credit Cards: Identity Theft and Credit Protection
Credit card fraud and identity theft have become widespread not only on the Internet but offline as well. Learn how to avoid these risks and protect your identity... read more

10 Tips - How to reduce your mortgage
Anyone who has ever had to pay off a mortgage will tell you they would love to pay it off before the term, but most people will continue to chip away at their... read more


Finance News

Personal Loans to help Australians in need: FSO
Oct 29 :: As Australia prepares to clean up following devastating fires and floods, Financial Services Online CEO, Andrew Clark, has announced a package of personal... read more

Small business loans to help Aussie businesses through tough times
Nov 27 :: Financial Services Online has today announced a new credit facility for Australian business customers who are seeking loans for amounts of up to $10,000 with... read more

Police issue warning about bank scam
Nov 20 :: Melbourne police are warning people about a scam in which fraudsters pose as bankers and ask for money.They say they cold call customers and tell them... read more