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Making the most and losing the least of your savings account

Savings accounts are all about making the most of your money. Putting your capital to work is the key to ensuring that your balance grows, but just as important is ensuring it doesn’t shrink either!

So, whether you’re counting up the pennies for a first home loan or are intending to retire soon, here are a few simple tips to making the most and losing the least in your savings account.

Making the most

Lots of people – too many – pick the simplest savings account, diligently add to it every month, and just forget about it. While anyone who wants to make the most of their savings should be adding to it frequently, the real top players always make sure that their savings account features match their own style.

For example, a basic, everyday savings account earns you a certain interest rate. That’s great, you’re already putting your cash to work. However, at Police Bank, we give you more than just that option. If you want to double down on a big pot of savings, why not switch to Savings Plus? This account increases the interest you earn on a scale matching your account balance – so the more you put in, the more you get out.

On the other hand, some people want to focus on their financial behaviour. In that case, you could try Bonus Saver. This account rewards you for every $100 you put in a month, as well as making no withdrawals. If you want to teach your consistent habits whilst earning a cash reward as well, this is the one for you.

Losing the least

So, you’re making the most of your money, but you also want to make sure you don’t lose it. And it isn’t just a matter of forcing yourself not to spend as much.

Nowadays, your savings account is at risk from more than just your financial habits. Identity thieves cost the nation $1.6 billion every year, according to the Australian Federal Police. As the world becomes even more connected, you can bet the cost will only get higher.

A lot of this cost will be from people not securing important identifying documents, such as bank statements and passports. With this information, a thief might be able to access your savings account, clearing you out after all your hard work.

So be diligent. Don’t fall for scams, never give out personal information to anyone you don’t completely trust, and make sure that if you suspect your identity has been stolen, let Police Bank know!