How do I know which saving solution is right for me?

There are four main solutions that can be used when saving for a goal, available at many banks and other financial institutions

Online Saver

• Money at call which means you can get money whenever you need it, earns interest (bank pays you for giving them your money)

Reward Saver

• Earns a really low base interest, but if you deposit say over $10 regularly like once a month, you
  get a bonus amount of interest
• Typically, interest rates for reward savers are slightly higher than online
• You only get the higher interest rate if you deposit regularly and you don’t remove your money
• This account rewards regular savers

Offset Account

• if you have 100k home loan and you have 20k in your offset account, you only pay interest
  on the 80k
• Applicable for only certain types of home loans (variable) and can get in some banks
  multiple offset accounts.

Micro-Investment Accounts

• Introduces people to investing, you can choose a portfolio based on your level of risk
• Some allow round ups (so if you spend $3.90 on a coffee, it will round it up to $4 and put the 10
  cents into the investment account) and also regular deposits into the account can be automated
• These accounts have a level of risk associated with them (i.e. not guaranteed returns)