Getting the most out of your online savings account
If you’ve just opened a NAB iSaver, it’s time to learn the little tips that will help you get the most out of it.
Some of these tips need you to know a little about moving money in and out of your online savings. For now, just remember that while any account can pay money into an iSaver, when it comes to transferring funds back out again the only account you can use is your “linked” NAB everyday account (which is probably something like NAB Classic Banking).
First, find your favourite type of online banking
When it comes to moving money in and out of your online savings your most obvious option is to use NAB Internet Banking. If you’re new to banking online make sure you’re okay with the basics of NAB Internet Banking.
But when your computer’s off or you’re not in front of a screen you can use your phone to check your balance or shift some money.
- Got a smartphone? NAB Internet Banking on your mobile fits on whatever screen you’re carrying. It doesn’t matter what sort of mobile you have.
- Got an iPhone, iPad, or Android? The NAB app gives you a quick way to start banking online.
- If you prefer doing things over a landline, or if you don’t have your mobile phone with you, you can use any phone to check your balance and transfer money with NAB Telephone Banking.
If you are out and about and near a NAB store, come on in to bank over the phone or online without having to join a queue.
Earn interest whenever you can
Earn as much interest as you can by making sure that you put as many dollars as you can spare in your NAB iSaver, even if you need them back out the next day. Every dollar in your savings overnight earns you interest.
Say you like to have a bit of extra money ready to spend on a Friday night after work. If you’re paid on a Wednesday, it makes sense to flick your Friday night money into your savings account as soon as it comes through. By the time you take it back out again on Friday, it’s spent two nights earning you interest.
If you need to, you can dip into your savings…
You have a savings account that lets you shift money in and out as much as you like, and allows multiple ways of accessing it whenever you want. That’s a perfect set-up for dipping into your savings when you need to.
Unplanned late night taxi? Flat car battery? Your phone’s right with you, and you can move a few dollars from your savings into your NAB everyday account to get you on your way.
Your savings are waiting for you, 24/7, when you need them. Unlike some other types of savings accounts, transfers don’t affect your interest rate, and there are no fees for moving your money.
…or swoop and grab it all when the time is right…
Not everyone wants to grab their savings on a whim, but you might not know exactly when you’re going to want to do some serious spending or investing. If you’re waiting for a special opportunity to appear, use your savings account as a place to sit and wait for the right time.
You might be a share investor looking for the right market signal, or a holidaymaker holding on for the perfect air fare sale. Whatever you’re waiting for, build up your savings at your own pace and remember that you can take out as much of your money as you like when you need it.
If your plan doesn’t have a timetable, online saving fits right in. There’s no limit on the size of transfers from your savings to its linked account so you don’t need to be worried about getting access to it all.
…or hide it: If you can’t see it, you won’t spend it
A third approach to savings is to pretend it’s not even there. If you’re a “rainy day” saver like this, a good way to avoid temptation is to hide the account from yourself.
In NAB Internet Banking you can turn your account invisible (and make it visible again later). You won’t see its balance when you login, and it won’t be an option to transfer money out of Instead it just hides in the background, growing bigger and bigger (you’ll still get statements).
Before you hide your account, you’ll need to be sure that you can still pay money into it. Read more about hiding accounts to help you save.
Do you have any tricks or tips to share?
How do you keep up with your savings? Do you have any clever ways you’ve boosted the interest you earn while you keep up with your day-to-day spending as well? Leave us a comment and let others know!
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