The highest rate is not automatically the best choice. Match the scheme to your goal, saving period and when the money may be needed.
Start with the savings goal
Daily needs, education, a child’s future, festivals, retirement and emergencies may require different saving patterns.
- Short-term emergency fund
- Regular monthly saving
- Long-term education or child goal
- Fixed-period term deposit
Compare four practical factors
Along with the published interest rate, understand deposit frequency, duration, minimum amount and withdrawal conditions.
- Annual interest rate
- Daily, monthly or lump-sum deposits
- Length of the saving period
- Conditions if money is needed early
What if rates change?
Rates can change over time. Check the Savings page, official notices and the office for the current published rate.
- Do not treat an old social post as the current rate.
- Understand the terms that apply when opening the account.
- Review the scheme when the savings goal changes.