What are "Nominal" vs "Effective" rates? The nominal rate is the stated annual rate. The effective (actual) rate accounts for compounding — it's slightly higher and is what you actually earn over the year. Always compare effective rates when choosing where to save.
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Understanding Savings Products
🏦 Savings Account
Flexible savings with the ability to withdraw anytime. Good for emergency funds. Usually earns between 0–5.5% per year.
📞 Call Account
For larger balances. May require advance notice to withdraw. Earns slightly more than a regular savings account.
📅 SAYE (Save As You Earn)
Commitment-based savings where you deposit a fixed amount regularly. Offered by BSB. Often earns higher rates as reward for discipline.
💳 Current Account
Primarily for daily transactions (debit card, EFTs). Usually pays zero or very low interest. Not ideal for growing savings.