Magazine YOU YOU Magazine | 15 | 15
HAVE YOU REVIEWED
your savings account
IN THE PAST TWO YEARS?
If the answer is no, there’s a fairly good chance that events have moved on and your bank, or one of its rivals has launched an account that could offer you some real benefits over the one you signed up to all those years’ ago. The time may be to spend half an hour on your bank’s website, and also on that of several of its rivals to see if it has kept up to date with savings account evolution.
If you don’t need the money any time soon, or you can take a bet on not needing it in a set period of time, you could consider putting it on term deposit for longer.
Is the best account at your current bank? Picking a bank account is like choosing the right tool for a job. Sure, you can beat a nail into the wall with a screwdriver – if that’s all you have. But you’ll do it a lot faster and with more precision if you use a hammer. The same is true with money. Use the right tool and you’ll get better results. NBS has its Target Account – allowing investors the chance to win $5,000 every month, with every $100 deposited giving you another chance to win. If it’s not a prize you’re after and you would prefer a higher interest rate, there’s NBS Call – earing 3.20 percent per annum
What level of access do you need to the money? Generally-speaking, the longer you lock your money up for, the higher the return. If you might need your cash at a moment’s notice, then some form of instant access account would likely be the best fit. Some accounts pay a flat rate of interest from the first dollar you save, others have tiered interest, so do not assume all bank’s accounts are equal.
from the first dollar deposited, a great rate for every-day savings while still having access to your money when you need it. For savings over $5,000 you could consider an NBS term deposit – a fixed rate of interest for locking your savings away for a fixed period (30 day – 36 months). All the banks have their interest rates available on their websites. Better still, sites like Interest.co.nz have all the banks’ rates for all their accounts in one location. Do not assume banks offer the same rates. They can vary hugely, as can the terms and conditions of use for the accounts.
NBS’ Prospectus, Investment Statement for Term Investments and Disclosure Statement are all available online at www.nbs.co.nz or from your local NBS branch. Terms & Conditions apply. NBS is not a registered bank.
Advertising feature
Save & Win $5,000 with NBS Target . . . In addition to the September $5,000 cash draw. One lucky Target Account holder from each NBS branch will win a 50” flat screen TV! *
Terms & Conditions apply - Prize not redeemable for cash. NBS is not a registered bank.
NBS Ashburton. 324 East Street. 03 307 6380. www.nbs.co.nz