Gateway’s Award-Winning Accounts For Savers Big and Small
Savings and transactions accounts are the building blocks of good money management - which is why we’re pretty chuffed to have recently received two Experts Choice Awards from financial comparison site Mozo, for our Dollaroo Savings Account and Edge Account.
When we found out we’d won, we asked Mozo's Data Services Director, Andrew Duncanson to tell us a little more about the awards and what makes a great deposit account for Aussies at any stage of their lives. Here’s what he had to say:
At Mozo, we have one of Australia’s largest financial databases, comparing nearly 200 savings accounts and more than 100 bank accounts. And what does this huge amount of data tell us? That there are heaps of banking options for Aussies to choose from.
But that can be pretty intimidating when it comes to choosing the right option for your money, especially when there’s a different option to suit every kind of saver.
So we started the Mozo Experts Choice Awards to help Aussies identify the best value products in the market. This category covers bank accounts, term deposits and savings accounts for kids and adults, and gives the Mozo seal of approval to the top 10 per cent of products in each category.
Big value for little savers
One of the places Gateway Bank stood out was the Pocket Money Saver category - which is dedicated to kids savings accounts with great base interest rates.
Now, a savings account should be one of the first financial products a child has, but as a father I know as well as anyone that motivating kids to save is not always easy. That’s why an account like Gateway’s Dollaroo Savings Account is such a good way to start your kids off on the right foot financially.
All little savers need to do is plonk their allowance in the account - there are no monthly service fees to worry about, and no conditions to meet in order to earn the 1.65 per cent interest. Not to mention the fun quarterly newsletter for kids aged between 0-12 with educational facts and activities. It’s all about making saving money easy and enjoyable, and turning it into a lifelong habit.
Easy access for older spenders
For adults who have more financial responsibilities and (theoretically) more self-control, being able to get at your money and use it without hassle is an important part of your financial setup.
With that in mind, our Everyday Banking category is designed to recognise the best fee-free bank accounts - like the Gateway Edge Account.
The important factors in this category were that the account came with no service fee, and no fees for withdrawals at the credit union’s network of ATMs, on EFTPOS transactions or online transfers and that it offered a fee-free debit card.
Really, it’s just about giving customers simple, free access to their own money and the Edge Account ticks those boxes. And the fact that balances over $1,000 attract a generous 1.50 per cent interest rate is just the icing on the cake.
Andrew Duncanson is Mozo's Data Services Director. His aim is to pass on his knowledge to everyday consumers to help them find a better deal on everything from their banking to energy plans.