Sarah’s Savings Account Interest Rate

Background

Sarah is a young professional who started investing her savings for the future but she keeps a portion of her savings in a bank account, for easy access, and daily use. She understands the importance of earning a competitive interest rate to ensure her money grows and maintains its value over time.

Challenge

With fluctuating interest rates, Sarah wants to make informed decisions about where to keep her savings. She is particularly interested in finding the highest interest rate available in Australia to maximize her returns.

Solution

Sarah uses The GLOSS Vault, a financial app, that provides real-time insights into her savings growth. It enables her to compare different savings accounts and projects how her money will grow over the next 12 months based on current interest rates - without having to research every bank herself.

Findings

Sarah’s current savings account offers an interest rate of 4.75% p.a., which would yield moderate growth over the next year. However, after using the app, she discovers that an alternative bank account offers a higher rate of 5.10% p.a.

Decision

By switching to the higher interest rate account, Sarah ensures that her savings grow at an optimal rate. The app helps her visualize the difference in returns, showing that she could earn significantly more over the next 12 months by choosing the best available option.

Outcome

Sarah successfully moves her savings to the higher-yield account, securing better returns while maintaining easy access to her funds. She continues using the app to monitor interest rate changes and make adjustments as needed.

This highlights how The GLOSS Vault empowers users like Sarah to make informed financial decisions and maximize their savings potential.