Savings accounts are broken. So we decided to fix them

Stockspot Savings
 
Tired of low interest rates on your savings?

So are we! That’s why we have created a better way to save money.

What is Stockspot Savings?

Stockspot Savings is an alternative to a high-interest savings account and ideal for cash savings you don’t want to invest. Rather than deposit money with a bank, Stockspot Savings will place your money into a high interest cash ETF. You get access to the best interest rates from the big banks without having to lock away your savings for months or years.

When should you save rather than invest?

Savings are an important part of any sound financial plan, whether you’re trying to achieve short-term goals, stashing away a rainy day fund or preserving your retirement wealth.

We generally suggest savings is right for money you may need in the next couple of years whereas investing gives you the opportunity for better returns on money you don’t need soon.

How does it work?

Stockspot Savings invests your money into a high interest cash ETF.

High interest cash ETFs have been available on the ASX since 2012. They shop around for the best deposit rates for investor money at major Australian banks like NAB and Westpac.

The beauty of using a cash ETF for your savings is that you can avoid the hoops the banks make you jump through with high interest bank accounts, like the need to deposit every month or make a minimum number of card transactions. With Stockspot Savings there’s no lock-in periods like a term deposit and no hidden account fees or charges.

What are the benefits?

Stockspot Savings allows you to earn a competitive interest rate without needing to open a bank account or lock your money away for extended periods.

  • High interest rates

  • Stockspot Savings will find the cash ETF offering the best interest rate.

  • No introductory rates, small print or onerous terms and conditions

  • Make as many or as few deposits as you want. There’s no need to make regular purchases with a linked bank card every month to get the full interest rate. You get the full rate whether you’re investing $2,000 or $2 million.

  • Free withdrawals and no lock-in periods

  • No penalties for withdrawing your money.

  • No Stockspot management fees

  • We don’t charge you additional fees. The interest rate you see is what you get.

  • Low minimum balance

  • Stockspot Savings has a low minimum balance of $2,000 and a minimum top-up amount of $1,000.

  • Seamlessly integrates with your Stockspot Portfolio

  • You can easily transfer money from Stockspot Savings to your Stockspot Portfolio as part of a dollar cost averaging investment strategy.

  • Safe and secure

  • Stockspot will only recommend cash ETFs that deposit cash with major banks regulated in Australia by APRA (the bank regulator) so your money is safe.

How do I set it up?

Stockspot Savings is easy to setup.

1. Activate Stockspot Savings in your dashboard
2. We’ll email you when it’s active
3. Select your deposit destination and you’re ready to go

Stockspot Dashboard
 

  • If you select Stockspot Savings

  • Any deposits you make from your external bank account will be invested in your Stockspot Savings.

  • If you select Stockspot Portfolio

  • Any deposits you make from your external bank account will be invested in your Stockspot Portfolio.

  • To transfer money between your Savings and Portfolio

  • You can transfer money between Stockspot Savings and Stockspot Portfolio via the Transfer Money section of the dashboard.

For more information about Stockspot Savings and cash ETFs take a look at our Stockspot Savings fact sheet and Financial Services Guide.

At this stage Stockspot Savings is only available to Stockspot Portfolio clients.

 

Grow your savings the smart way

Stockspot is Australia’s largest and most experienced online investment adviser. We make investing easy and affordable. Whether you’re growing your wealth, saving for a home, a family or retirement, we help you do it with the right investment portfolio and guidance.

Find out more

 

Related posts

 

Chris Brycki

Stockspot Founder and CEO