Get more for your money

Did you know you can earn money for nothing, just by having the right accounts? Follow our handy hints below to earn extra money, and be one step closer to achieving your goals.

1. Bank accounts

With a bit of hunting, you’ll find accounts that won’t charge you if you want to spend your money, and savings accounts that’ll help your balance grow.

View your bank accounts as ‘buckets’. Have one bucket for spending and one for saving. By separating them you won’t risk accidentally spending money you should be saving to reach a goal.

a. Transactional accounts (spend bucket)

Your transactional account will link through to a Visa debit card, or similar, so you can access your money through eftpos and ATMs. Your transactional account is what you’ll use for your spending.

b. Savings accounts (savings bucket)

When you’re opening a savings account, look for one that has no account fees and a high interest rate. The higher the interest rate, the more money you’ll be making!

2. Savings

Putting money aside is a great habit to get into and will help you achieve your goals. Whether you’re after a new car, holiday, or just want to save for the future – having a solid savings plan will help you get there. Check out all the ways you can start saving now!

3. Understanding super

Superannuation, known as super, is a way to save money while you work and provide an income when you retire. A super fund will manage your super money on your behalf, making decisions on where to invest your money, based on the option you choose. If you don’t choose an option, super funds have a default fund that they will allocate your money to.

You can either choose which super fund to use, or have your employer choose for you. We’ve got a list of what to look for in a good super fund:

  • Investment returns over the past 5 years (compare apples with apples – look at the fees and what period the returns are based on. E.g, a 5-year average return for the period ending 30 June may be quite different from a 5-year average return for the period ending 30 September)
  • Investment Choices available to you
  • Fees, makes sure you know what you are paying for – lower fees don’t always mean a good super fund

Websites like Canstar or ASIC’s Moneysmart are helpful if you want to compare different super accounts

If you’re after more information on fees or investment options you can check out the product disclosure statement (PDS) or the super fund’s website.


The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person’s particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs. You should obtain and consider the Product Disclosure Statement or terms and conditions relating to the products mentioned, before deciding whether to acquire any products.

Banking products issued by Members Banking Group Limited AFSL/Australian credit licence 241195 trading as RACQ Bank. Fees, charges, terms and conditions apply. Contact us for a copy.