Starting a saving account in Australia

Transferring your money to Australia is one of process while you are relocating to Australia. Do bear in mind that opening a saving account in Australia no need to be qualified as a resident. Therefore, you can even start a saving account while you are doing your first landing after you got your visa or visiting to Oz. However, without the TFN, all interest earn will be taxed 10% for normal saving account.

Australian bank is offering pretty good interest rate for investment saving account compare with some of South East Asia countries such as Malaysia or Singapore.

There are few options of saving account below which are offering good interest rates.
1. Bankwest: Gold Term Deposit (saving amount $5,000 - $20,000)
2. Bankwest: Bankwest Smart esaver (give good rate of interest each month without any withdraw. Investment up to $5000,000)
3. Bankwest: Regular saver high interest account ( deposit $50-$500 each month without any withdraw )
The variable interest rate for accounts as mention above.
4. ANZ Bank: First Home Saver Account

For those who intend to save money to purchase a new home in Australia, start a First Home Saver account is best option to earn interest rate as high as 17%.
However, one of disadvantage of the account is retaining the account for at least 4 financial years in order to use it for first home purchase. I believe that many migrants would not prefer to rent a house for four years because house rental rate in Australia is quite high compare with monthly housing mortgage installment.

To open the first home saver account, you must:
- be aged 18 or over and under 65 as a resident
- have a tax file number
- have never owned a home in Australia that you have lived in
- have never opened a First Home Saver Account before

Below is features of the account including attractive interest rate that offered:
- the Government will contribute 17 per cent on the first $5,000 (indexed) of individual contributions made each year;
- an overall account balance cap of $75,000 has been introduced;
- Investment earnings (or interest) that accrue in the accounts will be taxed at 15 per cent.
- Withdrawals will be tax free where they are used to purchase a first home to live in.

More detail information about the account can be found at Q&A of First Home Saver Account