Choosing a savings account that pays interest can boost the benefit of your autopilot system. Your main savings account will likely be where your salary is deposited, but you could consider additional savings accounts so you earn interest while putting aside money for specific goals like an upcoming holiday.
Interest rate
You could choose a savings account with a competitive interest rate, ideally higher than the Reserve Bank of Australia Cash Rate. Check for any conditions required to earn the advertised interest rate like minimum deposits or no withdrawals and be confident you will always meet those conditions. Be cautious of attractive introductory rates that drop significantly after a few months. Instead of chasing the best interest rates and constantly switching accounts, focus on maintaining your Autopilot system and focusing on mindful spending for better long-term results.
Payment options
Ensure you can transfer money from your savings to other accounts automatically. If you plan to set aside money for large expenses like car registration, consider a savings account that supports BPay or direct debit (PayTo) transactions so you can set and forget bill payments.
