Your savings: how to choose what works for you and your money

Recent market volatility, understandably, raises many questions for those wondering about the best and most appropriate positions for their hard earned savings.

 5.5 minutes

Peter Munckton, Chief Economist for Bank of Queensland recently said “in any investor’s diversified portfolio, safe and stable asset classes will be a component, no matter what is happening in the economy. But it is hard to ignore the waves of volatility hitting the Australian domestic markets this year because of uncertainty about the Chinese economy and the potential impact of higher US interest rates. Financial market volatility is likely to be a feature for some time, and will play a key role in how Australians assess their risk profile and allocate their savings.

”For busy medical, dental and veterinary professionals looking at a dependable yield from their income, a deposit account can be a good option to consider. With different product types available, including short and long-term-options with varying features and benefits, it’s important to make a choice that works for you and your money.

BOQ Specialist’s Head of Deposits, Chris Reid, explains what to consider when looking at savings and deposits accounts, and how they can earn you a competitive rate, no matter what stage of your career you are at.


Consider the options available

Before choosing any deposit account, it’s important to understand what types of products are available in the market. Different products have varying features, including level of access to your funds and differing interest rates.

It’s also important to understand how transactional everyday accounts compare to savings and deposit accounts. Typically, no single product will meet all of your personal financial needs. Finding the right combination of the transactional and savings accounts for your circumstances can ensure that your money is working its hardest for you.

On your hunt for the right account, it’s important to seek a good, fair and competitive deal that’s meets your specific needs. Considerable time and effort can be spent on researching where to put your savings and contemplating that process can be off-putting for time-poor professionals.

A long term view tailored to meet your needs

It’s easy to be tempted by introductory and headline interest rates but they may not give you the best outcome when it comes to the long term. Many clients find that a term deposit is an effective means of locking in an interest rate for a period of time that suits their circumstance. BOQ Specialist’s term deposits have consistently competitive rates which range from 30 days to five years, so you can choose to lock in the best interest rate for your cash flow requirements. Terms can also be tailored individually to suit your needs.

Flexibility to manage cash-flow fluctuations

Cash-flow fluctuations are part and parcel of running your own practice so having a certain amount of flexibility can go a long way in helping to ease the pressure. An optional overdraft facility*, such as the one offered as part of BOQ Specialist’s everyday bank account, the One Account, allows you to be flexible with your finances and manage your business cash flow cycle effectively. The One Account also pays a competitive interest rate on your everyday credit balance with no ongoing account keeping or monthly fees, allowing you to make the most out of your everyday banking.

Consider foreign investments

Investing in new technology or equipment may help you to improve the efficiency or the service offering of your practice. With many suppliers based overseas, as a medical, dental or veterinary practitioner you might be making multiple international purchases each year. BOQ Specialist’s foreign currency solutions give you the ability to hold funds and earn competitive market rates for most major currencies. In addition, whether it be for business or leisure foreign currency exchange and transfer services are available making converting and transferring currency overseas quick and easy.

Plan for your retirement

It’s never too early to start planning for your retirement. When making financial plans for your future and retirement, asset allocation and diversification are fundamental. Deposits can help you grow your retirement funds whilst giving you access to suit your needs. BOQ Specialist financial specialists have a wealth of experience working with Self-Managed Super Funds (SMSFs) and can help you choose the right products to maximise your savings.

Talk to a finance specialist

Whether you are a graduate, a newly qualified professional or a consultant looking to build your retirement nest egg, we know that you wear many hats. Managing finances in silos and separating your business and personal affairs is not only time consuming, it can mean missing out on the most competitive options. BOQ Specialist’s range of everyday banking, savings and deposit accounts cater for both your personal needs and those of your practice, no matter the stage of your career.


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The issuer and credit provider of these products and services is BOQ Specialist - a division of Bank of Queensland Limited ABN 32 009 656 740 AFSL and Australian credit licence no. 244616 (“BOQ Specialist”). Terms and conditions, fees and charges and lending and eligibility criteria apply. Any information is of a general nature only. We have not taken into account your objectives, financial situation, or needs when preparing it. Before acting on this information you should consider if it is appropriate for your situation. You should obtain and consider the relevant terms and conditions and, if applicable, the relevant Product Disclosure Statement (PDS) from before making any decision about whether to acquire the product. BOQ Specialist is not offering financial, tax or legal advice. You should obtain independent financial, tax and legal advice as appropriate. We reserve the right to cease offering these products at any time without notice. The foreign exchange market is subject to risks associated with exchange rate movements. These accounts should not be used for speculative purposes. *Not available for Self-Managed Super Funds