Stockspot Savings offers alternative to banks

Australians looking to grow their wealth over time with the help of a high-interest savings account have a new alternative to consider from online investment adviser and fund manager, Stockspot.

Stockspot Savings, which was launched this week, invests a customer’s money into a high-interest cash Exchange Traded Fund (ETF) instead of depositing it in a bank account, providing a similar interest rate to many savings accounts and term deposits, but with fewer terms and conditions.  

Currently, the BetaShares High Interest Cash ETF being used by Stockspot Savings is offering an interest rate of 2.02%.

Stockpot CEO, Chris Brycki, described the average savings account as “equivalent to keeping your cash under your mattress,” adding that “there aren’t simple, easy to use options for savers that avoid onerous monthly conditions.”

“Banks keep lowering their base rates which makes saving for shorter term goals almost impossible, so we’ve created a better way for people to save money outside of the bank.”

“The beauty of using a cash ETF as a savings alternative is that you can avoid the hoops the banks make you jump through with high interest bank accounts.”

Mr Brycki added that he expects to see a lot of interest in Stockspot Savings from SMSFs, parents for childrens’ savings and older clients seeking a better return on their cash.

Stockspot Savings is initially only available to Stockpot clients and will later be rolled out more widely.

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