4. An offset account can be better than a term deposit

Term deposits and online savings accounts are great, but an offset account can be much better if you have a mortgage. Your offset account is effectively earning you the interest rate on your mortgage. And if that is higher than the rate on your term deposit or online savings account, then your money should stay put there which is to say in your offset account.

So if anyone tries to suggest you need an online savings account with your mortgage, tell them you’ll just take an offset one instead. 

5. Your online account info isn’t necessarily accurate

Online banking has changed the way people handle their finances. They can pay bills online, transfer funds, track payments, and get a more detailed view of their bank account than ever before. Unfortunately, it may not always show the proper balance. With electronic transactions, ATMs, check cards, and direct deposits, banking has gotten more complicated.

ATMs and online bank statements will show deposits available before the money is actually in your account. Using your debit card at petrol bunks or to reserve a hotel room, for example, can put a hold on funds.