Owen Rascovitch

I want to draw attention to two more, I suppose you could call them bank accounts, which is an offset account and a redraw.

Now, I'm not saying that you have to go out and get a mortgage just to get one of these accounts, but if you do have a mortgage, an offset or redraw facility, as it's called, are very good ways, I think, to save, provided once again that you don't pay for them.

Yep.

So an offset is simply you put money into one account and in a way it deducts the value from your mortgage so you're not paying as much interest on the mortgage that you have outstanding.

And a redraw is effectively paying forward on your mortgage and then you can pull it out usually in $500 increments.

So those are two accounts that can be very tax effective at times but they can also return more than a traditional savings account.

But once again, don't go out and get a mortgage just because you can get a redraw or an offset account.

We've already talked about the types of things that you could look for in a transaction or a savings account.

Where would we go to find the best savings accounts?

What are some tools that we could use to help find the bank account that's right for us?

That's right.

Yeah.

Now I could be wrong, but I think choice is different because I think choice takes, I pay choice every year.

I think I pay them a hundred bucks, 150 bucks a year.

And they give me research on health insurance and all different types of stuff.

And the difference is that's how they're getting paid.

Whereas some of the other sites get paid from that kickback from the bank.

Yeah.

So I think I like that.

I like that clean cut transparency.