Do you have an intelligent understanding of banking in Melbourne AUSTRALIA?

Question

If so, please answer this question to the best of your knowledge and include as much detail as possible.

I am about to begin a high paying part time job while i continue with my studies at University.

The thing is, i dont want to spend this money i earn, I would like to save it all, so one day i will have some sort of a head start in life. It isnt much, but it's something.

I would like to open up a bank account and have all the money i earn deposited directly into that account.

But ive heard that there are certain types of accounts with different banks across australia, that can be setup to accumulate interest upon the amount of money there is in the account.

How would i go about setting up something like this? What company/account would i have to set up? How does this work?

Thanks.

Answer 1

Its called superannuation.  

Answer 2

So you want a high interest savings account? This won't give you exceptional returns... but you won't lose money either, so if you just want to preserve your money and give it a slight kick upwards, then look for the account that gives the highest interest rate (along with access options that suit you). Below is a link to the CANNEX report showing the countries best deposit products. CANNEX is an independent research company, so there's no bias - unlike the financial spam that attracts many of the answers here.

From memory I think Bankwest has the best account.