Put Your Savings To The Test

Avoid unnecessary fees and charges on your account and shop around for a better interest rate

- Michelle Baltazar

Not all savings accounts are created equal. Some have higher interest rates, some charge extra fees and others have “bells and whistles” to help you save more.

So how do you know your money is in the right savings account? How can you make the most of the account you have? Here are some pointers to get you started.

Split your accounts

Do you have an everyday transaction account? The one you use when you go to the shops or to pay your weekly rent, occasional (or regular) coffee, and buy stuff online? If you have more than $2000 at any given time in this account, it pays to link it to a savings account. This will attract a higher interest rate on your savings that are most likely just sitting there in your transaction account (check our Best of the Best issue to see the range of interest rates offered by various savings and transaction accounts).