High Interest Savings Account Tips
Keep your money in your account as long as possible
If you get a credit card which has a long interest free period and no monthly fees you can have your funds in your high interest account for for the interest free period to maximise your money.
Switch accounts at will
Being able to have multiple accounts open can mean that you can have your funds in the account which pays the highest interest. The rates that are offered vary over time. Often a new competitor in the market will have good offers available to boost their market share. Make the most of these offers.
Workout a savings plan
Look at your income and expenses and workput how much you could realistically save per week/fortnight/month.
Got kids?
Why not setup an account for your children? Showing them how to save from an early age is an important lesson in life. Also, lead by example in this area. Show that, just as you do, a certain amount is allowed to be spent while a certain amount is saved.
A nice big tax refund to boost your savings
You have put your tax return in and a couple of weeks later you get a nice healthy cheque or bank deposit. Put that cash into your savings account! If you have any credit card debts, use your tax refund to knock these out.
Check account conditions
Some savings accounts have conditions in place in order to achieve the advertised interest rate. Check our list of items to look for when getting a savings account for information on these conditions see
high interest savings account conditions.