Seek better savings accounts deals

Thursday January 31, 2008

For too long, the majority of us have just accepted whatever the interest rate is on our savings accounts without bothering to look for a better deal for ourselves.

Most of us have a savings account that our pay goes into and in the majority of cases, we are earning a whopping .01% interest on this account.

We can, and should, be earning more than 7% on our savings.

While the banks and other financial institutions waste little time in raising interest rates on home loans, even before any official interest rate hike by the Reserve Bank of Australia as witnessed last month, they are a little slow on passing on any interest rate rises to those who save money.

In the case of savings accounts, the banks are making a significant profit on our money and we are being rewarded for our loyalty with that whopping .01% interest rate on our savings.

As is the case now with all loans, the majority shop around and we need to begin shopping around for the best high interest savings accounts for savings.

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