Saving Accounts

Not all saving accounts offer high interest rates. But you can take advantage of those that do by having more than one saving account.
All banks and financial institutions offer savings accounts as a means of keeping our money safe and helping it grow by the interest rate offered. Of course, when we put our money in the bank, it doesn’t just stay hidden in some underground vault; the bank uses it by investing in various ways to make money for themselves.

And even if the banks make unwise choices for their investments - as most seem to have done recently - we want to know the money in our saving accounts is safe and growing, even just a little bit. So comparing the different saving accounts before choosing one is important.

While online saving accounts usually offer the best interest rates and no or low fees, they may not be the best solution for your needs. You may need to access your money more quickly, pay by cheque, or use other features that the online savings accounts don’t offer. But that’s not to say you need to miss out on the higher interest rates available on the online saving accounts.

You can have more than one - and if you run a business, you can set your ordinary saving accounts to automatically transfer your takings for the day into the online account. This will save you time and give you access to the higher interest even for a short while to squeeze the most out of your money.
Mel writes about saving accounts, bank accounts among other finance topics.