How to boost your savings account rate

Melbourne based 25 year old accountant Erica Jong is opening her third savings account in 12 months. She has gone from NAB, to Commonwealth Bank and now to ING Direct. Erica is cashing in on special introductory rates offered by banks and credit unions on savings accounts. After the introductory period expires, usually three or four months, the total savings account interest rate reverts back to the base rate and that’s when Erica switches. The account ‘switcheroo' has made her about four times what she would earn in interest from holding onto a regular savings account.

Source: The Age

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