Look for a high base rate on savings accounts

Much has been written about the comparatively high savings rates we are being promised as banks seek to secure our deposits and shore up their funding base. But they've also made it much harder to actually get them.

Enticing savings account rates are valid either for very short periods or come with qualification conditions that mean you might never get them. No withdrawals; minimum monthly deposits; blue moons – or all three.

You need to strive to meet these, but if there's the chance you won't, sign up only to savings accounts with a high base rate – in other words, the rate you'll get under any circumstances.

Source: The Age