What makes a good savings account?

Online high interest savings accounts are a great way to build savings and keep your savings money separate from your spending cash in your transaction account.

Savings accounts often need to be linked to a transaction account so money can be deposited and withdrawn. Savings accounts often have a base interest rate and a bonus or introductory rate, which is paid when certain conditions are met.

Make sure you can get the bonus rate or make sure the base rate is relatively high. A good tip for choosing a savings account is to look for a good ongoing rate.

Source: Bankheadlines.com.au