You are free to choose any savings account ….

Australians have taken to saving money in bank deposits with a passion in the last seven years. The average Australian household now has more than $23,000 saved up, according to research by ING Direct.

And you can choose a great high interest online savings account for your stash or cash from another financial institution and keep your transaction banking account exactly where it is.

Most Australian institutions and accounts allow the account holder to link to a transaction account at another institution. That means you can shop around and choose a great savings account for your money.