If you have money sitting in a low interest savings account, or even worse a zero interest cheque account, I have got some easy money for you.
Most of the banks offer online savings accounts available if you have Internet banking. These accounts pay interest to you of 7.75%-8.1%! These accounts are what I call "Park" accounts. There are usually no fees and you can "park" money in them until you need it. That means more interest for the old back pocket! Some of the banks (ANZ, NBNZ, Kiwibank, HSBC) require a minimum balance to get the best interest rate, usually about $2,000 - $3,000. But ASB, Rabo and Westpac don't require this. Check around as they do all vary.
So if you had $15,000 sitting in your cheque account you could transfer it to your new online savings account and be getting an extra $1,162 a year without much effort. Not bad. Just check out what your bank can offer then send them an email asking them to set you up with a high interest online call account. Or go online and get another bank to open you the one you like.
Get onto it, give your banker a one two, and put a little more cash in your back pocket!
Did you say you are not saving? Or not saving as much as you would like? That is easy, get on the program or at least a free trial so we can get you in Control of your money.
Cam Milnes