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High Interest Savings Account

High interest savings accounts are an attractive way to earn money on any spare cash for which you do not have any immediate use.

There are a couple of ways for you to use spare cash in order to earn money. The most traditional bank product used to be a term deposit. A term deposit was an account which offered a high rate of interest for specific period of time. The consumer had to commit the money to the term deposit for a period of 3, 6 or 12 months. The money had to be left in the account for the interest to be payable. If you need the money before the full term is up, interest would not be payable at all.

So, for investors who do not want to tie their money up for the period specified by a term deposit, high interest savings account is an excellent alternative. Banks will generally offer these accounts tiered by the amount of money you have to invest. For amounts over $100,000 many banks will be keen to offer a more competitive rate, so it is always a good idea to check before deciding where to place your money.

These high interest savings accounts offer you instant access to your money without losing any interest, but are often limited in the number of transactions you are allowed to make each month.