High interest accounts
such as online savings accounts are a great way to save your money while having the option to access it when you need it. High interest accounts also include term deposits
where your money is locked away for a period of time, where online savings accounts allow you to transfer your money between your everyday debit account and your savings accounts over the internet. The downside to online savings accounts
is that they have a variable interest rate which means the financial institution can change the rate at any time, whereas the advantage of term deposits accounts is that the rate is fixed for the life of the term. This can also be a downside for term deposits as if interest rates rise then you will benefit with a higher return from your online savings accounts but a term deposit will remain at that rate.
The table below displays today's best high interest savings accounts.