When it comes to savings the higher the interest rate the better. This rule also applies to the amount of money you invest into your savings account. The more regularly you contribute to your savings and the more you accumulate, the more your money will grow with interest.
Savings accounts with high interest rates are designed to boost your savings. High interest savings accounts such as online savings accounts allow you to deposit money on a regular basis while you earn a high interest rate so that you can save more and reach your savings goals sooner.
Most financial institutions offering high interest rates usually do so for a limited time only at which point the rate will revert to a lower rate. There may also be certain terms and conditions attached to these types of accounts, such as minimum deposit amounts, so make sure you read the product disclosure statement (PDS) before deciding to open up the account.