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The most attractive feature of a savings account is the interest it brings in. This is a little extra money you get for free. Traditionally the normal savings account does not offer a very big interest rate. However, it is possible to get more interest from your savings by several means. One of these is to open a term deposit. This will not only give you slightly higher savings interest, but will lock in the interest rate until the term is up, thus protecting you from falling interest rates.
Another way of getting more savings interest is to open an online savings account. Because this account can only be accessed online it needs no tellers and so there are no fees - and often quite a bit more interest. It has to be linked to another account for access, but if you choose carefully, there will be no fees for the other account either.
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