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Bank Savings interest rates.
If you have a savings account with the Commonwealth Bank, don’t forget to go online or into the bank EVERY THREE MONTHS to compare the latest interest rate, if you don’t it reverts back to around 1.9% (currently). I went in yesterday (15/5/2023) and instead of 1.9% I got 4% ... ... also, make sure your ATO TFN number is linked to each account or the bank will take tax on the interest (if they’ve already done so within the current financial year only, they will refund it to you, however interest should be declared on your yearly tax return, in the meantime the compound interest is also making interest for you).
Put a reminder on your calendar to check every 3 months (not before .... or you won’t get the best rate) hope this helps.
Every bank is different and it depends on the account type. Please note I am not a financial advisor, just a savvy independent woman.
