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Save up to $1,256 by using a HISA | Dollar Saver tip #74

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Save: up to $1,256

Tip overview

Australians have billions of dollars sitting in no interest accounts.

Seriously. We crunched the numbers using the Big Four banks' annual reports and found that customers have a combined $135 billion sitting in non-interest bearing transaction accounts.

We could be earning a lot more by putting some of that money into a high interest savings account.

Did you know?

The average Australian has $35,166 in the bank, according to Finder's Consumer Sentiment Tracker.

And the average rate on an online savings account is just 2.05%, according to Reserve Bank figures.

But if you put $35,166 in an account like ING's Savings Maximiser, you could earn as much as 5.5%. Over 12 months, you'd earn $1,256 more than if you'd stuck with the 2.05% average rate.

Of course, you need to meet a few conditions each month to get a high rate like this. But the extra interest speaks for itself.

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