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Avoid lazy money … make sure it’s working hard for you.

Posted on 07 January 2008 by Mike Heath | 4 comments
Category: Savings
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Too easily we fall into the trap of leaving too much money in our current account “just in case” we need access to it quickly.

I’m not suggesting that you deviate from this approach because who knows when you’ll have an emergency need to cover.  However you mustn’t lose sight of the need to have your money working as hard as it can for you.

With the benefit of hindsight you’ll have a pretty good idea of how much emergency cash you’ll need to have in your current account. 

The next step is to ensure that you move your excess money into your savings account as soon as possible. 

Keep a regular eye on your current account balance, ensuring it stays around the level you need for that “emergency”, and then make sure the rest is working hard for you returning a high interest rate. 

Having an online savings account clearly makes this process very simple and straightforward – no need to shoot down to a branch, plus you can do it anytime night or day.

If you have a couple of minutes, take a look at what people say about our online products, we’d also love to hear what you think:

4 comments

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We don't have a lot to put aside regularly, but it all adds up in the online account! We paid for my 40th birthday party out of it, and still had a bit left over. We also started our son saving with his 3rd birthday money in a "regular bank" transaction account. However, we soon switched the bulk of that to an online Raboplus account, where he gets more than twice the interest! His pocket money is now mostly going into his Raboplus account, with a bit left for spending. He takes great pleasure in watching his money grow in Raboplus. Thanks, Raboplus, for making it so easy to encourage our children to save.
LisettePosted on 3/12/2008 12:39:00 p.m.
I use my online account as a holding account earning high interest. I put everything I have in there and only move out funds the day before I need it. I'm even earning money on money I've already spent, technically! Which is a nice bonus and makes me feel like I'm finally getting somewhere. Every dollar really can work harder for you! Good on ya RaboPlus.
LeePosted on 3/05/2008 5:42:00 a.m.
The online current account has been absolutely brillant! Easy to use, and it's great to know the money is on hand, as well as earning a top interest rate.
Brad DixonPosted on 23/01/2008 8:51:00 a.m.
Good pointers here - this applies to everyone.
kbotPosted on 23/01/2008 7:42:00 a.m.

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