At times when interest rates are low, you may want to consider other ways to make your money work for you:
The interest on borrowing is usually higher than the interest earned on savings, so it might be better to pay off high interest loans and debt. We discuss this in more detail here.
If your mortgage allows you to make additional payments, you can use savings to cut years off the term and potentially save a lot of money in interest. Some banks offer offset accounts, where any additional funds sitting in the account reduce the interest paid on the original amount owed.
Unless you need fast access to your savings, you'll usually earn more interest if you move your money from a regular savings account into fixed rate savings (also called Term deposits).
Investing your money, rather than saving it, comes with greater risk - but may be worth considering to help you achieve longer term savings goals. We explain investing in more detail here.
