Jan 5, 2008

revamp of savings accounts

currently we have 5 savings accounts and 2 of them will be merged into 1 next week. now that they will be down to 4, 3 of which are all online accounts (8.2%pa), i got j to discuss with me what he thought of which title goes to what. here's what we came up with.

this one has the most amount and i'm allocating less money to this so that the other 2 can catch up.

baby fund
this is the merged account. we decided to switch the fund from the Fast Forward Saver (only 5%) to our new online account. we might put some of it in a term deposit once it has enough funds. this weekend i got myself busy comparing banks that offer 9%pa on term deposits.

JASA (just another savings account)
this is our account that will be responsible for funding our investments. it already started with the mutual fund and we hope to diversify more this year, bit by bit.

emergency fund
this used to be the baby fund, and since it's for emergencies we need to not feel bad about losing interest income if/when we pull out. and it's got the lowest return of 5%pa.

i feel much better having MORE order. now, is it normal/usual to have more than 2 savings accounts? how many have you got?


  1. You have online savings accounts earning 8.2% interest? What bank?

  2. hi single ma,

    there are lots of banks here new zealand that offer 8.2% - Westpac, PSIS, Kiwibank, Rabobank, to name a few.

    i know, that's high compared to US-based banks! when i moved here (from Asia) i got so motivated to save by the high interest rates! crazy! :)