I hesitantly write this post because the bank accounts you use matter very little and already get way too much focus. Your systems and mindset have a much greater impact on your savings and wealth.
Recently I’ve met a few people who weren’t receiving the bonus interest they expected. (Including those who’ve followed a certain high-profile book.)
As interest rates have dropped many banks have changed the conditions for earning bonus interest. Some common conditions to earn bonus interest each month include:
- Deposit above a certain amount
- Grow the balance
- No withdrawals
- Make a certain number of transactions
- Only some of your accounts with the bank get the bonus
And sometimes the bonus is only for a few months.
Of course, the conditions are often in a much smaller font than the headline bonus interest rate and further down the web page.
If you’ve compartmentalised your bank accounts and are setting aside savings then I recommend you take a moment to check the current conditions for earning bonus interest.
A simple change may be all it takes to get the bonus interest you deserve.