At times when interest rates are low, you may want to consider other ways to make your money work for you:

Paying off debt

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 in this article: Save or Pay Off Debt? 

Overpaying on your mortgage

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.

Fixing savings rates

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).

Consider investing

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: Savings vs Investing