Few bank savings accounts beat inflation123RF Putting your money in a savings account might mean throwing returns away. Bad news if you've got your hard-earned cash stashed in a bank savings account – you are probably paying for the privilege. A survey of bank savings account interest rates shows the vast majority pay less than the rate of inflation. Inflation hit 1.3 per cent in January but the Reserve Bank is working to get it closer to 2 per cent. :"It is possible to get up to 2.4 per cent from a bank savings account, but only if you do not withdraw money and commit to making at least monthly deposits.

Source: Stuff March 05, 2017 02:51 UTC