Interest

I called my bank Westpac to enquire about the interest rates on my current online savings account. After reading the chapter on savings I was motivated to call the bank and discuss about any other saving accounts or if the current interest rate can be lifted. My current interest rate was only at 3.25% . However the bank told me that the interest rate can go up to 5.05% and furthermore after 4 months this could go up even higher. As discussed in the textbook if i begin to "save liite" and take advantage of the online savings account that is fee-free with high interest rates, I will be able to build up my savings for the future. I think it is very important for me to be aware of these accounts and start to develop saving habits and most importantly to set my own saving goals that fit into my current financial situation.