Aussies 'are losing money by not using savings accounts'

Australians could be losing as much as $4 billion by not putting their cash into high-interest savings accounts, new research indicates.

A study conducted by TNS and commissioned by RaboDirect revealed that many people keep their funds in everyday transaction accounts, reports the International Business Times.

Greg McAweeney, general manager of RaboDirect, said: "Only true savings accounts, that offer high interest rates, should be referred to as 'savings' accounts."

He explained that one way to identify these is that they usually cannot be accessed through an ATM.

Those who want to get the best interest rates may want to compare savings accounts online.

According to Mr McAweeney, banks need to work to alert customers to which are high and low-interest accounts.

This comes after Dr Timothy Sharp told News Limited newspapers that saving money provides long-term satisfaction that is greater than the "short-term buzz" people get from spending.

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