When we were in Australia, the bank accounts to be opened were quite straightforward. We opened transaction accounts with the major banks and the interest rate on these accounts is about 0.01% pa. To get a higher interest rate,  we opened online saver or isaver accounts and put most of our savings there and the interest rate on these accounts vary according to the cash rate set by the Reserve Bank of Australia. In the current low interest rate environment in Australia, the interest rate on these online accounts is about 2.50% pa. In Singapore, the process gets more complex if you want to earn a higher interest rate on your savings. Generally, the interest rate on most transaction accounts here is about 0.05% pa. Fixed deposit accounts tend to be a popular way to earn higher interest but the cash gets locked up for a period of time. What I will ......