Expense Account, Mint
Unless the banks can spike it again, from 1 April, we’ll get the 3.5% on our savings bank accounts that we believed we were getting all these years. Of course, post-inflation and tax, we’re losing money every day by leaving it in that terribly convenient, yet purchasing power killer, savings bank deposit. But few knew that the returns were sometimes zero, not the 3.5% that we assumed we were getting. The trick, as in everything financial, is in the detail. I remember learning by rote in an early economics class that savings deposits earn interest on the lowest balance between the 10th and the end of any month.