Question

What is the average interest rate on a savings account?

Answer 1

The average interest rate for an average savings account is only 0.06%.

I would look into finding a savings account that has a higher interest rate so your money will grow at a much faster rate.

You might have to put up a bigger deposit and add more money to the higher interest savings account but in the end it would be worth it to pay more money into the high interest savings account.