I have one high interest savings account and am wondering if some have more than

Here in Canada, the banks do not send a T4 or T5 tax form until you have made $10 in Interest. It does lead up to certain possibilities. Anyway they should have gone over those people who borrowed money for investments and then skipped to the Cayman Islands or to Mars rather than go after the little people. It kind of discourages savngs, especially if you are not making enough to fill out your own tax form.

so true

My husband pays the income tax because I don't make enough and he asked how much I was and we are still under the $50,000 that the government starts clawing away the excess, but as it is, I am saving for a Mac Computer and do not like putting money in a mattress.

What's the purpose of having to many accounts? I mean, from what I know bank rates will never be above inflation and having multiple savings accounts may not be the most efficient way to create wealth. Having said that, I have about three forms of savings accounts. I live in a country where taxes are relatively low and I don't make much money for the tax man to take major accounts. However, the banking system in Singapore is what you could call enclosed in a Mafia like grip. Savings accounts at the major local banks pay a miserable 0.25 percent a year while checking accounts pay no interest. The best part is, if you have a balance of less than so much, the bank fines you at the end of every month. As such, one needs to play around with bank accounts, which is a pain the rear end. For me, I'm self-employed and since my income stream is highly unreliable, I need to have a source of savings. For me, savings is not just about accumulation of cash but a necessity for survival. The reality of life for me, is that I may not have money during certain months but will need cash to tide me over to pay bills and cover running expenses. As such, I have a low savings and checking account with the largest local bank. This is where I run most of my daily expenses from. The money I get from these bread and butter jobs ends up in these accounts. I'm trying to save money from my basic low income, so I have a monthly giro that goes into a regular savings system. Approximately S$50 (US$35) a month goes into this account. I can't get to it easily and I hope this will one day be a cash pile for some higher return investments. Once in a while, I get a fairly lucrative job. When this happens, I try and put about a third of the money I earn from this into a higher-paying interest account with another bank. This money will hopefully compound more significantly and I hope it will turn into a valuable source of cash one day. However, I have reasonably easy access to this account, so when I have no income for the month, this becomes my emergency fund. I also like to see this account as a source of capital for any short term deals that might be available. I'm not sure if this is the best system and I'm trying to save from a very low base but I hope that if I am disciplined (which is hard when you have little income), I will have enough money in savings to have a decent life for myself.

I keep seeing the Mac book pro, and me writing my novels when we are on the road as Snow Birds. Now all I need to do is to get my husband to agree.

I have one high interest savings account and one regular account, plus one US account at my regular bank. I have two checking accounts in different banks. Next year we are going to be allowed $5,000 to put in a tax free interest account, so that will make it easier to save. Our government was into encouraging investment rather than saving. So that meant that when we retired, we did not have enough set aside for burials and when we wanted to buy big purchases items, many put them on credit cards or loans because they did not want the money they saved being taxed, and on top of the money already deducted from work, that additional interest might put them into a higher tax bracket.

You have to go to ING. that's the most popular one. It is the world over and the easiest. You need to send them a check from your bank with the minimum deposit. In Canada, they do not send a tax form unless requested. And I do not make enough to fill out my tax form, I am classed as a dependent so in reality I do not have to pay any taxes because they are less than my deductible.

I have been with them for at least three years now. It started with four percent, but because of the economy, it is down to three percent. They have branches all over the world, but most of the work is online. So they link you to your checking account and you send them a check with the initial deposit and from then on, you can either send them a check or have the money transferred from your checking account to your account in ING or visa versa.