In this brave new world of easy credit and low/negative interest rates, the term "High Interest Savings Accounts" is slowly becoming obsolete. Think about it. Are we still going to call it a "High Interest Savings Account" when it only offers 1%? What if you have to pay the bank to store your cash?
We need a new name for the new age. Some suggestions:
Relatively High Interest Savings Account (RHISA) - compared to other countries with even lower interest rates, this statement is true.
So-so Interest Savings Account (SISA) - a more modest term.
At-Inflation Interest Savings Account (AIISA) - barely beating inflation is an achievement these days.
Australia Housing Market Bubble Fund (AHMBF) - admit it, that's what we're basically saving our money for in the first place.
Future Government Savings Raid Fund (FGSRF) - if our governments continue on their neo-liberal, "tricky down theory", low corporate tax rate path, eventually they're going to run out of money. They'll then probably steal our superannuation, and then our bank accounts, Greece-style.
Online Savings Account (OSA) - yeah but this ain't funny.
Any others?
FIGJAM