saving? investing?

With interest rates how they are at the moment the best savings account is your bond, put extra cash on your access bond because the returns are HUGE.

If you don't have a bond then save up till you have enough for a money market/call account. Keep a float of cash and then dump cash in to a 12 month account.
 
Some money market accounts a pretty good, they attract absolutely no fees except for a fee when you deposit or withdraw money from the account (last i checked on the one i have is 4% of the amount you depositing).
 
Don't limit your options to products from banks - Unit Trusts are also a viable option.. in my opinion an even better option.

You can select a portfolio suitable based on how risky you want to be.. You don't get guaranteed interest rates but there are conservative funds, invested in bonds and money market that consistently earn up to 10% per year after management costs.
If you're not likely to need the money within a few years you can choose a more aggressive fund invested in property or equities - they are volatile in the short term but these are where you will get the best long term growth. The top funds have earned 15-20% per year after costs, if you look at a 5 year time horizon.
 
Its normally best to devise a plan for yourself, saving some money conservatively for short term needs and investing a smaller portion in equities where you can potentially make a nice profit within months or even days - but more realistically over a few years. Have confidence that even if the fund loses value, you only lose money if you cash it out at that time. Be prepared to wait 6 months to a year and markets will bounce back.. assuming the worlds financial markets keep operating :P
 
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