
The interest rate earned on “lost” bank accounts for the 2017-18 period was 2.13%. The average interest rate on a transaction account over the same period was a measly 0.11%.
Money magazine editor Effie Zahos is the author of A Real Girl’s Guide to Money: From Converse to Louboutins, available for pre-order now. Effie started out as a graduate trainee for one of Australia’s major banks. She moved to TV in 1997, kick-starting her career in finance journalism as head researcher for Channel Nine’s Money Show. A regular finance commentator on TV and radio, she also wrote The Great $20 Adventure, a children's book aimed at enhancing the financial literacy of young Australians.