On the next page is a complete reader friendly list of current chequing and savings account rates plus the attached fees offered by the local deposit companies and the Island's two retail banks. And as you will see, sometimes it pays to shop around! Oddly, neither the Bank of Butterfield nor the Bank of Bermuda offer any interest rate on their chequing accounts; so don't leave any more cash than you absolutely need to in there, since with the attached fees ($3 a month "maintenance''), you'd basically be losing money.

Each week, financial advisor Martha Myron will be writing Moneywise.

As evidence of the range of timely topics about your finances that Ms Myron will be covering in Moneywise, today she tackles the controversial issue of pyramid schemes. A lot has been said on these illegal investment recruitment schemes, or should we say scams, which have pervaded the local community to such an extent that thousands of residents -- old and young, blue and white collar -- are said to be involved in them, with some folk throwing several thousand into them in one go. Last week, while shopping at a clothing store, I overheard a girl of about 17 telling her friend she would no longer be able to afford the expensive prom dress she wanted because she'd lost her "pyramid money''! The reality is that investing in pyramids or MLM is nothing more than high-stakes gambling and Ms Myron will be telling you about much better ways to legitimately invest.