Picking the best savings account has always been a matter of personal circumstance.
How often you deposit, how often you withdraw and how great a yield you are prepared to sacrifice to convenience will always mean that needs differ.
Traditionally, variable rate accounts charged only a nominal interest rate for the convenience of getting access to your money.
Fixed rates with long withdrawal notices, however, scarcely paid more, with no access to your savings ñ there was not much to pick from in terms of the best savings account.
While the principle that needs differ has remained the same, there is now a little more to choose from in finding the best savings account.
Fixed rates are beginning to pay more attractive rates and with the likelihood of a rise in the base interest rate low, there seems little prospect of missing out on any savings while locked into an account.
Some of the best fixed rate savings accounts on the market include the Birmingham Midshires 5.05 per cent one year notice account and Heritable Banks three year fixed account at 5.10 per cent.
For those prepared to leave their cash alone for five years, London Scottish Bank’s best savings account offers 5.10 per cent.
For those of a more restless nature, there are now some variable rate accounts that look almost as appealing as the best savings account fixed products, financial adviser Julie Clapperton told the Telegraph.
“These accounts often offer better rates than a fixed savings account for so long. But at the end of an introductory period – normally 12 months – the money will usually be moved to an account paying a more modest rate of interest.
“That is when savers should be shopping around to ensure they continue receiving a competitive rate,” she added.
Some of the variable best savings accounts include the Scarborough building society’s easy saver direct offering 4.85 per cent, and the new to the UK ICICI best saving account variable at 5.15 per cent.
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