Last updated: 23/07/2020 | Estimated Reading Time: 3 minutes
Find the best interest rates on savings accounts
There are a huge number of different savings accounts that are currently on the market at the moment. This means that it can be really difficult to decide upon which one is best suited to your needs. Some of these accounts offer good value for money through decent interest rates, while others can fall far short of that mark.
This guide will explain what it is that you should look for in order to make sure that you find yourself a good deal on a savings account.
In This Guide:
- The best saving rates around
- Look into online savings accounts
- Make sure that you read the fine print
- Compare high interest current accounts
The best saving rates around
One thing that may help you find the best savings rates around is the fact that many banks and building societies often release new accounts that offer attractive rates of interest. This means that if you want to find a really competitive deal, you should have a look at some of the more recent accounts to be brought to market.
It is important that you continuously compare the savings rate that you are getting with your savings account at present with the other accounts that are on offer. If you look at your interest rate and see that it is not looking as good as another one on the market, it is time to switch. Doing this can mean that you will make a lot more money off of the savings that you have put away.
Look into online savings accounts
One thing that many people do not do is look at the various savings accounts that are offered over the internet. Most major banks offer savings accounts that can be managed over the internet but there are a few banks that only offer internet run accounts. This means that the banks have much lower overhead costs and they can afford to pass these savings on to you in the form of more competitive interest.
Make sure that you read the fine print
You should always make sure that you read the small print i.e. the terms and conditions very carefully. Some of the accounts on offer will come with very attractive savings rates but won't allow you to take money out of your account more than a set amount of time or over a set sum. Other accounts will come with good introductory rates which will help you earn well in the short term but will then drop their interest rates after the introductory period.
Compare high interest current accounts
It is a little known fact that many current accounts offer higher interest rates than some savings accounts so you should take a look and see how much you could be earning with accounts like those. Although you need to remember that those accounts are taxed for their interest unlike ISAs, so it is important that you factor in your rate of tax before you jump to the conclusion that they are the best value for money.