How to find the best savings rates

There are thousands of savings accounts on offer from banks and building societies. While some pay very high savings rates, others don’t. The best pay high interest where you can earn twice as much as in accounts with the worst saving rates.

Banks and building societies regularly launch new accounts and it is these new savings accounts which often pay high interest savings rates.

 If you already have a savings account, check the rate you earn and if it is poor, switch to one with a high interest rate. Such a move can mean you earn much more on your savings.

The best savings rates tend to be offered by accounts you run over the internet. This is because they’re cheaper for a bank or building society to run and they pass on the cost savings in higher interest rates. 

If you prefer to run your savings accounts through a branch or over the telephone, you could earn slightly less interest, but you still need to make the most of your savings in the right account for you.

Check out the terms and conditions. Some pay a high interest savings rate but limit the number of times you can take money out of the account to, say, four a year.

Some high savings rates are boosted by an ‘introductory’ bonus which you only earn on your savings for a short time. Once the bonus period runs out, you are left with a much poorer deal.

Compare savings accounts and ISAs now and find the best savings rate for you.

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