Top tips for getting a high interest savings account

Check your existing savings account:

• Check the rates on your existing savings accounts carefully. Don’t assume that if you see a high interest savings rate advertised for your account that is what you are earning. Banks and building societies often pay high interest savings rates to new savers and less to those who have had the account for a while.

• Switch to a higher interest savings account if you find your existing savings account is not up to scratch. If you don’t need easy access to your money, consider a fixed rate term account.

When looking for a new savings account:

• Look to see if the advertised interest rates on the savings accounts are artificially high. Some add an ‘introductory bonus’ that makes the savings rates look higher than they are.

• If you pick an account with a bonus, make a diary note of when it runs out and look for a new high interest savings account then.

• Look at the fine details on savings accounts – they could have a high interest savings rate because of restrictions. There could be limits on the number of times you can take money out each year. Or you could lose all your interest on the account for the month if you take money out.

Compare savings accounts now and find a high interest savings account.