How to Find the Best Interest Rate Savings Account

The state of the global economy has meant that the Bank of England has had no option but to drop base rates to 0.5%. Not surprisingly, bank savings rates aren't as attractive as they were a few years ago. If you want to find the best interest rate savings account, you're going to have to move your money.

It may surprise you to discover that the top interest rate savings accounts are largely used to attract new customers. The ING Direct account (3.1%), the Santander eSaver (3.1%) and West Bromwich WeBSaver (3.06%) are where you'll find the best savings rates, but these offers lapse after just a year.

It's no coincidence that the offer ends after 12 months. Financial institutions realise that customers have a rush of inspiration and move their money, but don't check that they're getting a great savings rate for years. They make money from your balance, but don't have to pay you very much interest to do so.

The onus falls on you to check that you have the best interest savings account. You need to make a note of when an introductory offer ends so that you're ready to make the necessary adjustments. This will ensure that you have sufficient time to move your funds to a better deal.

It's a lot easier to find the best bank account than it was a few years ago. Although many customers prefer to visit each bank in turn, it's easier to use a price comparison site. A website, such as Moneysupermarket.com, can be used to trawl the market for the right deal. It's a lot quicker and more convenient.

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