How to compare interest rates for savings accounts

If your money has been sitting in the same current account for several years, the chances are that you aren't enjoying a healthy investment return. This is because the banks uses the highest-paying accounts to attract new customers. You're already a customer, so they don't need to do anything to keep your business. It's never been more essential to compare interest rates for savings accounts once every 12 months.

There are two ways that you can compare savings rates. You can either visit the websites of the leading banks in turn or you can use a comparison site, such as moneysupermarket.com or moneyexpert.com, to do all of the spade work for you. If you choose the latter, you can decide whether you'd like a current account, notice account, fixed-term bond or cash ISA. You'll receive the results of this search in a matter of seconds.

What no savings comparison site can do is decide what is most important to you. We all want to achieve a great return, but what happens if your money is an emergency fund? Don't lock up money that you may need to pay the bills. If you do you, you may find that you have to pay a heft early redemption penalty to be able to access your own money. That would undermine all of the benefits that you've got from the account.

A further intangible is customer service. If you want to compare current accounts for the best rate of interest, you'll probably have to sacrifice having access at your local branch. If this is the case, it's worth calling your new bank to see how long they take to respond and how courteous they are when you call.

Leading Savings Accounts:

  • Nationwide MySave Online Plus - 3.1%.
  • Santander eSaver Issue 4 - 3.1%.
  • Skipton BS Online Bonus Saver - 3.05%.

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