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A Guide to High Interest Saving Accounts

We all want to enjoy an attractive return on our savings and investments, but the current economic climate makes this difficult. Bank of England base rates are at an all-time low, so it's necessary to do a bit more research to find high interest saving accounts. Don't rely on your bank offering you the best savings rates because you're an existing customer; the most attractive deals are offered to new customers.

ING Direct Savings Account

Provided that you're prepared to save at least £1, you'll enjoy an attractive return of 3.1% AER. Payment includes an annual bonus of 2.56%. Although an internet bank, you're able to withdraw your money at any time without penalty. After 12 months,  rates track the Bank of England base rate, which is currently 0.5%.

Nationwide MySave Online Plus

If you're able to put away at least £1,000, you'll be paid 3.05% AER. The rate includes a 1.51% AER bonus for 12 months. You're able to make one penalty-free withdrawal each year. If you need any additional cash, you'll receive just 0.1% AER in the month that the withdrawal takes place.

Leeds Online Access Bank Account (Issue 5)

The minimum investment is just £100. Unlimited withdrawals can be made and you'll receive 3.05% AER with 12 months. This includes a 2.55% AER bonus until 31 August 2012.

How to Find High Interest Saving Accounts

If your money has been in the same current account for several years, you're unlikely to enjoy an attractive return. This is because the highest rate bank accounts are usually only competitive for 12 months. Use a price comparison site, such as moneysupermarket.com, to trawl the market for the best deal.

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