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How to Get the Best Saving Interest Rates

It's a lot harder to get good saving interest rates than it was a few years ago, but you can still achieve a return that comfortably exceeds the rate of inflation. If your money has been in the same account for a long time, you can do a lot better. The banks rarely offer the most competitive bank accounts to existing customers, so the onus is firmly on you to trawl the market for the right deal.

Vanquis Bank 1 Year Fixed Rate Bond

If you're able to tie up your money for a year, this fixed rate bond from Vanquis could be the ideal solution. Provided that you're able to invest a minimum of £10,000, you'll receive a guaranteed rate of 3.45% AER. If you'd prefer to receive a monthly payment, you'll still receive 3.4% AER. The account can be managed to telephone only; no early withdrawals are permitted.

Cahoot 2 year Fixed Rate Bond (issue 3)

If you have at least £25,000 to invest and can afford to lock up your money for 2 years, you'll enjoy a return of 4.01% AER. When the account matures, the money will become available on an instant access basis. Your funds cannot be withdrawn early.

Coventry BS Poppy Online Saver

Not everyone wants to tie up their money indefinitely. If you want to enjoy a savings rate of 3.15% AER and be able to make up to 4 penalty-free withdrawals per annum, this Coventry Building Society account is ideal. The minimum investment is just £1.

How to Get High Saving Interest Rates

You're going to need to shop about to get a competitive savings rate, but the process has never been easier. Gone are the days when you had to visit each financial institution in turn, you can do all of the work online. Websites, such as moneysupermarket.com and comparethemarket.com, can be used to compare the different rates based on criteria that are specified by you. You may even be able to get a rate that's exclusive to that site.

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