We look at some important information about savings account interest rates

While it is perfectly understandable that many people out there are of the opinion that the larger the number when it comes to interest rates the better, the fact of the matter is that this isn't always true. There are actually a number of other things that you need to keep in mind as well as just savings account interest rates in order to insure that you get the best deal for you and your money.

For starters, the type of savings account is very important in making any decision. While many regular savings accounts offer considerably higher interest rates, you need to keep in mind that the interest paid on these accounts is actually taxable, so you won't be getting the full amount that you might be expecting. If you want to go the tax free route, your best option is to look at some of the ISAs available right now.

Another thing that is very important for most people is whether or not it is possible to withdraw money without facing penalties. Fortunately, the majority of accounts these days will allow you at least one withdrawal per year free of charge. This should be enough for most people in the case of an emergency, but you need to make sure that you're aware of any charges that will be incurred by any additional withdrawals before signing up for anything.

Once you have all this sorted out, it's time to look for the best deals, not only on savings account interest rates, but on the whole package.

Since rates and deals change regularly, we recommend you take a look at both moneyexperts.com and moneysavingexpert.com in order to stay up to date with all the latest news and developments.

United Kingdom - Excite Network Copyright ©1995 - 2020