How to increase your savings with the best rates available

MoneySupermarket.com, GoCompare.com and CompareTheMarket.com are just some of the big names in the comparison site industry. As well as helping you find the cheapest home insurance, mortgage and personal loan, they can also help you find a savings account to suit your financial and personal needs. Increasing your savings means the best rates of interest are needed, and this means comparing the banks and building societies to find the best one.

According to MoneySupermarket, the best regular saver account is with the HSBC bank. Their interest rate is fixed at a staggering 8.00% for 12-months. This means you are unable to withdraw from this account without written notice or payment of a penalty fee. Twelve months is not a long time and if you have a substantial amount in savings these best rates will mean your savings will grow significantly over the term.

According to GoCompare the best internet account is the Nationwide MySave plus, which offers account holders an interest rate of 3.18% AER. This account is controlled completely online and you do not have to give any notice to make a withdrawal. The minimum initial deposit is quite high at £1,000 but the interest rate is well worth it if you have more than that to invest.

CompareTheMarket.com also recommends the Nationwide account as being a good place to invest your savings for the best interest rates. The online account offered by ING direct is a close second, with an interest rate of 3.10R. However, their minimum initial deposit is just £1.

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