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Struggling to find the best savings account?

If you are one of the fortunate few out there who has a little bit extra to put aside at the end of the money, or if you already have substantial savings in your existing bank account, then you might want to consider switching to a savings account that can offer you the best rates, as well as terms and conditions, for your needs.

There are plenty of offers out there from dozens of different financial institutions, but it can often be hard to decide on the best savings account for your own personal situation. It's not quite as simple as saying "well it pays more interest so I'll use that one", even if that does seem like the most common sense approach to things.

Instead, you need to take a look at the whole package in full. Some accounts will charge you tax on your interest earnings, while others will not (ISAs do not charge you any tax). Some will penalise you for dipping into your savings (often resulting in it actually costing you money to save!) while others will allow either a limited number of withdrawals in the first 12 months, or free reign to access your money however and whenever you please.

Finally, there is the interest rate. Many savings accounts available right will offer a base interest rate, but on top of that they will be able to give you an additional bonus rate for the first 12 months. This means that the canny saver can set up an account, save for a year, before transferring into another savings account later on to take advantage of another 12 months worth of having a bonus rate.

We recommend you take a look at the Nationwide MySave Online Plus account, which offers a base rate of 3.12% AER with a bonus of 1.58% and the Santander eSaver Account which has a 3.10% interest rate with a bonus of 2.60% for the first year.

We also recommend you take a look at the excellent moneysupermarket.com in order to stay up to date with all the latest developments in the consumer financial space.

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