What are the Top Interest Savings Accounts?

Banks are notorious for offering the top interest savings accounts to new, not existing, customers. If you haven't checked that your money is yielding a sufficient return, there's never been a better time to perform a comparison. Given that the Bank of England has set base rates at an historic low of just 0.5%, there's only one way that interest rates can go. It's essential that you check how your savings are doing once every year so you can make the necessary adjustments.

Nationwide MySave Online Plus Account

You must invest a minimum of £1000, but you'll enjoy a return of 3.05% AER. Savers can make up to 1 penalty-free withdrawal each year. Further withdrawals can be made, but you'll be paid just 0.1% AER in the month that the withdrawal took place.

Tesco Internet Saver Account

Open an account with just £1 and you can enjoy a 2.9% AER return on your savings. The rate includes a 1.65% annual bonus, but the headline interest rate isn't guaranteed. You can transfer the money back to your current account at any time without having to pay a penalty.

ING Direct High Rate Savings Account

If you'd like to open an account with just £1 and benefit from a return of 3% AER, ING offer the ideal account. You have total discretion with respect to when you withdraw or pay in extra money. Just arrange an online transfer to your current account.

How to Find Top Interest Savings Accounts

Obtaining a higher savings rate is the main objective of every investor. However, it's most critical for retired people and families who are trying to get by on a fixed income. Under no circumstances should you open an account and assume that the bank will do what is right for you. Paying you a top savings interest rate erodes their profit margins, so the onus is on you to check that you're getting the sort of return that you deserve.

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