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Looking for the best UK savings rates for your money?

With most people now struggling to make ends meet due to the cuts and redundancies that have been widespread in the last few years, it's not surprising that an ever increasing number of people are trying their best to get the most money possible for their savings. However before you can find the best UK savings rates it is important that you know exactly what you're looking for.

The majority of savings accounts out there right now tend to offer you a fixed rate over a set term, usually 12 months. However where they differ is the terms and conditions of the savings term. For example, some accounts will allow you to make withdrawals whenever you want, while others will limit you to one in the first 12 months, and some don't even allow that.

You also need to keep in mind that there is far more to finding a good deal than just looking at then set interest rate. Since these financial institutions are trying to do whatever they can to drum up customers, there are plenty of hidden extras on the table that could really benefit you.

For example, the Santander eSaver Issue 4 account offers a base AER of 3.10% per year, but it also pays a bonus 2.60% interest over the first 12 months. This means that you can almost double the interest that your savings can earn.

Another great deal is on the table from ING Direct whose savings account offers 3.10% AER with a bonus of 2.56% for the first twelve months.

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