Best Interest Rates For Savings
Best Interest Rates For Savings
The best interest rates for savings tend to be on:
- Fixed rate accounts
- Guaranteed bonds
- ISAs
- Regular payment accounts
This is because the restrictions the accounts carry, or the tax benefits attached in terms of an ISA, push the interest rates up. If you choose an instant access account, the rate will be a bit lower, because you have the flexibility of a current account – instant access to your money with no restriction or penalties on taking money out or transferring it to another account.
With fixed rate accounts, you agree on a rate for a fixed period, and if you leave the money locked away, by the end of the term, you will have a guaranteed return. And with regular payments accounts, the bank will offer you a better interest rate provided you make regular payments into the account.
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