Interest Rates
Interest Rates
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If you are trying to decide which savings account to go for, the interest rate will be one of the most important factors in your decision. The interest rate attached to the account will have a significant effect on your returns, so choosing the right one could make a big difference to your financial situation. When looking at the different interest rates on offer, you should remember that:
- Fixed rates have the advantage that they will not fall when the base rate does, but the disadvantage that if rates go up, you will not benefit from the rise
- Tracker rates have the opposite advantages and disadvantages – benefiting you when the base rate goes up, but you lose out if it drops.
Some accounts that offer a very good rate will often have restrictions and penalties surrounding when you can withdraw or transfer money, so make sure you find the account that suits you not just in terms of the interest rate, but also the flexibility it offers.
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