The interest rates for a savings account will normally be shown as the Annual Equivalent Rate (AER) figure. This is the rate of interest added in a year, regardless of how interest is added. This allows easy comparison between the rates of different accounts.
A savings account interest rate may also be shown gross of tax, or net of tax. A gross figure may be higher than the rate you will actually receive as this may be reduced by tax before it is paid.
Fixed-term accounts normally offer higher rates than instant access or short term accounts. It's best not choose an account just based on its interest rate but to compare some of the available options and choose a savings account that meets your needs.
For example, some accounts may offer an option to receive interest monthly, or may pay interest annually or at the end of the savings account term.
Use the tables below to compare the interest rates on leading savings accounts: