Savings Interest Rates
Savings Interest Rates
Savings interest rates vary considerably between the different types of savings accounts. You can get a higher rate of interest if you choose an account that keeps your money locked away for a fixed period of time than if you choose an account that gives you instant and unlimited access to your cash. The main types of savings account with varying savings interest rates are:
- Instant Access Savings Accounts: Gives you instant access to your money, with no restrictions or penalties on withdrawals or transfers, usually via a cash card or cheque book.
- Internet Only Accounts: Open and manage online, access 24 hours a day, seven days a week to make online payments and transfers, set up standing orders and view transactions and statements. Again, there should be no penalties or restrictions attached.
- Fixed Rate/Guaranteed Return Savings Accounts: Fixed interest rate for a fixed period that is not affected by base rate changes. There will be penalties and restrictions attached, but the interest rate will be much higher and if the money is left for the entire term, will have a guaranteed a return on account maturity.
- Regular Payment Accounts: Make regular payments into your account and benefit from a higher AER.
For the best savings interest rates, decide what you want from your account, how flexible it needs to be, and then compare deals to find the most competitive.
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