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Opening a savings account online |
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Interest rates on most savings accounts are variable. If the Bank of England base rate rises or falls, you would expect savings rates to react in a similar way. But interest rates on savings accounts sometimes move (often downwards) for reasons that may not be obvious to savers.
Some banks and building societies promote new accounts with attractive interest rates which they may reduce some months later. You need to keep an eye on the interest rate your account is paying in case it slips below what is on offer at other banks or building societies. If this happens you should consider moving your savings to a different account or to another bank or building society. Check if the advertised interest rate includes a bonus that is withdrawn after a period.
Internet savings accounts usually pay higher rates of interest than other savings accounts.
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Savings account deal of the month |
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Cahoot Savings account
- Earn a great rate of 5.00%** A.E.R. with balances of
over £1
- No confusing bonuses, introductory rates or penalties for withdrawals, just one generous rate for all customers
- Annual or monthly interest deposited directly into your savings account
5.00% AER
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Savings account news |
While banks are quick to hike mortgage rates, they aren't so quick to increase savings rates, so punish them by taking your business elsewhere. None of the big four banks have raised their savings rates, leaving some borrowers languishing with rates below 4%.
This is at a time when there are some fantastic deals on the market, particularly from the newcomers to the UK.
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Individual savings accounts (ISAs) have been reprieved, and are set to remain a part of the savings landscape for the foreseeable future.
The tax-free savings schemes had previously been guaranteed only until 2010. |
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The Irish Independent's Charlie Weston asks: Are we spending cash on things we don't want, with money we don't have, or are we a nation of savers, wealth gatherers in a tiger economy? Both are probably true, and there is a note of caution in the air.
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Savings accounts reviews |
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Latest reviews
Reviewed by Solastseasons ( )
About eighteen months ago I took out a personal loan to upgrade my car but illness prevented me from doing so. I didn't want to leave the money in my current account when it could be accrue better interest elsewhere..
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Reviewed by Ashford ( )
Of course much depends on how big your surplus is and what are your financial objectives and goals. Are you saving for a rainy day ? Are you hoping to maintain your real wealth by at least keeping pace withinflation ?....
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