How to Choose the Best Rate Savings Account

Here’s a smart guide to finding the best rate savings account.

14:07 10 March 2013

What I’m about to say may shock you but did you know that you could actually lose money on your savings account if it pays you with a rate of interest that is below inflation? 

If you aren’t getting great returns from your savings account, it may be high time for you to consider other savings account. 

 

Right now, there is a wide range of good savings account available to you. Finding out which one is the best or which ones pay the highest interest might be more difficult than you might think. So, use this article as your guide. 

 

Here are the things that you need to keep in mind when looking for a best rate savings account: 

 

•Providers must be covered by the Financial Services Compensation Scheme (FSCS). 

 

•Bonuses must be payable for at least 12 months. 

 

•There should not be any restriction on withdrawals if you choose instant access accounts. 

 

•Accounts should be available at a branch, by phone, by post, or internet. 

 

•The accounts should show the annual effective rate before tax. 

 

Aside from checking all those things I’ve mentioned above, getting feedback from other people who have savings accounts with different providers can help. These people can give you first-hand knowledge that can surely help you make well-informed decision.