Deciding which savings product to go for can be a daunting experience. When interest rates are so low it can feel as though all the products out there are just as bad as each other, but trust us it really is worth shopping around to get the best deal.
Check out the competition
You wouldn’t buy the first mobile phone you see, without checking out the latest features, and you wouldn’t buy your jeans from the same shop as your Dad just because that’s where he has always gone; so don’t do that with your savings account. By all means check out what your bank has to offer (they might be able to give you a special deal) but always compare that with what else is available before you sign on the dotted line. There are any number of websites with comparison tables to help you do this – the www.moneyadviceservice.org.uk or www.moneysavingexpert.com are both good places to start.
An interesting savings account
It really is worth shopping around to get the best deal!
One final piece of advice before you head off to evaluate your options; keep on your toes! There is no harm checking the market every now and then to make sure you are still getting the best deal. Indeed some savings accounts are designed to lure you in with high interest rates in the first year which drop afterwards, or only guarantee the best interest rate if you meet certain conditions. You will probably need to keep moving your money around if you want to get the best rates or if your circumstances change. It’s a good habit to get in to!