Savings Accounts
Savings accounts in the United Kingdom vary massively, and we ignore the ISA saivings account on this page as we have discussed that on a sepereate page.
The best savings accounts are often hard to find, and may not be from your typcial high street bank. At the present time (2011) with interest rates so low savers are not getting the best interest rates so shopping arround for top savings accounts is more important than ever before.
There are lots of searches done via search engines for terms like "top 10 savings accounts" or "best uk savings account rates" and the results do come up with some unusual places to save your money. These places tend at present not to be with your high street bank but with people like the AA, Supermarkets, Building Societies etc. Always shop around for the top savings accounts in the UK, it is important to make your money work.
Of course savings account come with many variables these include
- Fixed rate savings accounts
- Variable rate savings account
- Limited withdrawals
- Unlimited withdrawals
- Introductory offer rates limited to a period of time
- Monthly or Annual interest rates
To name but a few, the big one to look out for is if there are charges for withdrawing your savings or not. In a lot of cases these charges mean you lose the interest you have earnt, so make sure you get the right account for what you need.
Some savings accounts can also be used to offset your mortgage, by this we mean you don't earn interest on the savings but at the same time your mortgage lender does not charge you interest on the same amount of money in your mortgage account.
Finally keep an eye out for those sneaky introductory interest rates on the current top savings accounts, as these tend to drop a lot after the introductory period. It is at this point that it makes sense to shop around for the newest best UK savings account to make sure your money is working for you.
