How to Find the best Interest Savings Rates for Bank Accounts

To find the best interest savings rates for bank accounts can be summed up in one word: research. By researching the various savings accounts the best interest savings rates can be found. Here are a few tips for this.

To begin researching a search engine may be the best place to start. From Google, consider using the key words ‘best savings accounts’ to search. The results for this search include links such as ‘ best 10 savings accounts’ and ‘top savings accounts.’ Such pages provide a list of top savings account rates which can then be compared.

For further research you can then go to the various bank websites. Visit bank websites linked to some of the best savings rates such as Halifax, Santander, and Nationwide. Here, you can browse their range of savings accounts and interest rates. If you have found some of particular interest then you can also pick up branch based leaflets which may also provide further details for the accounts.

It is worth noting here the distinction between variable and fixed interest rates that you may note for the savings accounts. The variable interest rates are interest rates that vary, and may not remain as the quoted rate. In fact, they will either probably go either up or down. Although admittedly this is usually only marginal changes

The alternative to variable interest rates is that of fixed interest rates. Fixed interest rates are those that do not vary, but remain exactly as the quoted rate. It is usually the case that fixed interest rates are higher than average variable rates, and are linked to longer term savings plans.

As such, for the best rate of interest fixed rate savings accounts are usually the best option. However, they may not be easy access saving accounts. As such, any potential withdrawals could have an impact on the interest returned. So, it is worth taking note of this beforehand.

It is also worth noting that some savings accounts have bonus rates. This is in fact something to be weary off as the large quoted interest rate may only be relevant for one year. As such, the high interest rate will only be relevant for one year or so. Hereafter, the savings account may revert back to a much lower rate of interest. As such, such accounts are not always the best savings accounts for longer term saving plans.

So, with good research you can find some of the best interest savings rates. Take note of fixed rate savings accounts, and also the general interest rates for accounts which have short-term bonus rates included.