Savings accounts are an easy, convenient, and for many people, key component of growing wealth and managing their short-to-medium-term money requirements. Savings accounts can be used to save for a special purpose such as Christmas shopping, a holiday, a home deposit (in which case the government may make a co-contribution), or just for a rainy day.
As with all financial products, to find the best savings accounts for your needs, it can be a good idea to shop around. This particularly applies to finding some of the best savings accounts interest rates – and our savings accounts comparison database can make the process simpler.
Compare interest rates and more
While comparing the interest rates of different savings account options is a good place to start, there are also other savings account features and benefits to keep an eye out for.
Even if a savings account is advertised with a high maximum interest rate, you may not always be able to earn this high rate of interest on your savings. Some savings accounts offer high introductory rates that revert to lower standard rates after a set period, while others offer bonus rates as a reward for fulfilling the account’s terms and conditions, such as making a minimum number of deposits, or minimising your withdrawals.
It’s also important to compare the fees charged by different savings accounts – you don’t want to find yourself paying more in fees than what you’re earning in interest.
Steps to take
While comparing some of the best savings accounts will help you reach your financial goals sooner, there are other things you can do to help you get financially ahead.
First, set yourself a savings goal. Be it buying a boat or adding a new room to the house; goals provide great motivation, and make saving much easier.
Another important step is to make a personal budget. This lets you know where your money is going, and where you can make, and retain, savings.
Naturally, you also want to choose a savings account best suited to your goals and savings style. To start growing your wealth today, compare high interest savings accounts and follow our news articles to get the latest savings tips.