Decent Interest Savings Deposit Accounts Are Still On The Market

By Author: Nicholas Hunt
Total Articles: 434
Comment this article

In years gone by, people usually decided on a bank and stayed with it for good. In fact, plenty merely opted for the bank their parents were customers of, and didn't spread their nets any wider for their investment and current account needs. This made sense back when banking was normally conducted over the counter at a neighborhood branch - customers were bounded to what was easily handy and convenient.

More recently, of course, the www has changed all that. We are no longer limited to our neighbourhood bank branches, and can put our money wherever we want at the click of a button. This means we have much more scope to make our money work harder, and this is especially true of our savings investments.

Even in today's problematic financial circumstances with historically low interest rates, you can still make your savings work hard in a savings account, without any of the hazards involved in investing in the troubled stock exchanges.

This is for the most part because some banking companies have lent too much money out and have to pull in savings deposits to balance their businesses, but whatever the cause, ...
... you can find interest rates far above the ones the major banks are setting as the benchmark.

You can also easily find these deals online, by employing one of the many product comparison internet sites that exist. These websites make it straightforward to compare the accounts offered by each bank, and select the one which will earn you most from your cash. Before you do this, though, there are two essential considerations to be aware of.

First of all, some of the accounts with the sweetest interest rates limit how much you can bank into them to a specific amount each month. This means that even though the interest rate may be one of the highest available, you will actually be limited in how much you can profit. These accounts are fabulous if you have a little extra cash each month and want to put it away and earn interest on it, but less appropriate if you have a lump sum you want to invest.

Second, many accounts attain their high positions in the listings by boasting an introductory bonus deal. Once this finishes, the fundamental rate may be much less attention-getting, so ensure you know what the lifelong rate will be unless you want to be opening new accounts again and again to ensure you always enjoy a beneficial rate.

About the author: Nicholas writes for Your Banking Guide, where you can compare savings accounts at http://www.yourbankingguide.co.uk/compare-savings-accounts.html