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Find out how the interest on your savings account will be earned, ensure you read the small print. You will find that many savings accounts will come with catches, typically hidden away from all the promotional advertising. One example would be the number of withdrawls you’re allowed to make in any one year. Ensure that before opening an account with a bank or building society you read clearly the terms and conditions and if unsure, ask a representive.
Most, but not all savings accounts are up to date with technology, providing quick and easy internet or telephone access. However, not everyone has a computer or enjoys talking to call centres to access their money. If you prefer, like many people still do, to pop in your local branch to manage your money, this could be a deciding factor over a slightly higher interest rate.
Keep an eye out for the *asterisk! You cannot fail miss all the promotional flyers and posters placed in the banks, offering high interest, beating the competition or higher than normal interest rates. We advise you take your time and follow the asterisk – it may lead to further information that wouldn’t have otherwise crossed your mind. Many of the banks and building societies will offer an introductory or bonus rate – which is nice, but after six months or a year could drop down to near enough the base rate.