Which Bank is Best for Savings Accounts?

There are lots of banks and it can often be hard to know which to choose when you are looking for different types of accounts. For example, if you are looking for a savings account, then you may wonder which might be the best bank to go for. One thing to bear in mind is that banks change what they offer from time to time, so if there is a bank that is the best at one point, it may not remain so. This means that it is not easy to choose the best bank but there are things that you can do to make sure that you have an account that you like and that is good.

Consider What you Want

It is a good idea to start by thinking about what you want from a savings account. There are lots of different accounts and depending on what features you want; you will be paid different amounts of interest. For example, if you want to be able to get hold of your money straight away then you will need an instant access account. However, these will pay low interest so if you can manage to tie your money up for a certain time period or give notice for withdrawals, then you will be able to get more interest on the account. There might be other things that you want as well, for example you might be looking for an ethical bank or one that comes recommended by family and friends or has good reviews.

Look at What is Available

Then you will need to have a look at what accounts are available for you to choose from. You should be able to then pick the one that comes closest to your requirements. You may not find an exact maths and therefore it might be worth prioritising your requirements so that you can choose the one that comes the closest to your needs. It might take a while to do this research but it will be worth it when you find the account which comes closest to your needs. It might feel difficult doing all this research as there are so many different savings accounts to look at. Some people will use a financial advisor to do it for them because they find that is easier for them. Some people might look on a website which will compare different accounts and make recommendations. If you do this, you need to be careful to choose a website that you know will not be biased in any way. You will find that if you go to a site like Money Saving Expert you will get information that will be up to date, accurate and will not be biased. You could also try to ask friends and family about whether they can make any recommendations and they will also give you unbiased information. If you go to a general review website you could find that they will be biased towards certain products. This is because they will get paid commission for their referrals and so they are likely to review the ones that pay them more, more favourably.

Check the Market for Changes

It is also important to check every so often to see whether there are any new items on the market that might be better. You may find that the interest on your account goes down and you then might find that it is no longer the best and that there are others that are better. Therefore, it is worth being aware of what is going on. It could be a good idea to check every six months or so or when you become aware that your rates are going to be reduced.

Leave a Comment