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You can compare easy access savings accounts, ISAs, fixed rate bonds and more. Picking the right savings account can make a huge difference to how fast your nest egg grows. But the wide range of accounts on the market can make it hard to decide which one is the best for you. We make it easy to find the the savings accounts that make the most with your money.
There are many comparison sites out there, and they are not all the same. Their service is comprehensive, unbiased, and completely free for customers to use.
Savings Accounts: Find the Best Savings Rates | The Telegraph
Learn more about different savings account types and their pros and cons. This will make it easier for you to find the account that's right for your needs. An easy access account offers unrestricted access to your cash.
In other words, you can make a withdrawal at any time. The downside to all this flexibility is that the returns are often lower than those available on accounts with which you must give advance warning of any withdrawals.
Even those that seem highly competitive are often boosted by shortterm, introductory bonuses that disappear after a certain time. Easy access accounts also generally have variable interest rates, which means the rate you receive can rise or fall at any time. That's why it's important to shop around for the best rate and keep an eye on the interest you're earning - especially after the first year, for example. If the account is no longer competitive, you will need to take your business elsewhere to avoid missing out on the best rates.
If you're looking for a home for your savings and won't need to get your hands on your cash immediately, a notice account is worth considering. Notice accounts, with which you must 'notify' the provider when you want to make a withdrawal, can be a good option if you can afford to wait to get your hands on your cash. These accounts often pay better rates than easy access accounts; it's the pay-off for only withdrawing money after a predetermined notice period.
However, most notice accounts impose hefty penalty charges if you make a withdrawal without giving the required notice; some accounts will not let you make immediate withdrawals at all. The only way to access your money more quickly is to close the account, and pay any penalties imposed by the account provider. Regular savings accounts are aimed at people who want to put money away every month. They generally offer higher interest rates than you will find on standard accounts.
However, you will have to adhere to minimum and maximum monthly deposit limits, while there may also be a notice period for any withdrawals. Many accounts run for a set period - 12 months, for example - during which you will be penalised for failing to pay in each month or for needing access to money already in the account.
Therefore, it is important to check the terms and conditions. Tax advantages aside, they work in much the same way as an ordinary savings account. However, there is a limit on the amount you can pay into an ISA account each tax year.
Cash ISAs come in a variety of forms. The most straightforward accounts are easy access and pay variable rates of interest. But others pay a fixed rate for a set term, rather like a savings bond.
Opting for a fixed-rate ISA can mean bigger returns. However, you will usually have to pay a penalty should you need to make an early withdrawal. The third type of ISA is known as a structured deposit account, with which the interest you receive is linked to the performance of an index, such as the FTSE All Share. These accounts can prove very lucrative - unless the index falls, in which case you may earn nothing at all. If you are unhappy with the interest paid, you can switch cash ISAs in the same way as standard savings accounts.
But you must let the bank offering the account you want to move to manage the transfer. Otherwise, you could lose the tax breaks on all the money you have saved so far. Remember that you cannot open more than one cash ISA per tax year, and that you can only switch to an ISA that allows transfers in.
Fixed rate bonds last for a set period of time, during which the rate of interest you receive stays the same - even if the Bank of England base rate changes.
Returns on fixed rate bonds tend to be a lot higher than those on easy access accounts, for example. They generally last for between one and five years - with the interest rates available rising in line with the length of the term. Fixed rate bonds are popular with people keen to fix the rate of interest they will receive, perhaps because they expect interest rates to fall.
But they are only suitable if you can go without access to your cash during the term. If you have to make a withdrawal within that time, you will be penalised, usually in the form of loss of interest earned. These penalties often start off very high, and get smaller as you approach the end of the term. Check what happens to your money once a fixed rate bond matures.
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Many providers will roll your savings into another similar account. But others will transfer the cash into a low-interest easy access account instead. Telegraph Media Group is an Introducer Appointed representative of MoneySuperMarket. We urge you to turn off your ad blocker for The Telegraph website so that you can continue to access our quality content in the future.
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Savings Account Comparison Get the most out of your savings Picking the right savings account can make a huge difference to how fast your nest egg grows. We make it easy to find the the savings accounts that make the most with your money Why we chose MoneySuperMarket as a partner There are many comparison sites out there, and they are not all the same.
How it works Choose Choose which type of savings account is best for you. Apply Click straight through to the provider's website to apply. Compare Easy Access savings Compare all savings accounts. Compare Notice savings accounts Compare all savings accounts. Compare Regular savings accounts Compare all savings accounts. Compare Cash ISA accounts Compare all savings accounts. If this is the case, you will therefore act fast to ensure you maximise your returns. Compare Fixed Rate bonds Compare all savings accounts.
Important Information Telegraph Media Group is an Introducer Appointed representative of MoneySuperMarket. Learn more about Savings Accounts Comparison. Follow The Telegraph Follow on Facebook Follow on Twitter Follow on Instagram. Contact us Rewards Archive Reader Prints Branded Content Syndication Guidelines Privacy Terms and Conditions Leave your feedback.
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