Best Savings Account
However, there are a couple of basic rules that you need to know when dealing with saving accounts offered by banks, as follows:
- Almost identical accounts with the different banks can have hugely different interest rates
- The higher the interest rate, the more your money will earn for you (it will work harder for you, as the banks like to say)
- The more flexibility you want with regard to accessing your money, usually the lower the interest rate
These are the key things that you need to bear in mind when choosing which savings account is going to be the best for you.
Finally, you should also note that some accounts have conditions. So be careful when you choose the product that if there are, that you are fully aware of them and that you still want to choose that product as the best home for your money.
As a rule of thumb, the best savings account for you is the one that gives you the most interest whilst giving you the access to the money you need. So if you need to take money out every few months then an account with a bonus on leaving the money alone for a year, for instance, won't be the one for you.
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