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Compare The Best Savings Accounts in the UK - High Interest Savings Accounts - UK Savings Account Deals

Savings Accounts
Most banks offer their customers free savings accounts that sit alongside the existing current account and allow you to transfer money in and out of them at your own leisure. All the time the money sits in the savings account it accrues interest. Very often the longer you agree to leave the money in the savings account, the better the rate of interest you will be offered. In essence, you are then agreeing to tie your money up within the savings account without any access to the funds for a pre-agreed period of time in exchange for a better return on your money at the end of that period.

You can of course choose a basic savers account that pays a much lower rate of interest, however gives you immediate access to your funds whenever you need them and does not penalise you for removing the money without notice. This is ideal for the casual saver who wishes to make a bit extra on their existing funds, but is not really looking to make significant returns on their savings and is more concerned they can access it whenever they should need to. There are also savings accounts in the middle-ground that give an acceptable return in exchange for giving 30-60 days notice prior to removing any funds, with interest penalties in place if you do remove the cash prior to the agreed date.

Which is the right savings account for me?
Firstly, you should decide if you need access to the money in question, or if the money is available purely for the purposes of generating a return. Next you need to decide what return you would ideally like to make on your money and then narrow down the offerings out there that best match your requirements.

Generally, the longer you can tie your money up for without access, the better the return will be at the end from the savings provider. Bear in mind the product you are considering as well – most savings accounts are low risk or zero/minimal risk (read the small print of the account you are considering) so with that in mind you are never likely to see the types of high returns possible from putting your money into stocks and shares. However stocks are shares can also cost you your entire investment too if things don’t go to plan. So savings accounts – whilst not paying out those types of high returns – do still give you a guaranteed nest egg to look forward to in the future.

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