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How to make the most interest on your savings
Being active with your cash management is a simple, but effective way to attract the best interest rates on your savings account and to help you mitigate the effect of inflation.
By staying on top of your savings account, you will see the greatest rewards by maximising how much interest you can earn.
How much interest can you earn from a savings account?
It does depend on the type of account you choose but as a general rule, easy access accounts will pay less than fixed term accounts which do not allow access to your money until maturity And the longer the term the better the rate.
Interest rates are very low at the moment, but that doesn’t mean that you should settle for any account. Some providers are far more competitive than others, so shop around and perhaps try a provider you are less familiar with. This includes Sharia accounts, as these providers often have the best rates on the market and apply ethical principles - so the money isn’t used to invest in businesses that engage in ‘unethical activities’ such as alcohol, tobacco, gambling or pornography.
If you leave your cash to languish in your high street bank, you could earn virtually nothing. For example, HSBC’s Flexible Saver and Lloyds Bank’s Easy Saver are both paying just 0.10% gross/AER, whereas the Marcus Online Savings Account is paying 1.35% AER. On a balance of £50,000 that is the difference of earning £50 a year (before tax) or £675.
Who is Savings Champion?
Established in 2011, Savings Champion established itself as one of the UK’s leading independent experts on cash-based savings.
It built this reputation by constantly monitoring the cash savings market – and over the years created one of the largest databases of savings account information in the UK along with a dedicated team of cash savings experts
At The Private Office, we have exclusive access to this expertise and research, which allows us to provide an unique financial advice service to our clients.
Find out which products and providers currently top the best buy tables, from Easy Access Accounts, Fixed Rate Bonds to CashISAs and more…
Find out which products and providers currently top the best buy tables!
Which type of savings account is right for me?
Choosing the right type of savings account isn’t always straightforward. There are a number of different types of accounts available, the most popular we’ve featured here:
- National Savings & Investments (NS&I)
- ISAs
- Fixed Rate Bonds
- Easy Access Accounts
- Cash Savings Platforms
For a comprehensive guide to all of the savings accounts available to you, download our expert guide.
Download Simplifying Savings
What is the best way to save cash?
Regular savings accounts can be really useful as they often pay some of the best rates available, although the very best ones are normally linked to holding a current account with the same provider.
They also often come with a raft of terms and conditions that need to be adhered to in order to earn the headline rate. But these rules can discourage skipping deposits and making withdrawals – therefore instilling the savings habit.
Once you have saved up a lump sum, it’s then
Most importantly to choose the best accounts from the whole market – don’t assume your bank will reward your loyalty, is as we call it stay active.
But make sure you pick the right type of account for your personal needs, as you want to be sure you have the access you need and earn the interest you were expecting.
Finding the best savings rates doesn’t have to be a challenge
How to make the most interest on your savings
The most important thing to know is that your high street What protection is in bank is likely to pay the worst savings rates available, so it's vital to shop around.
You may need to choose a provider that you are less familiar with but as long as they are part of the Financial Services Compensation Scheme, there is no reason why you shouldn’t consider them. The best buy tables only include providers that are part of this scheme, or an European Equivalent.
There is a limit to how much of your deposits are protected by the FSCS.
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