Money 

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Choosing the right account

Choosing a savings account is about more than just looking at the advertised interest rate. Make sure the account offers you a good deal by asking the following questions

• What's the interest rate for the amount you want to save? Many accounts have tiered rates, depending on the amount you save. What's the interest rate if your savings drop below a certain level?

• What's the notice period? Sometimes you have to give 30 or 90 days notice before you withdraw any of your money.

• Do the best rates include a bonus? You may have to save on a regular basis or agree not to take out money for a set time to get a particular rate.

• How easy is it to get at your money? Often the easier it is to take money out of your account, the lower the rate of interest you'll be paid.

• Is the account, a tax-free, cash-based Individual Savings Account (ISA)?

How can I get the best deal?
The key thing is to shop around. There are hundreds of different savings accounts, but you'll need to shop around to make sure you get the best rates.

You may also get a higher rate of interest if:

• You choose an internet-only or postal account.
• You save more than the minimum amount.
• You are prepared to tie your money up in a term, cash-based bond or notice account.

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