Savings accounts UK - compare the best online

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Most people in the UK have some form of savings account; this might be an ISA (Individual Savings Account), or a regular savings scheme, whether online or off. However when we compare, the thing that many people haven't got is a savings account that really makes their money work the best it possibly can for them, i.e. one that gives a good rate of interest.

These days, even some current accounts will give a respectable rate of interest, sometimes as high as four percent AER, significantly higher than some banks pay out to their savings account customers.

There is no reason for a savings account to have a low interest rate, even if it is flexible and allows you to have instant access to your funds. Some accounts will give you a rate of up to six percent gross on your money, and this can translate to a significant amount of money in the long-term if you are a keen and regular saver.

I'm not getting a good return on my savings - how easy is it to switch banks?

If you find a bank or building society that pays more than your existing bank does, there is no reason for you to stay with your present bank. Unlike a current account, moving your savings does not involve you changing all your direct debits payments, informing your employer where to pay your salary, etc. And if you make regular monthly contributions from your current account into your savings, you simply have to contact your bank to redirect the payment.

What if I want to change my current account?

In March 2004 a revised banking code was launched. One of the revisions means that it is now obligatory for banks to provide your new bank with a list of all the standing orders and direct debits coming from your account. This must be done within three days of the switch, and your new account must be fully operational no more than ten days after that. All these changes now mean that it is much easier for customers to switch from one bank to another, and also means that banks that overcharge customers in exchange for lousy interest rates need to start upping their game fast.

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