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5 Tips to Compare Savings Accounts

November 17th, 2009 at 12:30 am

Comparing savings accounts can be time consuming. First of all you need to do some extensive reasearch to find the right information, then you need to learn what are the most important factors in making your decision.
To make this task easier, we have compiled a list of 5 tips, which should help maximising your savings.

1: Make sure you check the end date of the interest rate as a high interest rate could be just a promotional rate, which expires in a few months time, or an introductory rate for the first few months of a new account.

2: Compare any conditions attached to the interest rate. As you may be required to make a minimum deposit to be rewarded with the interest rate offered.

3: Make sure there are no minimum or maximum account balance fees.

4: Make sure the financial institution does not charge you to open an online-based high interest savings account.
You should also look to avoid any transaction fees for deposits,withdrawals and any fees when you go to withdraw your final savings amount.

5: Insure optimum access to your savings account. Make sure you can open, activate and access all of your account details online? If not online, does your savings account have an all-hours customer service centre on hand to help when you need them?

Hopefully these tips should help you save time and money!

For more information, check our savings accounts comparison table

3 Responses to “5 Tips to Compare Savings Accounts”

  1. Broken Arrow Says:

    Welcome Fred. Good tips.

    SA maintains a list here.

  2. savingsaccountfinder Says:

    Thanks for the tips - Great list

  3. Jerry Says:

    I think these are great tips that can lead to a better savings account... so often, people simply refuse to compare (whether it comes to banking or insurance or whatever else) when it can really make a difference! Nice job...

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