Not yet registered? Create a OverBlog!

Create my blog

How to get high savings interest rates

If you want to maximise returns from your day-to-day savings and minimise the investment risk, it is important to do a pre-investment research to decide on the best savings account that pays a high interest rate. This article guides you on how to get high savings interest rates and how to make the most out of your savings.

How to get high savings interest rates

Quote from different banks High saving rates can be obtained by comparing quotations from different banks and investment houses. Interest rates vary from one investment institution to another, thus by comparing different best bank rates, you can choose the bank that has the best rate savings. Fixed savings account You can get high interest rates by opening fixed-term savings accounts. The terms and conditions of a fixed savings account stipulate that the account has a term period of say six months to five years and any additional deposits or withdrawals from the account are not allowed up until the maturity date. Such fixed-term savings accounts arrangement offers the best fixed rate which varies with the term of the account. Invest your money for a longer period High interest rates can be achieved by investing your money for a relatively longer period of time. In the case of a fixed-term interest account, the longer the investment period, the higher the interest rate. Make a high savings account deposit High savings interest rates are achieved by making a high deposit amount when opening a savings account. The interests vary with the amount deposited, thus the higher the deposit amount, the higher the interest rate. Compare new savings accounts It is important to compare the interest that you are earning on your existing account visa vie new advertised savings accounts. In most cases, banks offer higher interest rates to new clients to attract them and maintain the existing rate to current account holders. In this case, you can earn high savings interest rates by switching to a new savings account. Also, some banks offer ‘introductory bonus’ that makes the rate more attractive and therefore, it is important to take note of this.

Importance of high interest rates

Maximise returns If you choose a high savings interest rate, you will be able to achieve maximum possible interest returns from your money accounts. High interest rates help you to enjoy maximum interest value of your investment.

Same category articles Banking

Federal Stafford Loans: The facts

Federal Stafford Loans: The facts

Undergraduate and graduate students can take out a fixed-rate federal Stafford loan at 6.8% APR to help meet the cost of a college education. Federal loans for college are guaranteed by the government. Depending upon your circumstances, you may be eligible for subsidised student loans. You won't need to pass a credit check and there are no repayments until after graduation.
All about saving money at Pick n Save

All about saving money at Pick n Save

Saving money is easy at Pick n Save because this is what the entire website is geared for. See how easy it is to search through the site and generate your custom shopping list. Besides, learn how to save in four ways.
An introduction to Moorcroft Debt Recovery

An introduction to Moorcroft Debt Recovery

Moorcroft Debt Recovery is one of the U.K.'s biggest debt recovery companies. They buy debt from companies and then take it on themselves to collect it from consumers. Here is more information on how they work: