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Savings Accounts Advice

There are several easy ways to check your savings account interest rate:

Online Banking: Log in and check the account details under 'Accounts' or 'Savings.'
Bank Statements: Review your latest statement, either online or by mail.
Mobile Banking App: Open the app and find your savings account information.
Customer Service: Call your bank’s service line and ask for the current rate.
Visit a Branch: Stop by your local branch and ask a representative.
Bank’s Website: Visit the website and look for the savings account or interest rates section.
Using these methods ensures you stay informed about your interest rates and can make sure your savings are earning the best possible return.

For the best savings rates for June 2024, click

Pros and cons of variables rates

Pros -

  • Variable rate savings accounts can be flexible – meaning you could move to a different account with better interest.
  • You may find a wider range of variable interest savings accounts to choose from compared to fixed rate savings accounts
  • You can add to your savings whenever you want to keep them growing.

Cons -

  • The variable interest rate on your account can change – meaning it can go up and down.
  • As the interest rate can change, you may not be able to plan ahead as accurately when compared to fixed rate savings accounts.
  • You may be getting a lower rate of interest compared to fixed rate savings accounts.

Pros and cons of fixed rates -

Pros -

  • The interest rate may be higher compared to some instant access savings accounts
  • The interest rate is fixed for the term of your account, meaning you know how much you'll earn
  • Interest can be paid directly into your account – so you can watch your savings grow
  • You won't be able to dip into your savings, so it can reduce the temptation to spend

Cons -

  • If you access your savings before the end of the term, you may need to pay a fee
  • If interest rates rise, your rate will remain the same for the rest of the term
  • You will not be able to add savings to your account during the term of the fixed rate
  • You may need to put a minimum amount into a fixed rate savings account to open it