If you’re lucky enough to have money that you can put aside to save, then you should take a bit of time to stop and think about what you’re doing with it. A lot of people have no idea about what the best savings account on the market is, and as a result of this they’re not making the most of the money that they have. In actual fact, sometimes you’re losing money by never changing your bank accounts, and this is something that you could solve very easily.

First of all, it is important that you understand how much things have changed with interest rates. In the past, it used to be the case that ISAs and bonds would have the best rates, followed by savings accounts, and current accounts would have the worst rates of them all. This may no longer be the case, as a number of banks offer current accounts with introductory interest offers of perhaps 3% or even 5% as a way to secure new customers. Although this may only be on offer for a certain amount of time, it would be much better to opt for an account like this and then change again when the offer ends and a better one is on the market.

Another thing to think about is whether you will need to access your savings in the near future or not. If you’re not too sure, then you might lose money if you place them into a fixed term bond and need to remove it early, because it will be against the terms and conditions of the account. If you’re not absolutely certain that you won’t need the money, then an instant access ISA is a better option, despite the fact that the interest rates won’t be as good. 
There is no hard and fast rule about what the best savings account is, as new offers are coming into play regularly. For this reason, you should take a look online at the accounts that are on offer, and see which is the best for you. Thanks to relatively new regulations, you will now be able to switch bank accounts in as little as seven days, and all of your regular payments will be moved too, meaning that you don’t have to worry about it being a problem. Since it is so easy, it means that you will be able to make a new account every time you find a better offer – and you could make a lot of extra money for yourself by doing so.