How to check your savings rate

Not sure what the interest rate is on your savings account? Here's how to find out.

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Originally published March 10th 2016

Keeping track of how much interest your savings are earning makes it easier to assess whether you're getting a good deal or not – and whether you need to switch to a more competitive account.

But if you're not sure how to find out what your current savings rate is, here are our top tips:

Option 1: Phone your bank

One of the simplest ways to find out how much interest your account is paying is to give your bank a ring.

As long as you have your account details to hand (and your telephone password), your bank will be able to tell you what rate of interest your savings are currently earning.

Option 2: Check online

If your savings account is online, when you log in to online banking, it should tell you how much interest your savings account is currently paying.

But if you can’t find the answer, or if you don’t bank online, many banks and building societies also have a section on their website where you can find interest rates for existing savings accounts (not just those online), as well as those that were previously available.

You’ll need to know what your account is called, what ‘issue’ it is, and when you opened it (you should be able to find this on any statements you receive).

Option 3: Check your latest statement

Banks and building societies are required to display the interest rate of your account on any statements they send you. So if you receive your statements by post or online, check the latest one to find out.

Just be aware that depending on when it was sent, the rate may have since changed. That said, your bank or building society should notify you of any changes to the interest rate on your account.

Switch to a better deal

Once you’ve found out what your savings rate is, it’s worth having a look to see how your rate compares to what else is on offer – and whether there’s a more competitive deal to switch to.

Just make sure you’re not tied in to your current deal for a set time before you switch.

You can compare a range of savings accounts with MoneySuperMarket.

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Please note: any rates or deals mentioned in this article were available at the time of writing. Click on a highlighted product and apply direct.

 

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