What if... my savings rate is too low?

If your savings aren’t earning enough in interest, what can you do?

If your savings aren’t earning enough in interest, it’s time to move your money to a better account.

Work out what account you need

The first thing is to work out the type of account you need, be that easy access, fixed rate bond or anything in between

Whatever account you decide on, you then need to compare what’s on offer to find one with an interest rate that’ll give you a good return. It’s also worth checking if there is a comparable ISA to take advantage of the tax-free benefits on offer.

Switch your account

When you’ve found one you like, get in touch with the account provider to sort out transferring your money from your existing account to your new one – you may be able to do this online, or you may have to arrange it over the phone or in branch.

ISA warning

If your money’s in an ISA be warned, you must transfer the money from your old ISA to your new ISA, never take the cash out or else you’ll lose your TAX free benefit and this will also eat in to your annual limit.

Try a new account

There’s another way you might not have considered. Keep in mind that some current accounts now offer better interest rates than many savings accounts, so switching your main bank account is also an option.

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