Whether you are just starting out on the savings ladder or you have a good nest egg already saved you are going to want the best interest rates you can get on your savings account. So here are a few tips to ensure you earn as much from your savings as you possibly can.

1. Use a single savings account – some experts will say that with the trouble the banks and building societies are having at the moment that it isn’t a good idea to put all of your savings in the same account. But if you want the best interest rates then this is exactly what you need to do. Most banks and building societies reserve their preferential interest rates for their top savers and this means having a large lump of cash sat in a savings account. Having two or three separate savings accounts will earn your interest but it won’t be as much as placing it all in one preferential account.
2. Open a mini cash ISA – ISAs are one of the best savings accounts to have because not only are your savings free from taxation, you also get a good rate of interest with most accounts. Today there are a number of banks/building societies offering upwards of 3% interest and you can save up to £3600 each year tax free. It is advisable to shop around for the best deal though and don’t think you have to be loyal to your present bank if someone else is offering a better interest rate.
3. Have a notice savings account – this type of savings account requires you to give the bank/building society notice before making cash withdrawals. Most accounts stipulate 30, 60 or 90 days notice but if you know you aren’t going to need the money then they are a great account to have. This is because the rate of interest that goes with the account is usually much higher than with a instant access account. Choose a notice period that you are comfortable with but remember the longer it is, the higher the interest rate you’ll receive.
4. Take advantage of introductory offers – a lot of banks and building societies offer an inflated interest rate to draw people in and then lower it after the first year. If you can be bothered to shop around and transfer your savings to another account after the introductory period ends then you should take full advantage of this type of offer. If however you are looking for a long term home for your savings then you should look elsewhere because the normal interest rate on these accounts is often lower than other basic savings accounts.

Summary
The range of saving accounts available today is really good and it will require a bit of research to find the best one for your individual needs. Every bank and building society will have posters and leaflets in their branches that advertise their particular options or alternatively you can use one of the price comparison sites on the internet.