How Salary Earners Compare Savings Account Interest Rates
Savings account interest rates vary widely from bank to bank, so I'm always torn about where to put my money. Here's how I choose.
First, check the preferential conditions rather than the base rate. These days, you need to meet all the requirements—like salary transfers, card usage, and automatic payments—to get an annual rate of 5%. Second, check the early termination rate in advance, as the spread can be large. Third, products with small deposit limits often have surprisingly good rates, and they're quite useful if you only plan to run one for a few months.
I recently found a special promotion savings account with a one-month term and signed up for it. Look it up via the integrated comparison on the Financial Supervisory Service website.
4 answers
Agreed, savings interest rates really are all over the place.
Well, that's... it's hard to meet all the preferred qualifications.
I once signed up without checking the early termination interest rate and was shocked when I closed the account. Checking the preferential conditions every time is also a hassle. These days, I find it better to keep the money in a parking account or roll it over for a short term. A one-month special deal like that seems more practical, actually.