Don’t be fooled by the headline grabbing rates

When deciding on which savings account to go for, beware of the tricks used by some of the internet savers on offer.  You will find tantalisingly high interest rates, however a single withdrawal could result in a lower rate or even none at all for that month.  This is why ICICI’s HiSAVE account with 6.41% got the “two thumbs” up from me; no catch, no hassle.  Rates are guaranteed to be 0.30% above Bank of England base rate untill 31st of December 2011 (from the 1st of January 2008).  Alternatively, if you’re looking for a known brand, go for Sainbury’s Internet Saver currently at 6.25%.