When and at which bank do you receive the highest savings interest? You can easily discover this by using a savings account comparator. With such a comparator you discover within a minute which bank offers the highest savings interest. But is the highest savings rate the only thing to consider when choosing a savings account?
Unfortunately, interest rates have fallen sharply in recent years. From 4% in 2008 to about 1% in 2016. There is even talk of a negative interest rate. Whether this will become reality is not yet known. If there is negative interest, a saver will not be paid any interest. In fact, in such a case, the saver even has to pay money on his savings.
Opt for the highest savings rate?
If you use a comparator, you are quickly inclined to only look for the highest savings interest. However, there is more to a good savings account. For example, the customer figure that the bank receives also says a lot. Are customers satisfied with the services purchased? Is the bank easily accessible by phone? The customer rating provides an answer to these questions. The customer figure therefore says something about the reliability of the bank where you store your savings.
What is the best savings account?
A combination of high savings interest and good reliability is of course the most ideal. Just think back to the bankruptcy of the Icelandic bank Icesave. People who had deposited their money there only looked at the highest interest. Fortunately, these savers also got their money back .
Fortunately, the saver is protected against the bankruptcy of a bank in the Netherlands. Your savings are protected up to € 100,000. If you have more savings, at least try to spread your money between the different banks.
It can sometimes take a while if you want to find a good bank for your savings, but you then benefit from it.
Highest savings interest found? Apply for savings account
If you have found the highest savings interest, you can apply for the savings account. This can be done via the internet at most banks. There is often a digital registration form with which you can open the savings account . Opening an account usually takes a while. For example, it is sometimes necessary to send a copy of your identification to the bank. In this way, the bank can verify that the applicant's details are correct. In general, opening a savings account takes a few working days.
Savings account or deposit account?
Some savings accounts offer the option to withdraw money for free. However, this is by no means always the case. If you plan to occasionally withdraw money from the savings account, find an account that not only has the highest savings rate, but also allows the money to be withdrawn at no cost.
Do you want the highest savings interest and are you planning to leave the money in the account for years? In that case it may be interesting to opt for a so-called deposit account.
A characteristic of a deposit account is that the money is locked up for a certain period of time. You cannot withdraw money in the meantime. This is of course a disadvantage, but an advantage is that you get the highest savings interest on such accounts. The interest can be considerably higher compared to savings accounts where money can be withdrawn free of charge.