Introductory Deals

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Introductory Deals

Once you have identified and chosen the most suitable type of savings account, the next step is to look at the individual terms and conditions applicable to each account, therefore shortening your search.

Factors to consider

• Remember to check the small print on any rates advertised by banks, as any suspicion you may have of them being too good to be true may turn out to correct.
• Also see how long the offer lasts – most are usually between six and 12 months.

• Even when you have decided on the account you want to go for, there are no guarantees that your rate is going to stay at a productive level, as many of the bonus rates that can found will only apply during the introductory term - so be aware that a drop in your rate may occur (usually after six to twelve months).
• Try and work out if it would be better to take a slightly lower rate that lasts longer, therefore giving you higher interest.
• If you are planning on simply transferring your savings once the introductory offer has expired, be aware that some accounts have clauses preventing you from doing so. For example, for the first six months you may have a great rate, but the interest might not be paid until the account has matured – possibly taking an extra six months.
• Look out for exit charges, as some banks have begun to introduce them to prevent people constantly switching to get the best new deal.