When interest rates are as low as they currently are it is difficult to find a savings account that offers good value. Moneysupermarket.com have released their new saving comparison pages so we wanted to see how comprehensive and effective they are. Read this review and watch the video to see what we think.
The problem for savers at the moment is that the base rate is at an all time low, and looks set to remain at the current level for at least the rest of this year, and inflation has been creeping up. In fact a basic rate tax payer has to find a savings account that pays at least 4.25%, whereas a higher rate tax payer must earn 5.67% from his savings – just to keep pace with inflation.
Finding the savings account that offers as good an interest rate as possible, yet also balances access to your money and risk, is clearly challenging, which is why we wanted to review the new saving comparison pages at moneysupermarket.com.
Comparing All UK Savings Accounts
We are all familiar with price comparison web sites, but for savings comparison facility to be useful, it must be comprehensive and easy to find the right account that matches your personal requirements.
The savings comparison at moneysupermarket claims to cover all UK savings accounts and in fact seems to be extremely comprehensive. We like the clear way in which important information is clearly laid out and good and bad points about each product are easily seen and understood.
It is not just online accounts that are listed, as there are also products that are available through bank branches, by post and telephone. This reinforces the view that you are using a resource that has as much information as you need in one place.
Searching For A Savings Account
The default listing displays accounts offering the highest interest rate first for the various categories of savings, but what if you are looking for an account with a particular feature? For example a 90 day notice period with a £20,000 initial sum that offers special deals for the over 50’s.
The search facility on the savings pages is very effective at narrowing down the huge list of available savings products so that you can quickly find the best account for your circumstances.
When we put in the search criteria mentioned above, a number of suitable products were quickly found and listed in order of interest payable. As an aside, it is disappointing to see that the highest rate found was 2.8% but this is a reflection on the state of the savings market and not the comparisons at moneysupermarket.
The search facility is quick and easy to use, powerful and it is good to see that results can be further filtered to narrow down the products even more if you want.
Types of Savings Accounts Covered
The left hand navigation on the savings comparison pages allows you to quickly filter the type of account. There are currently a range of account types listed such as easy access, cash ISAs, Offshore accounts and fixed rate bonds.
You can see these listed in our video review at the end of this article.
Our Overall Impression
As mentioned above, those looking to boost their savings are in a difficult position at the moment and that looks set to continue for the foreseeable future. Building a capital base with regular savings is very important for your future financial well being, but tracking down the best savings product is challenging.
We know that moneysupermarket.com has gone to a lot of trouble to compile and create a savings comparison that is extremely comprehensive and yet makes finding an account that meets your exact requirements quick and easy to do.
You can see their savings comparison pages in action in our video, however overall we believe that moneysupermarket is an excellent “one stop” place for finding the best savings account possible.