Many people regularly compare energy bills, insurance policies or mobile contracts, but savings accounts are often left untouched for years. With interest rates changing more frequently than they used to, it’s worth asking whether your savings account is still offering a competitive interest rate.
Taking a few minutes to review your savings could help you feel confident that your money is working steadily towards your goals.
Savings rates have moved significantly in recent years. Some older accounts may now pay a lower rate than newer, easy access savings or fixed rate savings options available today.
Even a small difference in interest can make a meaningful impact over time. Reviewing your savings helps make sure your account still provides good value and supports your financial plans.
Check your latest savings statement
Log in to your online or mobile banking
Review recent letters or emails from your provider
Contact your savings provider directly
Knowing your current rate is the first step in understanding whether your savings account remains competitive and provides you with the right return.
You may want to take another look at your savings if:
You’ve held the same account for several years
You don’t know what interest rate you’re receiving
Your financial goals have changed
You have money sitting in an account you haven’t checked recently
You’d like more flexibility or easier access to your funds
A review doesn’t always mean switching accounts, it can simply help you to make informed decisions.
What are you saving for?
Different goals suit different types of accounts. Whether you’re building an emergency fund or saving for something special, choosing the right account can help your savings grow more effectively.
Do you need easy access to your money?
Some accounts allow withdrawals whenever you need them, while others offer a guaranteed rate if you’re comfortable locking your money away for a fixed period.
Are you making the most of tax‑efficient savings options?
Depending on your circumstances, tax‑efficient accounts may help you keep more of the interest you earn. With an ISA, you can save up to £20,000 each tax year, and any interest you earn is free from UK Income Tax. Making use of this annual allowance can be a valuable way to maximise the growth of your savings, especially if you’re building funds over the longer term.
You can find out more about our ISA options here: https://www.leekbs.co.uk/savings/isas/
Is your interest rate still giving you the right return on your savings?
Comparing your current rate with those available across the market can help you understand whether your savings are still in the right place.
How often should you review your savings?
A good rule of thumb is to review your savings at least once a year, or whenever interest rates or your personal circumstances change. Regular reviews help you stay informed and ensure your savings strategy continues to support your goals.
A few minutes could make a real difference
Many people spend time comparing everyday expenses but overlook their savings. Taking a moment to check your interest rate and review your options can help you feel confident that your money is working as effectively as possible.
If it’s been a while since you last reviewed your savings account, now could be a great time to start.
When reviewing your savings, it’s helpful to look at the wider market to understand how your current rate compares. If you’d like to see what we offer, you can view our latest savings rates and check whether one of our accounts could be a good fit for your goals.
