Banks are notorious for paying as little as possible on unwatched savings accounts which is why you need to be proactive if you want to keep on earning a competitive rate.
Thankfully this isn't difficult, now that you can apply for many of the best savings accounts 2014 has to offer online you can move your money about with minimum hassle even if you don't currently bank with the provider offering you the best savings account rates 2014.
How to find the top savings accounts 2014
Firstly, before you even start looking for the best savings rates 2014 can give you, you'll need to decide whether you want access to your money and if so whether you are prepared to give notice before you make a withdrawal.
If you need instant access then don't be tempted to go for a fixed term account because it's likely you'll either be unable to get at your money when you need it or lose the best interest rates for savings that attracted you to the account in the first place because you'll be hit with a penalty.
The best savings account interest rates 2014 will usually be available on long term fixed rate savings accounts. However, as long as you're prepared to move your money periodically then you may be better off going for a shorter term because high interest savings accounts 2014 may be nothing compared to the rates available in a few years should the Bank of England up their base rate.
If you're not tied in for the long term then you're able to move your money elsewhere to take advantage of better returns. Of course, if interest rates fall then you could have lost out so that's the gamble you'll need to make.
Once you've decided between instant access or fixed term and considered regular savings accounts where interest is higher but you'll need to commit to a monthly payment for a specific period, you'll need to look for the account that gives you the best savings rates for the amount you want to save.
Many savings accounts will tier their interest rates and the headline return may only be payable on a significant sum so make sure you earn as much as you can for the amount you want to put in. You'll also need to double check access conditions - are there any penalties for withdrawals, can you manage your banking online etc - as well as any minimum balances.
Banking on a bonus
Many easy access savings accounts will apply a variable rate of interest so you'll need to check regularly to make sure your money is still in the most competitive place.
You'll also find that many will offer a bonus rate of interest for a certain period - usually 6 to 12 months. This will elevate your return for a short while which can be a good thing as you get some rate reassurance. However, most will follow an underlying variable rate so you'll still need to check regularly. It will also be really important to note down when the bonus ends so you can move your savings accordingly.
Compare savings rates
Once you've worked out what you need from a savings account it's simply a case of applying for the best savings account 2014 can offer you.
Remember to use your ISA allowance if you haven't already and, if you're planning on transferring an ISA, get your bank to move the money for you. Otherwise if you're opening an ordinary savings account you can move the money yourself.