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Interest Rates

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How To Check Interest Rates and Protect Your Savings

Interest rates are important to consider and keep an eye on if you want to safeguard your financial wealth into the future. The effect of interest rates on your long-term savings cannot be over estimated.

An interest rate that is below the rate of inflation will have the effect of slowly, but surely, eroding the value of your savings. Of course, the effect of an interest rate that is above the rate of inflation is to steadily increase the value of your savings over time.

Interest rates can vary from bank to bank, or from building society to building society, or fund to fund - so make sure you are comparing these and getting the most interest for your savings that you can.

Sometimes you can find an investment with a slightly higher interest rate when you are prepared to lock your savings in for a specific length of time. This can be a good way to earn higher interest on your money if you are absolutely positive that you will not need it for the term of the investment. There may be penalties for accessing your money early, before the maturity of the plan, so be careful before you commit.

Alternative strategies for getting higher interest rates could be to have a little savings in a short-term and probably, low interest account; some rainy day money in a medium term interest account and all other savings in a long term high interest account with the highest rate of interest return.

This way you will likely be covering all eventualities whilst still optimising the return on your investments.

Interest rates can be checked at the main bank websites - you will be offered many financial products with varying rates of interest, but make sure you check tie-in times for these investments as discussed above.

Another source of information for interest rates are the big online news sites like Fox News, CNN, Sky and, in the United Kingdom, the BBC. These news pages will be reporting the changing national interest rate every day, and may offer a wealth of other relevant financial news and information. Just check out the finance sections for up to the minute news on interest rates.

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Here are some bite-sized and easily read finance and money pages at ieke, to help get you started on saving your hard-earned money and creating future wealth and prosperity for you and yours. I have written these pages myself, and they are all original and unique content... ENJOY!

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