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The most important thing to remember when it comes to putting your money somewhere is that you know what is going to happen to it. It is important that you understand the terminology connected to financial products because it allows you to look around for a really good deal, and hence guarantee that your money goes as far as it possibly can. Here's a guide to basic terms that are particularly relevant to shopping around for a savings or bank account. Capital In regards to a savings account, capital is quite simply the amount of money that you put into the account. Term The term of any deal is the period of time for which it lasts. Certain savings accounts have high interest rates for limited periods of time (a term) and then the rate drops. Other types of account, though generally not your standard savings account, will say that you can't access your money for a term but will offer you a good rate throughout that period. If you think you've found a great deal, there might be a catch when it comes to the term and there's never any harm in asking. Interest and Interest Rates Interest is generally the most important thing to look for when it comes to opening a bank account. The interest is the amount of money that the bank gives you each year as an incentive for saving with them. The interest rate is the figure that determines how much interest you will earn. For example, if the interest rate is 3% and you save ?100, at the end of the year you will have earned ?3 of interest leaving you with a total of ?103 in your account. There are accounts out there that offer great value interest rates at the moment. There is even one that offers the average of the best five rates on the market, this is guaranteed to always be comparatively high for the financial climate, so is worth consideration. At the end of the day perhaps the most important thing is that you're happy and comfortable with your bank. Companies like Alliance and Leicester who have a good reputation for customer service are generally a good option.
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