what time look out for to set up a good savings account? How do savings work?


I like in the UK, not a resident but on an ancestry visa. I’ve opened a regular account with Lloyd’s bank and one with Revolut. I’m looking to start putting money in a savings account for future use. What should I look for in a bank with good savings account plans? It’s my first time ever owning anything other than a debit card. I do not have a credit card. Any advice on the whole choosing a bank/setting up an account process? I don’t know what are good interest rates and such and don’t want to get sold something mid by a bank. Any suggestions would be appreciated!

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In America, you want to look for a savings from a federally-insured place, and with an interest rate of at least 4% (as of writing this).

Capital One / Discover / AmEx all are offering 4.15% right now, it’s super easy to come by, some go up to around 5%. The more established banks are giving an insulting level of interest, both Bank of America and Chase start at 0.01%, that’s 415x less than Capital One. Credit Unions usually offer better rates than established banks, but still probably 0.25%-2%. Online banks are where it’s at right now (they can offer such good rates as they don’t need to spend all that money on having physical locations with employees).