Do you know how much interest you are making on your savings?

Advice from the experts at MoneySuperMarket

Updated: 
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How good is the deal your getting with your savings account? It's hard to tell if you don't know your interest rate.

But how do you check? Here are some handy hints...

Check online

Bank online? When you log in, all the details about your account, including the interest rate, should be on the page you see, or at most no more than a click away.

Even if you don't bank online, the details should be advertised prominently on your bank or building society's website.

There might be quite a few rates on display, so dig through your paperwork to find the exact name of your account.

Call your bank

If you call your bank and tell them the name of your account, they'll be able to tell you the current rate of interest.

But knowing exactly what your account is called (it'll be one of many offered by your bank or building society) might not be so straightforward off the top of your head. So, in advance of the call, grab a recent statement so you can quote back the necessary info when asked.

Also be prepared to run through your telephone banking security checks.

Scrutinise your statement

It's a requirement for banks and building societies to show the interest rate you're getting on account on the statements they send you. So simply check the latest one to find out.

Rates change, though, so an old statement might not be accurate. But your bank or building society is also obliged to notify you of any changes to the interest rate paid on your account.

Switch to a better deal

Once you know your interest rate, you can check what else is on offer to see if your account is competitive.

If there is a superior deal available elsewhere, you can then set about switching – provided you're not locked into your existing account for a specified period.

You can compare a range of savings accounts with MoneySuperMarket.