Compare savings deposit offers by term, gross interest, tax treatment, renewal and access to funds.
Quoted annual rates are not the full return
A headline annual rate does not tell you how much a deposit earns over a particular number of days. Compare term length, tax withholding, compounding and any conditions for a promotional rate. Request the bank’s projected net maturity amount rather than comparing two percentages shown in advertisements.
Access matters as much as yield
If you might need the money early, examine withdrawal rules and whether interest is lost or recalculated. Introductory rates may depend on being a new customer, meeting a deposit threshold or opening the account through a specific channel. The highest advertised rate may not be the best product for cash needed soon.
A transparent comparison sheet
Create a table with product name, deposit term, quoted annual rate, projected net payout and early-access terms. Compare all offers using the same principal amount and the same date. Because promotional terms change quickly, a replicable comparison process is more useful than a supposedly permanent ranking of the “best” banks.
Practical checklist
- Ask for the net amount payable at maturity.
- Read early withdrawal and auto-renewal conditions.
- Compare offers using the same principal and date.