One of the most common financial mistakes made by consumers is to fail to conduct proper research when selecting a financial product. Too often consumers automatically sign up for the likes of accounts, mortgages and loans with their current account provider, without exploring the other options available. This means they can miss some of the best deals available from a burgeoning online market that includes the likes of Secure Trust Bank.

When it comes to selecting a savings account in particular, it pays to be shrewd and look for something that suits your needs. Although interest rates have risen slightly, they do remain low, so consider if you can tap into higher rates by selecting an account that does not allow you to instantly access your cash. This includes regular savings accounts, or fixed terms Isas where you are likely to be penalised for making withdrawals. With this in mind, your main consideration when saving should be whether you are saving toward a long term goal or whether you are saving towards a rainy day. Should you need to retrieve your funds quickly when a rainy day arrives, this may mean sacrificing a few percentage points when it comes to interest accumulated along the way.