You have to keep in mind that the majority of the savings account rates are variable. This means that the savings account rate can change. That is why it is very important that you continuously monitor your savings account rate and if it goes down then switch. A savings account calculator can greatly help you to make calculations over your future earnings.
There are many banks and financial institutions that propose a fixed savings account rate. There are very good rates for one, two or even for three years.
However, sometimes big fixed savings account rates may come with restrictions, as for example you cannot 
withdraw your money out from your account for a period of time. For many people this is highly uncomfortable. That is why this kind of savings account may satisfy those people that are ready to lock their financial means for a long period. But for those who are ready to lock their money for a period of time make sure that it is not too long as there are too many risks that comes with that choice. The financial security of the bank can change and then it will be hard to get your money back or you will find some higher rates and you won’t be able to switch.
However, locking your money for a long period at the same time can be very beneficial. The general rule usually in such situations dictates that if you save for a little bit longer the rates that are available can change by growing up. So if you decide to lock up your money for a longer time the chances are bigger that the rates will increase and your financial means will stay untouched. So, all in all you will be able to save more. At the end of the day it is possible to sacrifice access to your financial means in return to big rates.
You also have to consider the fact that the financial market is also full of good proposals in relation to savings accounts. For example, some banks propose fixed rates but for a short period of time. This period is usually established for 6 months or 9 months.
Normally a non-fixed savings account has also very good rates. But you have to attentively monitor your account‘s rates and if the rates go down just switch to another one.
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