A good savings account should offer both a great savings rate and flexibility for the depositors. You should try to shop around for rates that offer something above the base rate (others call it the prime rate). Banks now are not different from other business establishments. They advertise and promote aggressively their savings rates and offer some bonus or incentive for you to open an account with them. It is a good idea to compare rates offered by competing banks. Besides the rates, I think another factor to look at should be bank stability in the remotest possibility of bank failure. Do not be enticed or blinded by all those promotional gimmicks. There is a limit to deposits covered or compensated by government guarantees in case the bank turns belly up. It is a good idea not to put your eggs in one basket alone; opening accounts with other banks will allow a good night’s sleep. Other accounts are tax-free; try to shop around.
http://www.fool.co.uk/news/your-money/savings/2008/03/06/six-snags-with-savings-accounts.aspx