Saving money, it may come easier to some of us than others, but even those who find it easier to give out than save cash can find a good savings account with a bit of patience and a comparison service such as this! A savings account provides a useful and relatively secure way of putting money aside for the future. Of course there are many types of savings accounts available and these offer different features which might be beneficial to you and your money. For instance you may prefer a fixed term account which could 'lock' your money away for a set period and benefit from a fixed interest rate. Or you may want a more flexible option, the choice is yours! Please make sure that you read the terms and conditions carefully before you invest in a savings account.
Compare Savings Accounts
Whatever you want to save for make sure you choose the right account.
The importance of saving
People put money away for any number of reasons. You might want to save for something in specific like a house, car, a holiday or wedding, your childrenís future. It could be that you want to put some money way so you are covered should anything unexpected happen like you lose your job or need to pay for emergency home or car repairs.
If you want to put money aside then a savings account is where you can safely put your money, where it will earn interest over time. Savings accounts are bank accounts that people use, first and foremost, for keeping excess money safe. Savings accounts are a really easy way of growing your personal fortune and there is little risk involved.
The interest rates
One of the most important factors to consider is the interest rate that you will earn on your money and this should be priority. You need to shop around for a savings account that offers the best interest rates. Think about whether you want a fixed interest rate or if you donít mind for it to vary. You may also be given the decision as to whether you want the interest paid monthly or annually.
Finding the right account for your money
You need to find an account that suits you so you will get the most out of your money. When choosing an account consider firstly how much you want to save for, for how long and how much money you can afford to save on a monthly basis. Also watch out for any fees for using the account as some providers may charge you for withdrawing cash from a cash machine or an annual fee just for using the account.
Make sure you compare different savings accounts before you decide on the right one for you. Use the table above to help you.
What kind of savings account should I apply for?
An important thing to consider when looking at which savings account to apply for is what kind of access do you need? Although interest rates are obviously important when it comes to what account to apply for, it is also important to consider the access options that suits you. Fixed term options give you the best interest rates; however, they do not allow you to withdraw your funds. So if you are likely to need your money during the fixed rate, this is not the most suitable option for you. If you will need your funds you should investigate the instant access accounts available. It is important to ask yourself what access you will need and how much you will invest. If you are in any doubt then you should seek independent financial advice.
28 August 2013
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