In a nutshell: There are no get rich quick schemes when it comes to saving. You are protecting, slowly growing and investing your money. Don’t forget that.
There are a few different types of Saving Accounts, and you should always think about what you are saving for and pick the right account for you!
Easy (Instant) Access Accounts
An Easy Access Savings Account is perfect if you want quick & hassle-free access to your money. You can put money in and take money out whenever you want. Easy, Easy…Easy.
Just keep in mind that all Easy Access Savings Accounts have an interest rate which changes every now & then. They call this a variable interest rate.
If you find the Interest Rate on your account dropping too low just switch to another bank.
Get the best deal for you & never leave money on the table!
What Are The Best Easy Access Savings Accounts?
Notice Savings Account
With a Notice Account you just need to give warning (notice) when you want to take your money out.
Usually you have to give 60 days warning to take your money out or you end up paying a penalty & losing a bit of money.
No no no! So plan ahead if you’re going to put your savings into a Notice Account.
What Are The Best Notice Savings Accounts?
Regular Saver Account
Using a Regular Saver Account is really easy. You just have to save a fixed amount each month, this is perfect if you don’t have a huge bag of cash to save straight away!
What Are The Best Regular Savings Accounts?
Fixed Rate Savings Account
With a Fixed Rate Account you save a single lump sum for a fixed amount of time. This could be 1 year, 5 years or even longer.
With a Fixed Rate Account, your interest rate stays the same.
This is perfect if you want some long term stability and security!
What Are The Best Fixed Rate Savings Accounts?
ISA (Individual Savings) Account
An ISA a.ka. Individual Savings Account is the perfect way for you to earn interest on your savings. Without paying any income tax! So your money grows and grows.
You can only put a set amount of money into your ISA every year. Now in the 2019/2020 tax year, you’re allowed to put up £20,000 into your ISA!
With Saving Accounts, the way the year runs is slightly different, it’s from April to April not January to December.
This is called the Financial Year. Otherwise known as the Tax Year.
