Where Are All The Best Savings Accounts?

When it comes to making changes to your home such as installing a new staircase or surrounding your garden with a new fencing system, where does the money come from? Gone are the days where we were all able to pay for what we want there and now using credit cards and bank loans. Although it is still possible to obtain credit, it cannot be denied that thanks to the global economic downturn securing credit has become a lot more difficult. So, what is the alternative? Just like we did in the days before easy credit, we are now relying more on our savings.

Although times are hard, putting money aside (no matter how paltry the amount) is the best way to weather this economic storm. Rather than paying for steel gates or installations around the pool up front, wait to save up the money first to avoid falling into more debt. That said, unless you are already on a very high salary, it can be difficult saving money and making it work for you.

Taking that into consideration, what is the best way to save up as soon as possible?

• Compare savings accounts: Try not to be drawn in by what seems like a great deal without checking every minute detail and reading all the small print. Instead, use financial comparison sites to compare accounts. This will give a quick overview of what is offered by the account and how it could work for you and your money. Remember, there is no shame in calling in to speak with a bank manager or adviser if there is something you are unsure about. After all, that is what they are there for to help you when you need something clarified or explained.
• Best savings accounts: Look for high savings accounts rates but make sure you check whether this rate is just part of a temporary introductory deal. Also make sure there are no monthly fees and check how to gain access to your savings. For example, check whether you will be able to withdraw your money whenever you want or if you will have to keep your money in the account for a bit longer. In addition, some online banking accounts may offer some great deals, but if you would prefer to call into a bank branch to discuss your needs, this type of account may not be particularly useful.
• Access: Some of the best ISAs come as fixed rate accounts, and these usually offer the best savings rates. For individuals who want to save up as much money as possible, this could be very useful.

These higher interest rates are offered as the bank is under the impression the savings will be kept in the bank account for a fixed term or period of time. Although this option is great for savings for children in the future or saving up for a deposit on a first home, it may not be suitable for the person who needs easy access to their money from time to time. Many fixed rate ISAs charge a fee if the money is withdrawn early, so paying money into this type of account and then taking it out could actually be very counter-productive. A better option for someone who needs the security of easy access to their savings when any emergency bills pop up would be an instant access ISA, where no charges are applied with cash withdrawals.

Once it seems like you have found the perfect savings account for your circumstances and personal needs, it is vital to keep an eye on the interest rate and fees every few months. It is not enough to simply pick an account and keep your money in there in the hope that it will continue to grow and grow with all the added interest. By checking rates every few months and being able to manage your savings online or by calling into your local branch, you will be able to stay in control of your savings fund.

If it does seem like you are losing out on some interest, you do have the right to move an ISA account from one bank to another. This can be arranged by speaking to an adviser in your bank and having the money transferred. In order to keep all the interest you have already accumulated, though, it is extremely important you do not simply withdraw the cash from one bank and then go to another to pay it in. All interest will be lost and this can be very disappointing, especially if you are saving up for something in particular.

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