Saving money news
Start getting the most from your savings
15 January, 2007
If you made a resolution to save when the clock struck twelve last week, then don’t just stick your money in any old account for the sake of ‘having savings’ but shop around to find the best deal for you
Find.co.uk, one of the leading consumer finance portals in the UK, has revealed that the difference in rates between the best and worst account is as much as 5.45 per cent, meaning that you could be losing out in an attempt to make a gain.
In addition to this, yesterday’s further rise in the Bank of England base rate should hopefully trickle down into many providers’ savings accounts so placing your money is of more importance now than ever.
Find a best-buy savings account
The top instant or easy access accounts (Birmingham Midshires’ Internet Easy Access and ICICI Bank’s HiSAVE) are paying the most interest at 5.45 per cent with the minimum investment standing at a mere £1, when the worst (Darlington’s Instant Access, and both First Direct’s Everyday Savings and their Savings accounts) pay only 0.1 per cent.
Dispelling another popular myth, you don’t have to put your money in a notice account in order to get the best from your savings. The top paying instant or easy access account pays 5.54 per cent on a minimum balance of £1,000 when notice accounts pay 5.57, although the average notice account does come out on top by about 0.4 per cent.
ISA accounts tend to pay a little more than ordinary savings accounts, and the bonus is that they are tax-free so the amount you see is the amount you will get. Investors who hold savings accounts with the same provider as their current account can also benefit from an elevated rate of interest.
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