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Savings Accounts

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Savings Accounts

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Have you got money in your piggy bank or stored away under your mattress? Well if the answer is yes its time to put these traditional money saving methods to bed and open up a savings account today. There are many high street banks and building societies offering a range of savings account with a range of different interest rates. Choosing the right savings account could be the best decision you ever make.

What is a Savings Account?

A savings account is simply a place to store and save your excess cash. Whilst interest rates on these accounts are historically low, it is still possible to make savings worthwhile. A savings account is an important way to keep track of your money and outgoings. Many accounts can now be accessed online, making this an easy and hassle free way to look after your fortune.

What happens to your money?

Once your money is deposited the bank will lend your money out in the form of loans and mortgages. The banks charge interest rates for these services and so can afford to pay interest on your savings in return. It is important to look out at Annual Equivalent Rate AER as this is the interest percentage you will earn on your money.

Whether you are a poor student or a wealthy business man, plan to deposit a large lump sum or small regular payments, finding the right place to store your money is key. Even when interest rates are low, a good savings account can offer substantial rewards. Not only will you be increasing your money, a savings account is an excellent way to budget your money. You can see your money grow allowing you to save it away for a rainy day or that dream holiday you always wanted. So put all your money worries at rest, compare savings accounts and start saving today.

Savings Account Types
Instant Access Savings Account

An instant access savings account allows you to do exactly that. You can simply deposit and withdraw funds whenever you want without any prior notice. Many instant access savings accounts can be accessed online, at the local branch or via cash machine. There is usually a limit on the amount of withdrawal but an instant access savings account can be an excellent way to save and access money.

Regular Savings Account

A regular savings account requires you to deposit funds regularly, usually on a monthly basis. They tend to offer excellent interest rates but also employ tight restrictions on deposit amounts and withdrawals. The initial high interest rate is more of an advertising tool and after the initial term your money will slip back to earning a very bog standard interest rate. Therefore it is very important to shop around and change account when the time is right.

Cash Individual Savings Account (ISA)

A Cash Individual Savings Account (ISA) is simply a tax free savings account. If you are over 16, a UK adult can save up to £5,340 per year. One the money is in the account it remains tax free year on year. Basic tax payers pay 20% and the higher tax band of 40% means that it is very important to make the most of your savings allowances. The tax year runs from the 6th to the 5th April, so compare ISA rates at Quotezone and open your account today.

High Interest Savings Account

High interest savings accounts can be an excellent way to store your money. A high interest savings account will offers a much higher rate than is payable in a standard savings account. Therefore it is very important to compare savings account rate to ensure you get the best one to suit your profile.

Offshore Savings Account

If you have a lot of excess money, an offshore savings account is a good place to store your money. An offshore savings account usually in the Channel Islands, the Isle of Man and Ireland allows for easy saving free from UK income tax deduction. These accounts operate similar to onshore savings accounts and you can simply withdraw cash and write cheques as you please. It is important to read the fine print and check all terms and conditions when opening this type of account.

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