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Issue 58 - August 2007
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Fixed rates, bonuses, interest penalties, notice accounts, term accounts, instant access, regular savings accounts, ISA's, tax free savings and tax paid investments.........the list just goes on and on. With thousands of different accounts and rates available from hundreds of providers, finding the right home for your savings can be a daunting process. Hopefully, our short guide will help you make the most of your money.
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The choice of savings account looks overwhelming, but a few simple questions should help you quickly narrow your options. What type of investor are you? Do you plan for the future or are you compulsive? Do you like to tie your money up so you steer clear of tempting winter sales or do you like easy access to your money at short notice? Do you add to your investment on a regular basis or are you saving with a particular goal in mind? What is your tax position? If you are a non-taxpayer or a higher rate taxpayer then there are other considerations that you need to bear in mind.
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Instant versus notice savings accounts
First, let's look at the type of investor you are. If you want easy access to your money then you should consider an instant access account. Or you could opt for one of the interest bearing current accounts. However, qualifying for the best current accounts doesn't come without strings - you will usually have to commit to monthly deposits of at least £1,000 so these are generally aimed at people with a regular income. Having all your money in one account could also mix up your savings with the regular spending money so having a separate savings account will enable you to segregate the savings from the monthly spending.
A good instant access account will usually pay about 0.50 per cent above bank base rate. The very best rates are usually found with internet accounts that are operated purely online. If that doesn't appeal, you could go for branch based accounts. However, they won't pay nearly as much interest and the sacrifice for the privilege of using a local branch could reduce the interest rate by about 0.25 per cent.
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Moneynet is a trading name of Sterling Business Consultants Limited of Sussex House, 8-10 Homesdale Road, Bromley, BR2 9LZ. Registered office is 51 Eastcheap, London EC3M 1JP, Reg No: 03165711. Moneynet is authorised & regulated by the Financial Services Authority. This site is intended for UK residents only. Information correct at time of publication.
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