Found The Best Savings Account?

One of the better reasons for searching out the best savings accounts online at this time of year is that there are a host of things it could help you pay for further down the line. There's always savvy consumers doing this, but for those lagging behind there are some important things to keep in mind.

Time Of Year

With a new financial year starting every April, some people may be looking ahead to the bigger calendar events happening over the next 12 months and beyond. In fact, this particular part of the year can be perfect for putting such monies aside. The festive financial hangover should have now well and truly receded and without parties, food, booze and presents taking up all your cash why not try to get prepared early?

Holidays & Saving Pots

For many people the one thing they work towards all year round is getting a decent summer holiday. Finding savings accounts that actually give you something extra just for putting some money aside would be nice. If you're going to drop feed £10 or £20 in to an account here and there you'll probably find very little benefit from an interest rate and from interest you gain. But if you're able to put in a lump sum like £500 a few times each year, you'll have more options on accounts with better rates.

Finding Savings Products

This is where specific savings products come into play. Whether it's a fixed rate savings option that benefits from a higher rate if interest due to restricting immediate access to your money, or whether companies link a savings account to a current account so they tie you in, you can gain valuable increases in interest this way.

It's a fact that whilst easy and instant access saving accounts exist, these will always have lower rates of interest than restricted access accounts.

Investing Lump Sums

Nearly always, you'll find that when you have a lump sum of £2,500 or more you will find more accounts with better rates of interest. You can increase the interest still further if you opt to have restricted access like once every 6 months or even annually. 

You should look for internet-only access, telephone facilities or those linked to current accounts or that come with a linked ATM card if you want to ensure the best rates and easy access at any time to your money.

ISAs

Of course, many people will be looking to take advantage of the tax-efficient savings to be had when opening an ISA. For those who would prefer a constant interest level a fixed-rate cash ISA might prove the best choice. Whichever way you decide to go, the first thing might be to head to websites that compare ISAs  in order to compare the options for yourself before making your final decision.