Best Savings Rates
Advice, help, information and guidance on savings, interest rates, and savings tax advice.

Best Interest Rate On Savings

best savings rates by AnnaFinally I thought it might be helpful if I offered you my top saving tips, which I hope will help to add value to your own money savings plans, once you've decided on which accounts offer the best savings rates. Remember, each account type will have advantages and disadvantages - it will be for your to decide which suits your circumstances the best. If you know for example that you have some major expenditure coming up shortly, such as a building project, a car, or a wedding, then it is pointless putting your savings into a bond, term or notice account, as you will probably need the funds at short notice. Now none of us can see into the future, but if you feel that your savings may be required, sooner rather than later, then select the account accordingly. A penalty will soon wipe out any benefit from getting the best savings rates!

Best Savings Rate - My Personal Savings Advice

None of the following is revolutionary - mostly it is plain and simple common sense.!

First pay off your debts - I know I've said it several times before, but I cannot stress it enough  to make the most of your savings and the best rates, you have to get rid of your borrowings, which will be costing you huge amounts each month - lecture over!

Please, use your tax allowance each year. Tax is tax, so if you can save tax free, why not use it. I know it's only £3,600 per year at the moment in the UK, but at least it's better than nothing. Open a cash ISA each year and put in the maximum - then leave it. The only reason to transfer is if you have deliberately opened with a bonus provider. As soon as the offer expires - transfer to another provider, but do check the small print first, and if you can't see the answer then ask, before depositing your savings. Some ISA's cannot be transferred so please check.

If you have significant sums then consider Index Linked Savings Certificates. Boring and safe, but again tax free. The index linking will mitigate some of the corrosive effect of inflation. The maximum holding currently for two issues is £30,000

Next I would consider regular savings accounts - why? - simply because they generally offer the best savings rates available, coupled with the discipline of regular saving. So if you know you are not very good at putting some aside every month, then go for a regular savings account. But be careful as these accounts generally have more tricks than a Tommy Cooper magic set! The lenders will try anything and everything to convince you that they are offering the best savings rates, so check the AER carefully for any bonus built in to the figures, and if you're not sure, ask!

Finally, even if you feel that you cannot save any money, there are always ways to reduce your spending, rather than increase your earnings which will always be spent, however much you earn. Start with the simple things like shopping offers, two for one - ever thought about growing your own in your garden or a small allotment (which are like gold dust at the moment) Remember, saving small amount each month is better than nothing at all, so even if it's only £10 or £20, make it a regular saving and leave it alone for the long term - you will be surprised how fast it grows in a few years with the power of compounding.

Well that's about it on savings and how to find the best savings rates. Thank you so much for getting this far, and I hope you find this site useful in your search for the best savings deals. If you do have any comments suggestions, or would simply like to ask me a question, please do drop me a line in the ask Anna link above - I will always reply, but as I do receive many enquiries a week it might take some time, so please be patient, and good luck with your savings - remember the sooner you start looking for the best savings rates, the earlier you may be able to retire! - kind regards Anna