Banking & Saving - High interest savings accounts 'could help after Christmas'
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Latest News High interest savings accounts 'could help after Christmas'
High interest savings accounts 'could help after Christmas'
Consumers who compare savings accounts before Christmas could set themselves up nicely for a happy new year.
Those who compare savings accounts in the next few weeks could ensure their finances are in healthy shape come the new year, if recent comments from an expert are anything to go by.Whether it is a high interest savings account, online equivalent or cash ISA, finding the right type of product for one's needs is crucial, said Reza Attar-Zadeh.
Mr Attar-Zadeh is director of savings and investments at Abbey Savings and remarked on recent research by the lender that showed one in five British consumers to have no money at all kept aside for a rainy day.
In addition, a third of the survey's respondents said they would break open their piggy banks and use an average of £221 in savings to pay for festive gifts and celebrations.
Over half of those questioned are planning to cut back on expenditure in the coming weeks, while one million are set to return the presents they receive for cash.
But the bank said people should be careful not to keep cash stashed away just for use at Christmas.
"Whether savers decide to put their money aside for the long term, for a specific purpose such as a Christmas or a holiday, or for emergencies, the most important thing is to work out a plan of action that works for them," Mr Attar-Zadeh suggested.
Abbey Savings' research follows another survey it carried out this year, which discovered that over a quarter of parents have no investments or money put aside for use in times of need or as a nest egg their offspring can use in later life.
The company said mums and dads are likely to be facing an "uphill struggle", due to rising childcare costs, the increasing price of education and other fees such as gas and electricity bills. Some 29 per cent of the parents surveyed said they intend to start saving a bit more on a monthly basis.
By Mark Hornby
Monday, 30 November 2009 00:00
Comments (1)
The comments listed below are opinions held by the individuals posting and are not endorsed by, or representative of opinions held by which4u.co.uk. We cannot be held responsible or liable for the accuracy or content of any comments submitted. We reserve the right to publish, remove or edit comments as we see fit.
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Igo 2009-12-01 16:25:46A high interest savings account is a good idea but why wait until after Christmas? You can start earning that interest today if you sign up today and then throughout the year or right after Christmas you can add to it. When it comes to your financial well being you should not wait.
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| Provider | AER | Notice | Interest Paid | Min Bal | Apply |
|---|---|---|---|---|---|
| View Full Table > | |||||
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ICICI 1 Year HiSAVE Fixed Rate | ||||
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3.10%
|
Fixed term for 1 year
|
On Maturity
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£1,000
|
||
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Barnsley Building Society 1 Year Bond | ||||
|
3.00%
|
Fixed term for 1 year
|
On Maturity
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£100
|
||
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ING Direct Savings Account | ||||
|
2.75%
|
Instant
|
Monthly
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£1
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Sainsburys Easy Saver | ||||
|
2.70%
|
Instant
|
Monthly
|
£1
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Chelsea BS e-Saver Reward | ||||
|
2.60%
|
Instant
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Monthly
|
£1
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- Minimum Deposit £1000 - No Maximum!
- Deposit for a period of 1 year
- Earn an Annual Equivalent Rate (AER) of 3.10%
- Online Access allowing you to deposit funds and view your cash at all times.
- Access can be given to funds if required in emergencies within the year; however this will result in loss of interest accrued to date.
- YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
- Get a fixed rate of interest of 3.00% AER on your savings for 1 year.
- Invest from £100 up to £500,000
- Make additional deposits whilst the bond is open to new investors
- View your balance and transaction history online
- No withdrawals allowed during the term of the Online Bond
- Early closure not permitted during the term of the Online Bond
- YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
- New ING Direct Savings Account customers can enjoy a guaranteed rate of 2.75% AER for 12 months from account opening (2.72% gross p.a.)
- Interest paid monthly
- After 12 months the rate will revert to our ING Direct Savings Account variable rate, currently 0.50% AER
- Move your money when you like, with no penalties or restrictions
- Start saving from £1, with no minimum or maximum monthly deposits required
- Open an account in minutes
- Award winning UK call centres
- New variable special offer rate - 2.70% AER for 12 months from account opening
- Deposit between £1 and £100,000
- Rate guaranteed to be at least 2.00% over Bank of England bank rate for 12 months
- 5 withdrawals allowed within 12 month period
- If you make more than 5 withdrawals, or your account goes below £1 or above £500,000, during the 12 month period, the standard Easy Saver interest rate will apply from the date of your 6th withdrawal, or the date your account goes below £1 or above £500,000 (whichever is earliest). The current standard rate is 0.50 %
- Interest applied monthly or annually
- Offer open to new and existing customers
- **Special Offer** Deposit a minimum balance of £5,000, within 30 days of account opening and maintain at least this amount for 2 years to get double Nectar points on your Sainsbury’s shopping.
- Great rate of 2.60% AER variable
- During April make unlimited withdrawals, or close your account, and still earn interest
- Interest paid monthly into the account or to another account
- Online application process to help make opening your e-Saver
- Reward easy
- 24-hour access to manage and view your account online
- Open an account with as little as £1
- Great rate of 2.50% gross pa/AER† variable
- Apply online with Barnsley Building Society award-winning, paperless application. No forms to sign.
- Open an Online Saver with as little as £1
- Make withdrawals at any time as long as you leave a minimum balance of £1
- Check your balance and view your statements whenever you wish
- Log into our secure website to transfer money to your nominated bank or building society account or a nominated account held with us
- Rate includes a bonus of 0.50% until 31/12/2010.
- YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
- Get 2.00% gross p.a./AER providing you don't make more than 3 withdrawals per year (more than this will result in a lower rate of interest).
- Save from £1 to £500,000
- If you ARE a Nationwide FlexAccount holder, you can set up a high interest internet savings account online
- If you are NOT a Nationwide FlexAccount holder, you WILL need to open a FlexAccount Online at the same time as opening your e-Savings Plus.
- A variable rate of interest, currently 1.60% AER/Gross.
- This rate includes a fixed introductory bonus of 1.50% AER for the first 12 months.
- On balances of £1 or more we agree to pay a gross annual interest rate which tracks at 1.5% below the Bank of England Base Rate until 31 December 2010 (but the rate will never be less than 0.10%).
- Open from as little as £1.
- Interest paid annually.
- Instant access - the convenience of Internet Banking or PhoneBank® means you can access your savings when it suits you.
- No limits on how much you can save.
- The options to have a standing order payment into your account, so you know your savings are always growing.
- Optional Cashpoint® card for easy access on the move.
- you will earn the following rate of interest:
- £0 - £9,999 = 1.00% AER
- £10,000 - £24,999 = 1.10% AER
- £25,000 - £49,999 = 1.20% AER
- £50,000+ = 1.50% AER
- Instant access to your funds with no penalties
- Monthly tax-free interest – RBS can pay the interest into your Direct Saver or another RBS account.
- Manage your ISA by Phone, post, in branch and online
- Interest paid monthly
- If you make NO Withdrawals in a month you get 1.26% AER (1.25% gross pa*)
- If you make a withdrawal you get 0.85% AER (0.85% gross pa)for that month
- Rates include a 12 month introductory bonus of 0.75% gross, payable from the date you open your account with a minimum of £1
- If your a Barclays customer you get easy transfer between your Barclays current and savings accounts
- Maximum balance of £2million
- YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
- Get 1.0% AER Flat rate – the interest rate stays the same, no matter how much you save
- No penalties – we don't charge you for withdrawing your money
- Start saving with £1 - and there's no minimum balance
- Monthly interest – paid directly into your account
- No need for an existing NatWest account – although if you have one, it's quick and easy to move money between e-Savings and your other NatWest accounts
- Get the savings habit – we can set up a regular transfer from another NatWest account
- Set up and track your own personal savings goals - through Online Banking
- Minimum opening balance - £1
- No maximum balance
- Interest paid annually
- Unlimited withdrawals and deposits
- Manage your savings - Transfer money, view recent transactions and check your balance online 24/7 with this internet savings account
- Applying is easy - it only takes 5 minutes to apply online now
- You need to be a UK resident personal customers aged 11+
