Not yet registered? Create a OverBlog!

Create my blog

How to compare saving accounts

The savings account that you choose will determine how much money you make on your investment and how much access you have to your money without a penalty. You should think about your options carefully and compare all money accounts before choosing one. Things to consider include the interest rate, the minimum investment involved and what type of access you will have to your money.

Interest rate

Interest rates will vary depending on what financial institution you choose to hold on to your money. It is important to compare rates side-by-side to determine which institution will give you the most return on your investment. Be sure to watch out for introductory rates. Some banks will give you a higher interest rate in the beginning, but lower this interest rate after so much time has passed. For example, the interest rate may begin at 3.06%, but go down to 2% later. This means that the introductory rate was 1.06%. While it is not bad to place your money with a bank that has an introductory, it does mean that you will have to move your money later on if you want to continue getting a good interest rate.

Minimum investment

Some banks require a minimum investment of up to £100 or more to open a savings account, while some require as little as £1. Obviously, if you don't have £100 to invest right away, then you will need to choose a bank that does not have this limitation. If you do have £100 or more to invest right away, then your options will be open. One thing to consider is if a bank has a minimum investment, then they may also require you to keep so much money in the account. If there is such a requirement and you don't meet it, then you will be charged a fee on your account.

Money access

Each bank has different rules when it comes to where and how many times you can access your money without a fee. Some accounts limit the number of free withdraws you have per year, while other bank give you unlimited free withdraws on your money. If you plan to access your money regularly, then you will need an account that offers unlimited withdraws. Each bank also has different ways in which you can access you money. For example, some banks only offer online access, while other banks offer access via telephone, as the nearest branch, through the post and cash point access.

Same category articles Banking

A guide to Alliance and Leicester business banking

A guide to Alliance and Leicester business banking

Whether you own a small or big company, your financial future is important to you as well as your family and your business’s wealth. That is why you should trust a financial institution specialising in business banking financial services. Read the following article and find out everything that you need to know about Alliance and Leicester business banking services.
How to get a perfect credit score

How to get a perfect credit score

Having a perfect credit score is not something which everyone strives to obtain. It is not something which many people believe can even happen. Many people should know that anything is possible including having the perfect credit score. There is not a big secret when it comes to having a perfect credit score. The only secret is to understand how to take care of your credit record.
How do I get a payday loan in the UK?

How do I get a payday loan in the UK?

Even if you have an adverse credit history, you can get a payday loan in the UK. Provided that you can meet the basic eligibility criteria, you can get cash now. The money will be sent to your bank account on the same business day and you'll repay the debt 30 days later. You can borrow money for any purpose. Read on this article to know more on how to get a payday loan in the UK.
A guide to payday loan companies

A guide to payday loan companies

Some times, your pay just does not reach far enough. No matter how much you try, you can't look into the future and will have no idea about any emergencies that are just around the corner. It can mean that you need cash now rather than waiting for your next payday. There are now companies that offer payday loans but there are three points that you should consider.