Where to get a savings bond wizard

Savings bonds wizards are like savings bonds calculators. They let you know how much you could earn etc. This article looks in more detail about savings bonds, and where the best places are to find savings wizards.

What are savings bonds?

Definition Savings bonds are investments. You pay a certain amount of money for the 'bonds' (which are like certificates) and then, if you leave them, they will either increase or remain the same value. Most savings bond schemes are backed by the government, and are actually advertised as the safest way to invest your money, because the government is very unlikely to ever go bankrupt.
Government' use of savings bonds Governments use the savings bonds to satisfy its borrowing needs. The government takes money from the bond account to spend elsewhere in the economy, and then guarantees the figure back if the person wishes to withdraw their investment. Usually, if you leave your investment in for over a year, the bonds will 'mature' and as such, will be worth a bit more than what you initially invested. Set rate of interest Governments will usually give a set rate of interest for this, but sometimes they may simply say that it will track the interest rates, which are coming from the central banking authorities. Purchase of bonds from banks You can also buy savings bonds directly from banks, and these will be set at a rate of interest determined by the banks. Usually, you cannot take your money out of the bond once you've bought it, and you are bound by the term that you agreed, such as one year, three years or five years (normally).
Better rate of interest than the government
Banks offer a better rate of interest than the government because of this, and if you are sure that you will not need your money for a set amount of time, then it is worth considering these types of bonds over the government bonds.

Where to find a wizard?

Online search A savings bond wizard can be found online on many different websites. They all pretty much offer the same thing. It can be an online calculator set up to accept interest rates, and payment terms and conditions, years left to mature, release date, etc etc. A simple online search will reveal many of these. Visiting banks and government agencies However, It will be better to visit your local banks or government bond agencies, and ask for advice from one of their staff. They will be able to provide you with a 'wizard' in the form of explained calculations and advice. This method is particularly advised if you are investing a large sum.