SimplyFinance - Savings Accounts

Finding the Best Savings Account

2007-08-13T23:00:00Z

What does a savings account entail?

A savings account is possibly the simplest financial plan that you can get for yourself. Think of it as an insurance or a fall back in case of any financial emergency. You can go to a local commercial bank or any financial establishment within your area to ask how you can go about opening a savings account with them. If there are no urgent bills that needs to be paid or any major purchases that you need to make, then a savings account is an ideal way of securing and storing your hard-earned money. As an added bonus, the longer that you keep your money in a savings account, the higher the interest it will earn. So, you are not just keeping your money secure but you are also earning interest on top of your savings.

How do I go about finding the best savings account?

Research is the key if you would like to know how to find the best savings account for you. First, determine where your deposit money will be coming from. Are there a lot of times in a month where you are earning extra money? Will this go towards your savings account or to other expenses? Or, do you plan to save a particular amount that you are keeping with you without having an idea of when the next time is that you can add on to your savings account? By knowing exactly what your savings plan will look like, then you can decide which type of savings account will best suit your needs and lifestyle. Here are some tips on how you can find the best savings account:

Check out the different interest rates offered by banks or financial establishments.

If you are planning to keep your money for a long period of time without seeing a need to delve into your savings account, then you may want to take a look at a 'notice' savings account. With a notice account, you will earn a higher interest with the condition that will not be withdrawing money from your account for a certain period of time. You can compare this scheme with a time deposit, the only difference is that it is short-term. If you will withdraw money within the specified period, the bank will charge you with a penalty. This is the reason why you need to determine if there are any major expenses that you need to make in the immediate future, to decide whether this type of savings account is right for you.

Meanwhile, a regular savings account will earn you a particular percentage of interest for the simple act of keeping your savings in the bank or financial institution of your choice. If you would not like to get in the middle of lock-in periods, or any other complicated types of savings account, then a basic or regular savings account is just right for you.

Aside from the previous two, there are other types of savings account that you can open such as a tax-free savings account, an easy access savings account, as well as a term savings account. Talk it over with the financial establishment to learn about the difference between all of these savings accounts to help you decide which one will work best to your advantage.

Have a feel of how the bank's customer service works.

Just like with any other company, a bank or a financial establishment offers customer service along with the financial products that they offer. Make sure that the customer service department of the bank where you plan to maintain a savings account knows their business and that they will take good care of customers such as yourself. After all, the general charge that you are paying for to maintain your savings account at the bank entitles you to a good customer service experience.

Now that you know how to find the best savings account, you can decide which type will suit your financial needs to a tee. In no time at all, you will see your savings soar so that you can be ensured of a more solid financial future.

Instead of checking out potentially hundreds of banks individually, let SimplyFinance do the searching for you to find the best savings account. Take a minute to fill out this short form, and one of our representatives will contact you to put you in touch with a bank that has the best savings account for your particular financial needs. Why wait? Make your hard-earned money work for you today!

CLICK HERE TO OPEN A SAVINGS ACCOUNT TODAY!

The Benefits of Saving

2007-08-14T23:00:00Z

You may not like the thought of needing to have a solid financial plan to ensure your future, but taking the time to plan out your financial future will benefit you greatly in the long run. You never know what type financial emergencies may come up – you could lose your job, medical emergencies might occur, an old debt that you may have all but forgotten about could make itself known, your car may need replacing – the possibilities are endless when it comes to the number of things that could result in a financial breakdown or crisis. This is the reason why you need to have a fall back plan just in case your regular monthly earnings stop or in case the money needs to be allotted to things other than your utility bills or regular monthly expenditures. This is also why you need to learn about the importance of saving. Take a look at the following factors contributing to the importance of saving:

Saving will give you something to fall back on in case of a financial emergency.

This is especially true for those who do not have a regular monthly income or for those who work on commission. There may be months when they are earning a lot, but what happens during the slow months of the year when they are not getting paid enough? Having an unstable monthly income should be one of the main reasons why you should put extra effort into building up your savings, to ensure that you will have something to fall back in case of a financial emergency.

Saving should be part of your long-term and short-term financial plans.

You need to take better control of the financial aspect of your life if you want to be ensured of a financially sound future. Savings should be part of your long-term and short-term financial plans. For example, if there is a savings account that you can dig into, you can use it to pay the most urgent bills during the times when you have a cash shortage so that you don't fall deep in debt.

Also, savings needs to be a vital part of every person's long-term financial plan. If you already have a family or if you plan to have one in the future, then having a significant amount of savings will ensure that you and your family will have something to rely on no matter what happens. Maintaining a savings account in a commercial bank or in any reputable financial institution is a good way to start if you want to begin saving up for the future.

Saving will help you meet your most immediate goals.

You can never truly realize the importance of saving if you do not have a goal to meet. Whether you are saving up for your kid's college tuition, or if you want to buy a car or a new home, these immediate goals should be your motivation to save. Once there is a target that you are aiming to meet, then it will be easier for you to forgo luxury items and just concentrate on saving money to meet your most immediate goals in life.

Saving will teach you financial discipline.

With the ease by which we can use credit cards to pay for almost anything, taking control of your spending habits may prove to be a difficult task. If you keep on going at an unstoppable rate with your spending ways, then you could end up in a mountain of debt that will be quite difficult to get out of. However, if you set your mind to saving a particular amount from your salary each month, then you can slowly but surely acquire financial discipline. Take a look at those luxury items that you are currently paying an arm and a leg for. Are they really worth it in the end? Imagine the amount that you will be able to save if you forgo these pleasures and just allot the money to your savings. You just might be surprised at the amount of financial freedom that you will get once you learn to value the importance of saving.

At the end of the day, learning about the importance of saving will lead you to gain more financial freedom. With this, you will be able to meet your short-term and long-term financial goals once you learn how to take charge of your financial life by making saving a part of your habit.

If you'd like help searching through the hundreds of available savings accounts in the UK, take a moment to fill out a short form, and one of SimplyFinance's representatives will contact you shortly to help you start on your way to a financially sound future.

CLICK HERE TO OPEN A SAVINGS ACCOUNT TODAY!

UK Housing Market Molds Saving Habits

2008-01-30T00:00:00Z

According to the FT.com, the number of UK households regularly committing part of their income to a savings account has barely increased in the last fifty years. However, the amount of money being saved has increased dramatically from less than £1 billion in 1957 to £43 billion in 2008.

National Savings & Investment says that the increase in the amount of money being saved and the decrease in the number of households doing the saving is due to at least three factors including a move away from cash-based savings, a trend toward keeping money in a savings account for a long period of time, and an increased desire to hunt for accounts with the best and highest returns. NS&I states that the rise in the amount of money being saved is also due to the increasing affluence of those doing the saving.

FT.com says that more than half of all UK households don't save regularly, but the number of households that do has increased from 37 percent in 1957 to 43 percent today. It is thought that the decision to save is based on the age and the lifestyle of the household in question. The closer the people of the household are to retirement age, the more likely they are to commit money to savings on a regular basis.

According to Vicky Redwood of Capital Economics, another reason for the decline in traditional forms of saving is that the UK housing market has been very strong in recent years, particularly in the past ten years. Thanks to the strength of the market, more and more households are saving by taking out a mortgage on their home and prioritizing the repayment of that loan. If the housing market remains strong, the equity they build up in their homes will serve as a non-traditional form of savings or as a pension plan for retirement.

According to NS&I, five percent of the the disposable income of UK savers was allocated to savings accounts last year. It is predicted that if the UK economy begins to falter, the number of households regularly committing funds to savings will increase dramatically. When job security decreases along with housing prices, people tend to place more importance in savings.

If you're interested in finding a savings account with a great rate, take a moment to fill out a short form, and SimplyFinance will use your information to match you with the right savings account for you and your unique financial situation. Why wait for the economy to become shaky? Use SimplyFinance to help you start saving today.