Leeds Building Society 2 Year Fixed Rate ISA issue 103
1.55% AER fixed until 30 Jun 2020
Compare Savings Accounts with Money Pug
Whether you are saving up for something extra special, or simply putting money aside for a rainy day, finding the right savings account can help you make sure your money is working for you, earning you interest that will boost your savings (at least a little). It is a very good idea to save money. Exactly how and why you want to save money will determine which savings account options might be best for you. Money Pug can make the process of finding a savings account a whole lot easier.
The good news is that whether you are a cash strapped student or a multi-millionaire, there are savings accounts to suit you and your specific needs. When you compare savings accounts with Money Pug, you can see at a glance all the best offers, and easily choose the savings account option that is right for you, without having to spend hours trawling the internet and doing your own research.
What Information Do I Need To Have to Hand To Compare?
In order to save money with Money Pug, all you have to do is get together some basic information which will help us to compile a list of the savings accounts that might suit your situation. All you need to know is:
- Your address
- Your occupation
- Your current bank details.
It is worthwhile taking note, also, that certain savings accounts (though not all) will require you to make a minimum deposit in order to open them. You can open some savings accounts with as little as £1, though these sorts of accounts may not offer the best deals, so make sure you take everything into account when making your decisions about which savings account to go for.
What Sorts of Savings Accounts Are Available?
Instant Access Savings Account
One of the easiest and convenient types of savings account is an instant access savings account. In one of these savings accounts, you can earn interest on your money and yet will usually be able to access your money quickly and easily, usually instantly, or in a few days at the most. These accounts may not offer the highest level of interest but can be a good, easy choice for first-time savers or for anyone starting an emergency fund.
With a notice account, savers will have to give notice that they wish to withdraw some savings. Usually, the notice required will vary between around 30 days and 120 days. The up side of this sort of account is that they usually offer higher interest rates. The downside, however, is, of course, that you will not be able to instantly or quickly access your cash.
If you are au fait with the Internet and don’t mind doing everything online then an internet account could be a good choice for you. With an internet savings account, all the transaction and interaction will be done online, so there will not be a physical bank to visit or a telephone banking service. Since such a service takes less money to run, providers can often offer very competitive interest rates for those who are happy to forgo the extra levels of customer-bank interaction.
Regular Savings Accounts
If you are lucky enough to be someone who often has money left in an account at the end of the month, and want to get into the habit of regular saving, a regular savings account could be the right option for you. With this type of savings account, you agree up front to save a set amount each month. Often, you won’t be able to access this saved money for a year, but the good thing is that the interest rates tend to be pretty good on this type of savings account.
In addition to the types of savings account mentioned above, you may also find specialist savings accounts from some providers. Specialist accounts may be tailored for the over 50s, to provide older people with special deals, or may offer competitive savings interest rates for children or young people under 18. These specialist accounts will have different features which are designed to complement specific wishes, goals or lifestyles.
Whether you are looking for a current account, a savings account or an ISA, Money Pug can help demystify the processes involved. We can help make sure that you get the right account options for you, no matter how much money you have (or how little) and no matter what you want to do with it now and in the longer term.
What are the benefits of an instant access savings account?
Of all the accounts mentioned above, an instant savings account is usually considered to be the best option for those who have not saved before. It is usually the simplest and easiest to understand, and you can get your money right away when you need it. While it important to realise that an instant access account may not offer you the very best interest rate you could possibly get, it is still worth considering one, especially if you are saving for emergencies. If you had an emergency – would it be any good to you having to give notice and wait up to three months for access to your funds? If the answer is no then an instant access savings account is almost certainly your best option. An instant access savings account makes saving more flexible – which can be handy for those who are not entirely sure what they want to do with their money, and when.
How will my interest be paid into my account?
How and when interest will be paid into your account will depend on which type of savings account you have chosen, and on the policy of the bank or other financial services provider that you have chosen to go with. Interest is often paid annually, though it can also be paid quarterly, monthly, or even on a daily basis in certain cases. It is also important to remember that, with most savings accounts, interest will only be paid after the tax has been deducted.
What are introductory bonus rates?
Some banks and financial service providers will offer bonus interest rates for new customers on certain conditions and for a certain period of time. These introductory offers can vary considerably in their scope and conditions. Remember that after the period of this introductory offer has elapsed, you may only get a far lower interest rate on your savings. If you are tempted by an introductory offer, do always be sure to check to fine print. Check that you are happy with the terms of the offer, and check that you will not want to do something which would lose you the special introductory rate. In some cases, for example, you will lose the special introductory interest rate if you withdraw money before the time period for the deal has elapsed.
Would I be better going for an ISA or a current account with good rates?
If you want to save money, the sorts of savings accounts mentioned above are not your only options. You could also consider going for an ISA (Individual Savings Account) which is a tax-free way to save or invest. You can also compare ISAs with Money Pug, so check out the relevant page on this website if you are interesting in seeing how an ISA could be better than an instant access or regular savings account for your saving needs. In certain circumstances, you may also like to consider leaving your hard earned money in a current account which offers good rates of interest. Money Pug also allows you to compare current accounts.
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