Savings
Savings: Everybody at some time in their life wants to save for one reason or another whether it be lump sum savings or regular savings it is important that you get the best return possible on your savings. We aim to give you information on the different types of savings to help you select the best possible savings account for your needs. So whether your looking for fixed savings bonds, regular savings, tax free savings or any other type of savings we will give you the information to help you decide. We will also give you information on national savings as our service is impartial and free to our clients.
Saving Money
Saving Money: when saving money their is a few things you should consider before proceeding. The first is to ensure your savings are growing at a better rate than inflation or the buying power of your money will reduce over time, how long you want to save for is also important as many savings offers on the market have penalties if you stop them early or withdraw cash before a due date and what is the purpose of the savings. We will give you an insight into what to look for in each type of savings we cover so you can select the best for your needs.
Savings Account
Savings Account: A savings account allows an individual to deposit money for the purpose of accumulating funds over a period of time. The Bank or Building Society who supply the account will provide interest on the balance of the account which will vary from provider to provider. A savings account may be owned by one or more individuals. Banks and building accounts have reduced their savings rates over the last 2 years so it is important to shop about before you open a new account. We also consider it good practice for anyone who has over £50000 in savings to spread this over different providers as the limit on compensation payments is only £50000 so don't take the risk with your savings spread them with different providers. Current rates are 2.5% gross from Santander to 2.75% gross with ING Direct. We will review our rates on a regular basis so you are sure to get the best deal available for your savings account.
Instant Access Savings Account
Instant access Savings Account: refers to a bank or building society savings account which offers the user the ability to make transactions without prior notice. Some instant access accounts come with a cash machine card allowing you to access your money 24 hours per day although generally there will be a limit on how much you can take out. If your account is with a bank or building society with branches you can withdraw money from your local branch and if an internet only bank you can access your savings account by transferring to a nominated current account.
Cash Isa Savings Account
Cash Isa Savings Account:(ISA): A Cash ISA is a tax free savings account and you can either pay into them on a regular savings basis or as a lump sum. The government changed the rules in 2010 increasing the amount you can save into this type of savings on an annual basis. The minimum age for this type of savings is 16+ and not 18 as many people are advised. The new limit has increased to £5100 per year and if you wish to use the remaining allowance of £5100 then this must be invested in stocks and shares Isa with your current or any other provider you choose. Some of the best saving rates for cash Isa is 2.75% Net from the Nationwide but you must have Nationwide card account to benefit from this rate and 2.6% Net from the Halifax. Read the terms and conditions before you apply.
Regular Savings Accounts
A regular savings account requires you to save money on a regular basis, therefore investing money, usually a set amount into the account each month. There is normally a minimum and maximum deposit limit provided when you open the account. Most of these accounts that offer bonuses will have penalties if you withdraw from the account before the period stipulated in the terms and conditions. The best rates for regular savings at present are Norwich & Peterborough 5% gross with conditions attached and Santander at 4% gross with conditions attached. We will continually monitor these rates for you and update them on a regular basis. People who have large amounts of money held on deposit should use them to qualify for these rates as they will be far greater than you a currently getting in your deposit or current account.
High Interest Savings Account
A high interest savings account or notice account is a bank account used for saving funds in which is generally pays higher amount of interest to the account holder on funds deposited within it. This type of savings account is not a flexible as many other types of saving accounts in you generally have to give the provider between 30-90 notice period for withdrawing money. If you use your savings account for emergencies then we would not recommend you take one of these accounts out. Some of the best rates for this type of savings account are Newcastle Building Society at 2.75% and Principality Building Society at 2.6% again please check the terms and conditions to make sure they are suitable for your needs.
Offshore Savings Accounts
Offshore savings Account: An offshore savings account is a savings account held offshore usually in the Channel Islands, the Isles of Man and Ireland. They allow you to deposit money and earn interest without the automatic deduction of Income Tax. They operate in very much the same way as onshore savings accounts in that you can withdraw cash or write cheques. Interest is paid gross without income tax being deducted although the interest still needs to be declared as income on your self assessment tax return. If you are going to consider use this type of savings accounts then please check that it has cover in place to protect your savings as the UK Financial Services Compensation Scheme does not protect offshore accounts. You can get offshore savings accounts in Sterling, Euro and the US Dollar. Some of the providers that are still in this market include Halifax, Lloyds TSB, Anglo Irish Bank and Alliance and Leicester with rates ranging from 0.5%-3.35% depending on what type offshore account you require.
National Savings
National Savings: these are the most secure type of savings in the UK today as they are backed by the HM Treasury so if you have any doubt about placing your savings elsewhere then you should consider National Savings for your needs. There is many products in the National Savings range to choose from and we will give you a brief description of some of the range available. The cash Isa currently pays 2.5% with instant access which is a good rate without penalty. Fixed Interest Savings Certificates can also be a very good product as they are free from UK income tax and Capital Gains Tax. If you use your savings for 5 years then you could be getting up to 2.86% and have no Capital Gains tax to pay which is a great incentive for anyone in the CGT bracket. National savings have many other products and if you would like to find out more then use the form below and we will be happy to assist.
Best Saving Rates
Best Saving Rates: We hope we have given you some insight in to the best saving rate and best saving accounts available to you. Money and me would also like to thank you for taking the time to read this page and hope it has been of benefit to you. We would appreciate any feedback on this or any other page you have visited on the site so we can improve the experience for new visitors in the future just simply use the feedback form at the top left of the page and we will take all feedback into consideration for future updates to our web site.
Other Products and Services
Other Insurance Products: Moneyandme.co.uk offers a large selection of insurance policies including car insurance and income protection policies to protect your car loan repayments in the event of Accident, Sickness or Unemployment which we strongly recommend in the current economic climate. Our aim is to save you money on your Insurance needs whether they be mortgage protection, Life insurance, House insurance or any other products.
You will find some popular links at the bottom of this page and more specific insurance needs at the top of the page. We hope you have found this page and other pages throughout the site useful but if there is anything you think we can add or improve on then please use the feedback tab at the top of the page as we will take your feedback into consideration for the future development of this site. Moneyandme.co.uk thanks you for taking the time to read the information on this page and we hope it has given you an insight into the different types of savings available.
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