How to use regular savings accounts
Not a lot of people put a great deal of thought into their saving strategies as the majority of people think of it as something you may want to think about doing with "spare money", something not a lot of people ever end up with and regular savings accounts are even further down that list.
The best point to begin saving for the future is anything but set in stone and the best advice is start right now, particularly in the current ecconomic climate and to get started, there are some great deals to be had with regular savings accounts.
If you can put in the needed research to get the maximum out of these savings plans, they are worth your while. That's because they contain a bewildering amount of terms and conditions. One customary condition imposed by the bank or building society is a minimum investment you must make each month which may be displayed in several ways and a limit on the amount of instances you can access your savings each year. Another puzzling aspect of these accounts is the often deceptive introductory offers the banks will attach to them with generous inerest rates that will only last one year before they reduce you to a lower interest rate so you make less money.
You might now be asking yourself, why do I require one of these? What do I stand to gain? One word: rates. Plainly put, these accounts offer a far better earnings potentiality when compared to any other fixed rate savings method available on the market today and any enquiry you need to do will pay you back in cold hard cash.
An easier way to think about how to gauge a regular savings account is to compare them to in a similar way to credit cards. Those same principles can be applied to regular savings accounts and there is a lot of ways to compare them to each other. However, keep in mind that not all accounts are open to all. It's not out of the ordinary for bank to expect you to open and use a current account with them in order for you to have access to some of their savings products.
In some instances, having a current account with the same bank can also give you a higher interest rate so it can be well worth doing this for money making reasons, though checking important rates such as overdrafts in this case is also vital. Another thing to remember is that a number of these plans may charge fees that can eat away at the interest you earn. This is well worth taking into a note of when going to compare savings accounts of any kind but specially in this case where it must be worth it when it comes to the benefits on the plan and against other plans such as retirement savings accounts.
