SAVINGS rates have been dismal over the last 10 years due to record-low interest rates. But top savings accounts have finally started creeping up as banks battle for your cash. The Sun has taken a look at the top savings accounts on the market that can help boost your rainy day fund. Below are the best ones. What are the best fixed-rate savings accounts in 2019? Fixed-rate accounts will typically offer better rates than normal, easy access accounts, so if you know you can afford to tie your money up for between one and five years, it'll be worth looking at these type of accounts. With these accounts you'll always need to check how much you need to open the account with - some have really high limits which won't be available to most people. Here we've included the best one and two year deals currently available. Kent Reliance One Year Fixed Rate Bond - Apply Here Minimum investment: £1,000 Rate: Two per cent Interest earned on £1,000: £20 Metro Bank One Year Fixed … [Read more...] about Best savings accounts 2019 – all of the options compared
Saving deposit account
THOSE struggling to get into the habit of saving money may want to consider using new technology, which could automatically transfer cash every time it rains. Alternatively, you can also choose to move money every time you browse for flights or hotels for your next holiday. This is possible thanks to the so-called "If This, Then That" (IFTTT) plans. IFTTT is a free platform that gets your apps and devices communicating with each other. Users of the system set up "if, then" rules called "applets". These consist of a "trigger" on one app and an "action" on another. The trigger is an event that happens to set off your applet, like tweeting or making a purchase on your card. The action is something you would like to happen as a result of the trigger, like transferring money. It's often used for boring repetitive tasks, but you can also use it to boost your savings.How does it work? Saving cash may seem like a chore but thanks to IFTTT, it can actually be quite fun. By setting up an applet … [Read more...] about You can now automatically save £5 every time it rains
A no-deal Brexit could erode savings, reduce choice and bar expats from accessing their money, experts have warned. Leaving the European Union (EU) with no deal is looking increasingly likely after Theresa May's second attempt to get her Brexit deal through the House of Commons failed last night. A no-deal Brexit is now the default option unless MPs vote against this later today. But the financial industry has said a no-deal Brexit "should be avoided". Higher inflation A no-deal Brexit could mean a rise in inflation, according to a report from Moody’s, the ratings agency. This is likely to be bad for savers, who already struggle to get savings rates that come anywhere near beating inflation. The annual rate of inflation in January, the most recent date for which data is available, was 1.8pc. The best-buy easy access account, from Family Building Society, pays 1.51pc, though savers will need £15,000 to take out the deal. Savers cannot beat … [Read more...] about No-deal Brexit: what could this mean for your savings?
The old saying "If it sounds too good to be true, it probably is," still applies in today's online and mobile banking world. New high-yield accounts are being introduced on the internet and in the mobile world that offer around 1.5 percent on checking accounts (vs. the national average of 0.2 percent) or more than 2 percent on savings accounts (vs. the national average of 0.3 percent). But they're often not the great deals they first appear to be once you understand the details. Keeping an eye out for these four red flags can help you identify potential issues before you decide to give one of these accounts a try.The high-yield account isn't from a bankThe first red flag is if the financial company offering a high-yield account isn't a bank or credit union, but that doesn't mean the offer is a scam. It may be an investment account that a brokerage company is offering, which shouldn't be confused with a deposit account. Deposit accounts, such as a checking or savings accounts, are … [Read more...] about 4 red flags about high-yield bank accounts
Chief executive of the lobby group Danny McCoy said such a scheme would encourage householders to put money aside at a time when the economy was booming and which would help avoid it overheating. The original Special Savings Incentive Account (SSIA) was hugely popular with consumers and an attempt to cool the economy when it was put in place 18 years ago. Governor of the Central Bank Philip Lane has spoken in the past of the merits of having another SSIA scheme to foster more saving among householders, as has Taoiseach Leo Varadkar. The accounts were available to open between May 2001 and April 2002, and featured a State-provided top-up of 25pc of the sum deposited. This meant the Government topped up each account with €25 for every €100 saved, an initiative that was easily understood and proved popular. Most of the funds matured around 2007, pumping €14bn into the economy at a time when there were strong signs of overheating. Average payouts worked out at around … [Read more...] about Employers back calls for new SSIA savings scheme in a bid to stop economy overheating