Bank Accounts

5 Best Bank Accounts for Savings

19savings1

In a day and age when interest rates for savings accounts are rock bottom lows, you need to be extra vigilant when choosing which account to park your money into. And because we know you don’t have all the time in the world to compare bank accounts, we’ve done the grunt work for you. Here are some of the best savings accounts available in the market today:

Virgin Money

At 1.26% interest rate, this easy access account is a pretty decent option. There’s just one downside. Withdrawals are limited. If you make 4 or more withdrawals in a calendar year, your rate decreases. Regardless, the account is easily accessible with just £1 for initial deposit. You can also conveniently open then manage your account online.

State Bank of India

Another account that offers a decent interest rate is State Bank of India at 1.25% AER. While it pays less than the Virgin Money account, this easy access offer from State Bank of India allows unlimited withdrawals. If you plan to access your money frequently then this option wins hands down. Just like the previous account, this has a full £75,000 savings safety protection.

download

RCI Bank

If you want the highest interest rates for your savings for an easy-access account then look no further than the RCI Bank. There’s just one hitch. The bank isn’t UK FSCS protected. In the event that bank goes bankrupt for some reason, you could lose all your hard-earned money. Plus the rate is also variable. It can change at any time. If you want the higher rates, you can open do so but with extra caution. As soon as you see the rates dropping, transfer out to another account that is FSCS protected.

Charter Savings Bank

This one is not easy access but a notice savings account. If this is the type of account you’re looking for, the bank offers to pay 1.55% in interest rate. When you opt for this account, you can’t easily withdraw your money. You need to wait three months or after the 95-day notice is completed before you can withdraw. It’s definitely not ideal if you are reserving the money for emergency purposes.

00A0D0B9000004B0-0-image-a-13_1434965191395

Sandander 123

If it’s a current savings account you are looking for, the Santander is worth looking at. You can earn 3% in interest rate on savings up to £20,000. This account is an ideal option if your savings is somewhere between £3,000 and £20,000. Other than the higher interest rates, you also get to avail 3% cut back on household bills. Thanks to its perks, the Santander 123 is a better option than most current savings accounts available in the market today.

 

 

Ways to Save Money

10 Easy and Effective Ways to Save Money

1-intro

Just like you have a lot of excuses why you’re not saving money, there are also plenty of ways available to save more money. Here are some of the 10 easiest ways to save money. Try a few of these money-saving habits and commit to them in a few months and you’ll see a huge difference in your financial life.

Write down your expenses

If you’re serious with saving money, you need to start a new habit. Buy a handy notebook and a pen. Then write down all your expenses. The habit will make you more conscious with your spending and you’ll also have a clear picture of where your money went. You’ll realize that if you only plan your spending better, you’ll have more money left for savings.

Set-up automatic savings

One of the most tested and proven ways to make savings easier is to set-up an automatic arrangement with your bank. When your savings is automatic, you don’t have to think about it. Automatic savings means the money is “out of sight, out of mind.” Soon enough, you wouldn’t even notice you’ve been transferring money to another account and you’ll learn to live with what’s left of your income after the savings have been deducted.

Downgrade your contract phone plan

According to surveys, majority of contract phone subscribers are overspending on their phone bill. You might be one of those subscribers. If you don’t want to be a part of the statistics, you might want to reconsider downgrading your contract phone plan especially if you’re not maximizing your call, text and data allowance anyway.

Carry cash

Carrying cash may be outdated in this day and age but doing so save you a whole lot of money in the long run. When you’re carrying cash, you are more conscious with your spending. When the cash runs out, you don’t have any other choice but to stop spending. Though inconvenient, carrying cash once in a while makes perfect financial sense.

l6Crbea3VRs6X2Lk5Q3u_OkIxzWcInRl

Leave the credit cards at home

If you don’t want to be tempted to indulge in impulsive buys, you might want to leave the credit cards at home if you’re going out or going to the mall. Just follow the previous tip and you wouldn’t have to deal with instant gratification problems.

Eat out less

When you’re eating out most often than not then there’s no more perfect time than now to do it less. If you want to save money, you’d want to cut your eating out to once a week. If you do eat out, make it a treat for yourself so it serves as a reward for eating out less for the entire month.

Make a list

When you go to the groceries, make sure you have a list of things you need to buy. If you can, carry cash so you’re not tempted to overspend. You’d also want to shop for groceries when you’re full so you buy less food.

 

Cancel subscriptions

If you have gym memberships, magazine subscriptions then you might want to consider cancelling a few of them. If you’re going to be honest with yourself, you don’t really need most of them. Might as well cancel some of these subscriptions and set aside the monthly fee for savings instead.

screen-shot-2016-03-29-at-10-08-33-am

Cook food in batches

Learn how to cook food in batches. You can prepare a casserole during the weekends, freeze the food and just reheat them through the weekdays. Cooking your own food and doing so in batches will save you a lot of money in the long run.

Avoid the mall

If you don’t want to be tempted then don’t go to the mall. It doesn’t really get any clearer than that. If you must go to the mall, carry cash and make sure you have your spending planned well.