Best Savings Account
Best Savings Account – If you are in the market for a new account to put your money into, you will undoubtedly be looking for the best savings account . What is considered the best may very well depend on what you are looking for in an account. Here we will explore the different characteristics of a savings account and what makes it the best.
Best Savings Account Interest Rate
As you can see, we have started with interest first, since you obviously want your money to generate income for you. It is imperative that you receive a competitive interest rate. One of the key questions that you should ask is how the interest in your best savings account is calculated. There are 2 ways in which interest is calculated standard and compound interest.
You should know that compound interest is calculated on the initial lump sum and the accumulated interest from previous periods. This interest calculation is clearly more desirable than the standard interest which does not include the interest accumulated from the previous periods.
When we say the best savings account interest rate, we really mean that we want a high rate of return. You certainly want your money to be put work so that you can get the best savings account interest rate.
Anything over 3% is considered high. Here is a perfect opportunity to introduce our offer that you may be interested in. Check out this link below. We promise that you will not regret it.
You will most likely find the best savings account interest rate at online banks. You see these banks don’t have the high overhead expenditures of traditional banks i.e. rent, mortgage, and other physical infrastructure bills. As such, they can offer better rates.
You should also know that chances are the larger your lump sum investment, the better your savings account interest rate
Few Or No Fees
No one likes to pay high unnecessary fees for their savings account. Fees erode away the interest that you have earned, and your goal is to save not to lose unnecessary money. When choosing the best savings account, you should also be aware of the rules that govern the account i.e the regular fees and the penalties that can be incurred. Here is a shortlist of what you should expect:
This fee is for basically having the account. Not all saving accounts have this fee, so it is your right to be choosy and shop around!
Fee for not maintaining minimum balance requirement- Some savings account insist that you never drop below a pre-determined amount in your account. You are penalized if you do not keep up your end of the bargain.
If you are not regularly depositing into your account.
You will be told upfront if you are allowed any withdrawals from your account. You may be allowed 6 withdrawals per month. Once you stay within this amount you will be fined. If you exceed the number of withdrawals permitted, a fee will be deducted from your account.
There is no need to worry though, these unnecessary fees can be avoided by simply paying attention to the agreement for your savings account and keep a record of your activity.
Before choosing a savings account, you should be realistic about the amount that you can maintain in the account. It makes no sense committing to a large balance and then you need your money for your expenses.
Regardless of what you are using your account to save for, you need to always be mindful that after you make a withdrawal, enough is left in the account to cover the minimum balance requirements.
Best Savings Account –
Automatic Transfers Facilities
The best savings account should allow you to make automatic transfers. This will help you save much more since you can just set up a standing order from your checking account to your savings account. You will not have to go to the bank or manually transfer the deposits to your account.
Try to choose an account that allows transfers between banks, so there will be no excuse not to save!
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Automatic transfers usually take between 3 -5 days to show up in your account. At this point, it becomes a part of your available balance.
Access To Funds-
This factor is important if you need flexibility when it comes to your money. While you may want to save, you also want access to your funds in case of an emergency. Depending on the account you choose you will have one or all of the following options:
ATM card withdrawal-
This is the easiest way to access your money and is highly recommend if you know you will need this facility. Be sure that there are no additional fees attached to the card.
In-person withdrawal at a bank.
Once you do not exceed the stipulated number of withdrawals, you will not incur penalties and you will have access to your money if you need to.
These days, the best savings account has a mobile banking app, that allows you to do your banking on the go.
Mobile apps are very versatile and allow you to do the following:
Make deposits and transfer funds
View all your account details.
Make mobile cheque deposits.
You will also want to make sure that your savings are protected by law. Be sure to ask if your savings will be insured. It is really hard to save your money and then lose it because you did not do due diligence.
The best savings account will always offer protection if your bank or financial institution goes out of business. In the United Kingdom, £85,000 Is protected per financial institution.
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This savings account can help you reach your financial goals faster. You owe it to yourself to at least take a look.