Savings Accounts With High Interest

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Savings Accounts With High Interest – The Ultimate Goal

Savings Accounts With High Interest

When you are looking for ways to invest your money, one of the options that you will definitely be exploring would be savings accounts with high interest. Savings accounts are usually the first saving tool that you are introduced to. There are quite a few types to choose one. The key is to know your financial situation and choose the one that is right for you.

Your needs may vary at different times in your life. There will be times when you need access to your money. There will be times when you may be able to deposit a large amount of money and allow it to sit for a significant amount of time. However, regardless of your current needs, you should always choose savings accounts with high interest. So, let’s look at the savings accounts that will be best for you!

How Do Savings Accounts Work?

Since we are discussing savings accounts with high interest, you should understand how savings accounts work. You deposit your money into your bank and your bank or financial institution pays you interest for the use of your money. You may think that surely the bank does not need my deposit.

However, it does. You see the banks use the money of their customers to lend other loan-seeking customers. There is no need to worry about the money that you deposited though. The bank will always have enough money to facilitate you if you need to withdraw. Your money is also protected or insured in the event that your financial institution becomes insolvent.

What Do I Need To Bring With Me To Open A Savings Account?

In order to open a saving account, you need to show proof of 2 things:

Identification
In order to prove your identification, you can bring your national ID, driver’s license, or your passport.

Address
Your address can be proven in a number of ways. You can bring any of the following:

Recent utility bill, such as electric, water, or gas. Unfortunately, your mobile phone bill will not be accepted. You see your mobile phone is not tethered to an address.

A statement from a bank, building society, or your credit card provider. These statements are usually mailed to your address. So, you will be required to walk with a hard copy issued from the institution. A printout from your online banking facility will not suffice.

Valid driving license
You can also use your driver’s license for proof of address if you did not use it as proof of identification.

Correspondence that bears your name, address, and your national insurance number-
This could be a notification letter or an HMRC tax bill.
All your documents should be issued within the last 3 months.In order to open a saving account, you need to show proof of 2 things:

Identification
In order to prove your identification, you can bring your national ID, driver’s license, or your passport.

Address
Your address can be proven in a number of ways. You can bring any of the following:

Recent utility bills, such as electric, water, or gas. Unfortunately, your mobile phone bill will not be accepted. You see your mobile phone is not tethered to an address.

Valid driving license
You can also use your driver’s license for proof of address if you did not use it as proof of identification.

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Why should I Have A Savings Account?

A savings account is useful for a number of reasons:

Emergency fund- It allows you to save a nest egg, that you can use in case you are in between jobs. It is recommended that you have enough money to cover your bills for 3-6 months.

Big purchase savings-
You may use a savings account if you are saving towards the down payment on a home or a car. It could also be used to buy major appliances. Whatever you need at the time.

Safe savings-
It is a safe way to save your money. Your deposits are insured when you choose to save with a savings account.

Opportunity to earn interest-
A savings account facilitates the process for your money to work for you. It allows your principal or initial investment to earn you money.

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What Are The Best Savings Accounts With High Interest?

In order for your investments to grow at a fast rate, you should choose a savings account with high interest rates. Here is a list of savings accounts that generally offer high interest rates.

Regular Savings Accounts

Even though regular savings accounts often do not offer high interest, if you shop around you may find one with pretty decent interest rates. Traditional banks may not offer competitive rates with this type of account. However, online banks have been making waves in this area. So, they can be considered a savings accounts with high interest, depending on the interest rate you are able to bag!

Money Market Accounts

The first one we want to discuss is money market accounts. These savings accounts offer a higher interest rate than regular savings accounts. You usually have a specific deposit requirement. You have access to your money. You may be offered a debit card, or you may be able to write a cheque.

However, you must be aware of the limitations of a money market account. There will be a limit on how much you can borrow per month. Also, you may incur penalties if your account drops below the minimum balance requirement.

High Yield Savings Accounts

As the name suggests, you can expect high interest rates. Most of the time you will get about 20 to 25 times the interest that a normal savings account would pay. This type of account facilitates transfers from your checking account to your high yield savings account. High yield savings accounts are safe because they are insured.

Certificate Of Deposits

CDs are a savings account with high interest. In fact, it offers the best rates out of all the savings accounts discussed thus far. So right out of the gate, you need to know that you do not have access to your money for the term of the certificate of deposit. If you take your money out of a CD, you will definitely incur fees. One of the leading advantages with a certificate of deposits is that depending on the size of your deposit, you may be offered an even higher interest rate.

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