high interest savings accounts banking

high interest savings accounts banking

High interest savings accounts ‘could help after Christmas’

Consumers who compare savings accounts before Christmas could set themselves up nicely for a happy new year.

Those who compare savings accounts in the next few weeks could ensure their finances are in healthy shape come the new year, if recent comments from an expert are anything to go by.

Whether you’re looking for a high interest savings account, online equivalent or the best isa rates, finding the right type of product for one’s needs is crucial, said Reza Attar-Zadeh.

Mr Attar-Zadeh is director of savings and investments at Abbey Savings and remarked on recent research by the lender that showed one in five British consumers to have no money at all kept aside for a rainy day.

In addition, a third of the survey’s respondents said they would break open their piggy banks and use an average of £221 in savings to pay for festive gifts and celebrations.

Over half of those questioned are planning to cut back on expenditure in the coming weeks, while one million are set to return the presents they receive for cash.

But the bank said people should be careful not to keep cash stashed away just for use at Christmas.

“Whether savers decide to put their money aside for the long term, for a specific purpose such as a Christmas or a holiday, or for emergencies, the most important thing is to work out a plan of action that works for them,” Mr Attar-Zadeh suggested.

Abbey Savings’ research follows another survey it carried out this year, which discovered that over a quarter of parents have no investments or money put aside for use in times of need or as a nest egg their offspring can use in later life.

The company said mums and dads are likely to be facing an “uphill struggle”, due to rising childcare costs, the increasing price of education and other fees such as gas and electricity bills. Some 29 per cent of the parents surveyed said they intend to start saving a bit more on a monthly basis.

High Interest Rate Savings Account?
I am about to graduate soon and I want to put some money every month into a high interest savings account. I went to www.bankrate.com and the best bank (with 4 stars) is FNBO Direct with rate after intro being 4.93% and no monthly service fees but I heard the customer service was terrible and sometimes they aren’t able to link accounts. Does anyone have suggestions as to another bank that has a solid high interest rate on their savings account? I don’t want to keep switching back and forth between banks so it doesn’t have to have the highest interest rate. Thanks!

sorry i just typed googled “high interest rates” on the net and your question popped up on the first page (i just signed up 2 this aswell thing aswell)

If you are in Australia, I currently am with Commonwealth Bank, my NetBank Saver has 6.50% compound int. calc daily paid at the start of each month.

my gf has a NAB i-saver and she gets 6.55%

these are variable rate, when the reserve bank of Aus puts interest rates up these go up, and vice versa

you need net acces (which you obviously have) and both require a linked debit card account. my commbank has 4$ monthly fee but i dont worry about that coz my interest more than adequately makes up for it

bankwest has something around 8% with a couple strings attatched but it looks like im switchin to that soon.

i am looking for the same thing you are, and i took time out of my life to help you so if you find something thats worth a look swing it this way please