Best Saver Accounts – The Most Financially Secure Ways You Can Grow Your Money

by Caleb James on 24 Aug, 2012

Putting money aside into a saving account is always a good idea, although with the current global economic crisis financial security is much more of a pressing concern. However, with the range of savings account available, it can sometimes be difficult to know where to put your money in order to get the best return on investment. Below are some of the best saver accounts which will give you the highest rate of interest.

Bonds

Bonds are useful because they are locked away for a number of years without you being allowed to touch them, which mean the savings will grow and grow. They are additionally beneficial because the lack of access results in a higher interest rate than with general current accounts, and you can choose exactly how long you keep your bonds for, whether it’s simply one year or four to five years. Obviously, the longer you keep them, the higher your payment at the end will be.

Savings Accounts

These are much easier to access than bonds, although their ready availability means the interest rates are lower. Different accounts can be operated in different ways – for example, you can choose an account that allows you to move money online or one that is operated by visiting a branch. Usually the starting minimum balance for these is £1 so you don’t have to worry about having enough money to open an account, although there may be a maximum amount that you are allowed to put in overall.

Notice Accounts

Some accounts are so restrictive in terms of allowing you to access your money that you have to give a period of notice before using or closing your account. Interest is usually paid monthly or yearly and the notice period can be anywhere from 60 to 120 days, so putting your money in these accounts means it will be inaccessible for quite some time. The benefit, however, is usually a higher per cent of interest. See also best easy access savings accounts.

ISAs

ISAs come in many forms, the most basic of which are simple cash ISAs. These require you to deposit a certain amount each year and have a fairly low maximum cap to ensure you don’t put too much money in. You can also get junior ISAs if you want to save money for your children. The other kinds of ISAs are investment ISAs, which entail companies investing your money in other firms on your behalf. The rewards for this kind of investment can be high, but the risks are also much greater so you should think carefully before investing in one of these accounts.

About the Author

Caleb James


Caleb James is a financial advisor and journalist, who contributes regularly to financial blogs and industry publications.