Saving Account Rates Rising

After the meagre savings account rates we have been experiencing over the past year or so, things might be starting to look up a bit. Of course its not like the 7% high that was offered back in 2007, but its creeping up from the 0.75% when the bubble burst.

Savings accounts aren't for everyone though. If you have credit cards or high interest loans to pay off, its usually adviseable to get rid of these first. The same is true to some degree for mortgages too, generally reducing the amount you owe has a higher cash benefit for money in your pocket than the interest you gain from a savings account.

Savings accounts come in many guises. If you can put a set amount aay every month, then there are Regular savings accounts which give a decent rate of interest, or if you have a lump some to invest and won't touch it for a year or more, then a fixed rate account is probably the way to go.

Usually an ISA is the first thing to look at though as it is tax free for £3,600. It is always adviseable to have some cash in an easy access savings account for those unexpected expenses and maybe lock away some for later on after a cushion has been established.

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