Monthly savings 'can have big rewards'
www.moneynews.co.uk > Banking > Monthly savings 'can have big rewards'
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Monthly savings 'can have big rewards'
Mon 22nd Feb 2010
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Many instant access accounts are currently only paying out 0.75 per cent interest on savings, according to Andrew Hagger from the website, who advises savers to switch to a regular savings account instead.
He states that these types of accounts can pay out up to three times as much interest on an investment in a standard account.
Mr Hagger states that with an investment of £3,000 in an account paying just 0.1 per cent interest, paying £250 a month into an account with a rate of four per cent will see annual returns increase from £2.40 to £51.75.
While the rigid terms may put some people off from investing their cash into these accounts, he states that they can be good discipline for those new to saving.
Earlier this month, moneynet.co.uk warned that the low Bank of England base rate is going to continue having an impact on the amount of interest savers are receiving on their funds.
Click here for more banking news
Related News : Banking |
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