Savings accounts are an easy, convenient and, for many people, a key component of growing wealth and managing their short-to-medium-term money requirements. Savings accounts can be used to save for a special purpose such as Christmas shopping, a holiday, a home deposit (in which case the government may make a co-contribution), or just for a rainy day.
As with all financial products, to find the best savings accounts for your needs, it can be a good idea to shop around. This particularly applies to finding some of the best savings accounts interest rates – and our savings accounts comparison database can make the process simpler.
You can also check out savings account ratings. Here, hundreds of savings accounts have been investigated by third party researcher Canstar, which issues ratings from one to five stars to the accounts it looks at. Five stars is the highest ranking, and only around 5 to 10 percent of financial products scored by Canstar receive it.
The ratings take into account factors including consistency with high interest rates, easy to understand rules, fees and charges. While savings accounts interest rates are arguably the most important factor, these ratings are concerned with more than just that, and are based on a more complete picture of each account.
Steps to take
While finding the best savings accounts will help you reach your financial goals sooner, there are other things you can do to help you get financially ahead.
First, set yourself a savings goal. Be it buying a boat or adding a new room to the house; goals provide great motivation, and make saving much easier.
Another important step is, do a personal budget. This lets you know where your money is going, and where you can make, and retain, savings.
Naturally, you also want to choose a savings account best suited to your goals and savings style. To start growing your wealth today, compare high interest savings accounts and follow our news articles to get the latest savings tips.