Our recent poll has revealed that consumers are looking for the safest place to put their money in the current economic climate.
In this month’s poll we asked our readers to tell us where they would rather put their money.
Recent news has been awash with stories of the troubles being faced by UK banks, which has resulted in consumers worrying about where to put their savings.
In the recent poll we conducted, 20.4% (44 people) said they would feel their money was safest under their mattresses or elsewhere in their home, showing that consumer confidence in banks really is under question.
There are substantial discounts to be gained by switching from offline to online financial products, plus you can do your bit for the environment too.
You could switch your gas and electricity tariff from a standard tariff to an online tariff and save money on your energy bills.
The last two weeks have seen some major events in the world of banking, including the collapse of two Icelandic banks holding around £4.5bn belonging to British Savers.
As a result, we are wondering how you are feeling about the current situation and where you currently feel it is safest to keep your money.
New customers can currently get a great AER (variable) of 6.5% with the ING Direct Savings Account.
The rate includes the standard interest AER at 4.75% plus a 12 month bonus gross fixed AER of 1.66%. Once the 12 months expire, the interest rate on the account will revert back to 4.75%.
We have a new online savings account on the website called the ICICI HiSave.
The ICICI HiSave Savings Account comes with an interest rate guarantee and a competitive AER of 6.16% plus offers 24/7 online access.
Icesave have increased the interest rates on two of its savings accounts from 25 June.
The Icelandic bank has increased the interest rate on its Icesave Easy Access Savings Account from 6.05% to 6.30% as well as increasing the AER on its Icesave Fixed Rate Savings Account from 7.01% to 7.06%.
With these two Icesave Savings Accounts, you can choose to have your interest paid monthly or yearly and, because the bank is registered with the Financial Services Authority (FSA), be safe in the knowledge that your money will be covered under the Financial Services Compensation Scheme (FSCS) even though the bank is Icelandic.
The Icesave Easy Access Savings Account gives the saver online access to their money 24 hours a day, seven days a week and guarantees to beat the Bank of England base rate until October 2011 and match it until 31st January 2013. To open the account, you need a deposit of £250 and there are no catches or penalties if you withdraw your money.
The Icesave Fixed Rate Savings Account is a term account and you will therefore not be able to make any deposits or withdrawals once the account has been opened. You can open an account with £1,000 and the interest rate of 7.06% will be fixed for the entire term of the account; a time period you can choose out of either 6 months, 1, 2, or 3 years. The account also offers 24/7 online access so you can view the progress of interest being added to your account
To open either of these accounts you must be at least 18 years of age.
Click the relevant link for more information about the Icesave Easy Access Savings Account and the Icesave Fixed Rate Savings Account.
Barclays have this week launched a new internet savings account which comes with an introductory interest bonus period.
The Barclays e-savings Reward account comes with a competitive interest rate of 5.25% AER (variable) in months when no withdrawals are made from the account. This interest rate includes the 12 month introductory bonus of 0.75% gross.
Once the 12 month introductory bonus expires, Barclays guarantee that until 1 January 2010 the higher gross interest rate (when no withdrawals are made) will not be lower that 0.5% below the Barclays Bank base rate.
In the months when withdrawals are made you will earn a lower interest rate of 3.17% AER (variable), which also includes the 0.75% introductory bonus for 12 months.
The Barclays e-savings Reward account can be opened by anyone aged 18 or over with as little as £1 and has a maximum balance limit of £2 million. There is a limit of two accounts per customer.
As this account is an online saver, the account must be managed online. However, cash withdrawals can still be made using a cash machine up to a limit of £300 per day from a Barclays ATM.
Click the link for more information about the Barclays e-savings Reward account.
Online savings account management not for you? Compare savings accounts to find the account which best suits your needs.
Barclays have launched a new regular savings account which aims to help savers to reach their goals.
The Barclays Monthly Savings account offers a high fixed interest rate of 7.75% AER for 12 months if you deposit between £20 and £250 per month into the account by standing order.
One of the great things about this regular saver is its flexibility because it allows you to skip a payment, change your monthly standing order and make withdrawals if you need to. Most regular savers restrict you to one or two withdrawals per year. However, there are no withdrawal restrictions with the Monthly Savings account.
If you do choose to make a withdrawal you will earn the lower interest rate of 3.03% AER for the month when the withdrawal was made.
Your interest will be paid monthly so you will be able to see how well your savings are doing when you manage your account in branch, online or by phone.
The maximum amount you are allowed to deposit in this savings account is £3,000 over the 12 month term of the account. After the 12 months, your account will automatically be switched over to one of Barclays’ instant access savings accounts.
To apply for the Barclays Monthly Savings account you must be at least 16 years old and there is a limit of one account per customer.
Click the link to apply for the Barclays Monthly Savings account.
Want to save more than £3,000 in 12 months? Compare savings accounts to get the best savings rates
In recent months our household finances have been squeezed by rising mortgage, utility, food and petrol prices.
For many, this will mean that a summer holiday this year is out of the equation because there won’t be any spare cash once all the bills are paid for.
However, as we all know, taking a break out from the stresses and strains of daily life can revitalise even the most tired soul and prepare it for another year of hard work.
So, if you have resigned yourself to the fact that you won’t be jetting off to warmer climes this summer, think again.
Here are our top tips to help you budget for a summer holiday including how to get your hands on a money-off voucher for Thomas Cook worth £150.
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