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It has been a quiet few weeks for new product launches, however it is just as important as ever to make sure you get the best rates on your savings and one of the most important parts of saving is putting money aside for a rainy day.
We are often told that we should save the equivalent of three months’ income for a rainy day. So here's our three tips for making the most of your rainy day fund…. 1) Make sure you are getting a good return on the money in your current account. We all keep money in our current account, but why aren't we all making sure we get a good return? Here are some of the best High Interest Paying Current Accounts. The top rates on offer at the moment are from TSB Bank and Nationwide who both offer 5% AER on balances of up to £2,000 and £2,500 respectively. For those with larger sums to put away, Santander’s 123 Current Account, offers up to 3% AER on balances up to £20,000. 2) Ensure the rainy day fund itself is earning as much interest as possible. Easy access accounts are great for rainy day funds, as you can get your money out quickly and easily, however there is no reason why you shouldn't earn as much interest as possible whilst the funds are in there. RCI Bank is offering the a market leading easy access account, Freedom Savings Account paying 1.45% gross/AER. Punjab National Bank is offering the best Variable Rate Cash ISA, paying 1.65% gross/AER For more options, take a look at our Easy Access Best Buy Table or Variable Rate Cash ISA Best Buy Table. 3) Continue to put money aside on a regular basis for a rainy day. Of course adding to your rainy day fund on a regular basis makes sense, so the pot can grow and funds used can be replaced. Regular Savings Accounts are a great way to get in the saving habit each month and earn a high interest rate at the same time. The top rates on offer at the moment are from First Direct and M&S Bank, both paying 6% gross/AER. These accounts and many of the best regular savings accounts require a linked current account, for some of the best please click here. |
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Best Savings Deals SummaryIf you have any queries regarding our Best Buy Tables, an account featured or the suitability of the account for your needs, please call Savings Champion on 0800 321 3581
* Deposits held with RCI Bank are covered by the FGDR, which is the French equivalent of the UK Financial Services Compensation Scheme (FSCS). Please contact us if you would like further information. Our Best Buy Tables are based on whole of market research, independent and have no commercial bias, ensuring that you can rely on them to make an informed decision. Alternatively, please call us on 0800 321 3581 to discuss your savings with one of our expert advisers. |
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