How To Get A Better Savings Rate

October 8, 2008 by admin · Leave a Comment
Filed under: Featured

As the economic condition has been hit hard by rising inflation and the collapse of market-leading savings providers like Icesave and Bradford & Bingley, it has been a very calamitous year.
The recent dramatic cuts in the interest rates have left many savers with pain.
In order to see a real return on your money to beat inflation, basic rate taxpayers have to find a savings account paying at least 5.63%, while higher-rate taxpayers need to find one paying at least 7.5%.
The easiest way to get around the problem is to stash your cash in a Cash ISA to make it grow tax-free. However, even if you have already used up the ISA allowance, you don’t need to stick your money in an account with a rubbish rate. It is still possible can still get a good return on your cash via simply looking off the high street.
There are two main ways to get a better saving rates.
First of all, make comparison between financing products carefully. Compare savings accounts, credit cards, and loans. Request guide of investment in uncertain times.
Secondly, National Savings & Investments (NS&I) savings certificates, backed by the British Government, is the savings equivalent of putting your savings in a nuclear bunker. And at the moment, NS&I are offering a fantastic, tax-free return of RPI plus 1% on its three-year and five-year certificates.

Tags: Cash ISA, NS&I, savings certificates