Best Saving Rates
Best Saving Rates...
- Are you looking for the best saving rates for your money? Welcome to this webpage dedicated to savings accounts. My name is Edwin and I hope that this quick quide will help you invest your cash more wisely. Its been said that you have to stop working hard fro yoru money and instead make your money work hard for you. Getting the highest possible interest rate is very important, but its only one small part of the equation...
Best Saving Rates For Your Money
We all want the best saving rates for our money and so often we get caught false promises and banks throwing out bait just to hook us in and pay their bank fees. Savings rates is a complex issue because if you really want to make a wise investment and have your money grow as fast as possible, then you need to look at several aspects.
Obviously the actual rate is the first and most important thing to look at. Unfortunately most people look JUST at the rate and end up thinking its a wise investment. Rates can vary greatly and even 0.1% can make a huge difference in how your money grows - especially over long periods of time. For this reason its important that you always try and invest your money at the highest possible savings rate. There is off course one very important thing you need to look at and that is the issue of fees.
Banks are in it for the money and for the most part its perfectly fair that they take a fee for their service. The problem comes in when they either charge you too much or when there are charges that you did not anticipate. Often times, high interest savings offers make up for the high interest it offers by charging high fees. Its really important that you look at all the fees involved with your savings account. If necessary, ask your banker about it personally.
Are there a fee to open the account? Are there fees for withdrawing money from the savings account? Are there monthly or annual service fees? Make sure you list down all the fees and then compare the interest rates of different accounts alongside these fees. I can assure you that you will see a very different picture.
There is one more factor that needs mentioning and that is taxes. This is different for every country in the world, but as a rule of thumb all interest you earn is subject to taxes. There are however special types of accounts and incentives that governments offer to encourage saving. In some cases these are tax free savings and whenever possible you need to take full advantage of these as it can make a huge difference in the size of your nest egg.
How To Get The Best Saving Rates
The savings rate that you are entitled to can differ vastly from that of your neighbour as there are so many requirements and rules that banks institute for different accounts and different investment products. There are basically 3 aspects that affect the rate that you qualify for and as a rule of thumb, the more money you have to save the better savings rate you can qualify for.
1. Size Of Your Investment
2. Investment Period
3. Investment Habits
Types Of Savings Accounts
Investing money is by no means an easy task. The simple truth is that if you want to see high returns you will have to take high risks. Savings accounts are considered to be the safest and most secure way to invest your money. Because its such a low risk, the returns are pretty mediocre and for the most part normal bank accounts are nothing more than a place to store your money. The interest almost gets eaten up completely by fees and taxes and if you consider inflation, you might even lose with your money in a standard bank account.
There are however a variety of types of savings accounts and if you want the best saving rates, then its important that you do your homework and look for the right type of savings account.
Money Market Accounts:
High Yield Saving Accounts:
Health Savings Accounts:
Retirement Saving Accounts:
4 Reasons Why You Need a Savings Account
Savings accounts can help us in more ways than merely keeping money for a rainy day. Its a great investment vehicle and has a lot of useful purposes. In the long term it can be an important part of your wealth building strategy as compounded interest can really add up as you get older. The fact that its such a safe and secure investment makes it a much for everyone who is serious about their financial future. Lets look at some more specific applications of savings accounts and how you can use them.
1. College Funds
3. Major Purchases
4. Emergency Funds
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