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Savings Getting Started- Part 2
Savings- Getting Started [Part 2]

Saving or investing?
I don’t know if any of you have read the below article (called ‘two questions before you start’), but it raises a good question to ask: are you saving or investing? To avoid plagiarism, I’ll let you read about the differences, but it’s a key factor to consider.

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1103213261,45760,#two

Choosing the right account
Savings accounts usually fall into two categories, short-term or long term. Short-term (easy access) refers to an account where you can have instant access to your money without incurring any penalties. The amount and frequency of what you put in can also be varied. These accounts are usually good to use for money for the tax man.

Features:

• Minimum opening balance of £1.
• Not necessarily linked in with your current account.
• Manageable on-line. This is essential in today’s world!
• Interest rate of 4.5% +

See the link below for some good ones around at the moment.

Long-term
This is when you want to put aside a regular amount, get a good interest rate and not touch it. These accounts are usually linked to pension funds or possibly ISA’s, which will be looked at in the Pension section in the coming months. These accounts may have access limits, minimum balances and penalties for early withdrawals.

Make sure to spend some time looking around at the different deals available and seek advice if necessary. It’ll be worth it in the long run!

Fiona Seymour-Jesse
SJ Copy


Links

Check out these savings accounts!
http://www.fool.co.uk/news/your-money/savings/2007/01/02/earn-over-12-on-your-savings.aspx?source=ioowfeml0040008

General Advice
http://www.moneybasics.co.uk/savings.html

Compare savings and advice for businesses
http://www.uknetguide.co.uk/Finance/Banks_and_Banking/Savings_Accounts.html

The finance pages of Business in Berkshire are for general guidance only and advice should always be sought before acting on any of the suggestions made.

DOWNLOAD   [ Savings Getting Started Part 2 ]
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In this section:
Where to save
Savings Getting Started- Part 2
Savings- Getting Started Part 1

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