Student Savings Accounts

So you have been fallen into a sum of money, but have no idea what to do with it. In the current financial uncertainty you are more likely to bury your savings in the back garden than trust them with a bank, but you might want to have a re-think. One successful tool that has been overlooked in the wake of this ‘credit-crunch’ is the high-interest savings account.

This avenue caters to those who are looking for a safe place to store a substantial amount of money over a period of time. During this time, not only does the account maintain the security of the funds, but also offers high interest rewards on a yearly basis, making the submission a hugely worthwhile investment.

Many will look at this with a degree scepticism, uttering the all too familiar cliché, “If it looks to good to be true, it usually is.” However during this venture, the process is completely transparent. All figures are pre-determined before submission and you can withdraw your funds at short notice, meaning that in an emergency, your money is readily available.

A typical interest rate for a savings account is around the 4% mark, so over the course of 12 months you are increasing your total by a sizeable amount. In some instances the account will insist on a minimum initial credit, often of around £1000, however this investment results in a much increased rate.

For an investment of under £12,000 you could be earning a whopping £500 p/a for absolutely nothing, so get off to the garden with your shovel and spade, and hurry down the bank.