The Money Stop

We all know how difficult it can be to get into the habit of putting a little money aside each month for a rainy day or even for emergencies, and even with the best of intentions many of us never get round to transferring that cash into our savings account, finding other ways to spend it instead. And when a special occasion comes around or we need some extra cash to fund a special purchase it can be very disappointing to look at our savings account balance and realize that there is very little there to rely on.

A regular savings account is a type of savings account that can make saving far easier and more convenient, providing you with the facility to save money without the hassle of having to think about it or make transfers back and forth. With a regular savings account you can set up a standing order for the money to be transferred from your current account to your regular savings account on a particular date each month, and because the minimum investment per month is quite low you will not necessarily see a great impact on your levels of disposable income.

These savings accounts are offered by most banks, and there are usually set minimum and maximum monthly limits. In order to ensure that you do not lose out on interest or incur any penalties you need to ensure that you adhere to the bank’s rules with regards to the number of deposits that must be made each year as well as the limits with regards to the number of withdrawals that can be made each year. However, if you manage to do this you can expect a good rate of interest.

A regular savings account is a great way to save towards a special occasion such as Christmas, and even if you only put aside the minimum deposit each month you will be surprised at just how these deposits can add up, particularly once the interest has been added. After a while you will hopefully not even notice the small amount going out of your current account, yet you can enjoy the peace of mind that your savings account is getting healthier with each passing month.

You can open a regular savings account through one of a choice of banks, although there may be restrictions in place. The interest rates and terms can vary from one bank to another so it is important to compare the different savings accounts on offer to determine whether this is the best one for you.

Recent additions:

• How you can benefit from a notice savings account
• Different types of bank account for UK consumers
• Are premium bank accounts worth the cost?

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