Getting A Savings Account Restarted

At the start of 2010, a new study was published that showed how starting up a savings account and taking control of personal finances was a big priority for many people. In addition, it noted consumers all over the UK were making a fresh start by putting away some cash for the future.

But the research also pointed out that as the year goes by, people often see the resolutions they make at the beginning of the year fall by the wayside. It was suggested this is particularly the case when considering the post-Christmas financial hangover many people suffer. This can put a great deal of stress on plans to save and if your budget feels too stretched to make regular savings account contributions you may find you forget all about the account. But once this passes, you might find you're much better placed to take advantage of the many savings options available to you. This might convince you a second attempt at getting your cash working harder is worth doing - and you'll find a number of products that will help.

One thing you should think about ahead of selecting a new account or boosting an old one is what kind of budget you're likely to be working with. Initially, this should involve noting down of your current income and expenditure figures and getting a clear idea of exactly what contributions you're likely to be able to put into any kind of savings account or ISA. If you need assistance with this, you might want to use an online savings calculator, as this tool can help you come up with something that is realistic and won't leave you struggling to make ends meet. In turn, this will allow you to start making plans on what the money will be used for.

If you're happy with these numbers, the next step might be considering whether any existing packages you have are actually right for your individual needs. You may want a product designed to operate over a two-year period, if so there are ISAs and accounts that do this and provide you a fixed rate of interest for the term. It might be that your priority is 24/7 online access or a product that gives you rewards if you don't make any withdrawals. If you decide that you want a cash ISA, you'll be able to put anything up to £5,100 into the product from the start of the tax year till it ends the following April. As these facilities provide a more tax-efficient way of storing your money, the sooner you start topping them up the better - and as many can be opened with a low balance you might be able to get one set up quite easily.

By: Noel mellor

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Noel Mellor is a writer, editor and podcaster from Manchester, England. Having produced and revised copy for a number of major financial institutions, he is highly experienced across a range of economic matters. Noel's money saving tips are especially focused around fixed rate ISAs and to find the best savings accounts.