Simple Savings, Great Rates! by Finance News Bulletin

Published: 23/09/07

The temporary shakes at Northern Rock are over, largely because the administration stepped in to guarantee every penny of savers' money Although Northern Rock savers should be relieved, I'm certain that many other savers are feeling cautious after the events of the history week However, I'd like to reassure you of three things:1 That saving part of your earnings each month still makes perfect sense

The real hazard comes from constantly allowing your spending to exceed your profits2 That British banks and structure societies are still secure homes for your spare money If a bank really did get into trouble, then the Bank of England would step in with crisis assist

In any event, Northern Rock was still quite solvent, even after £2 billion of withdrawals If belongings worsened, the store of England would doubtless order one of the huge banks to take over its struggling competitor Likewise, the Building Societies' Association would inquire one of the big boys to come to the help of a weaker society3

That interest rates on investments accounts look quite tempting at the moment With the Bank of England's base speed at a six-year far above the ground of 575%, today's savers are being offered some of the best savings rates since the twist of the century Indeed, it's possible to earn up to 7% a day on your savings, which compares well with the 2

9% yearly income on offer from the FTSE All-Share directorySo, where would you go to find an everyday savings explanation which pays a market-beating rate of interest, with no strings emotionally involved and no nasty withdrawal penalties luckily, I've done the spadework for you, thanks to the Fool's independent, impartial savings search engine To make things easy, I've unspecified that you have at least £250 to put aside (or transfer from another savings account)

Also, you want simple access to your emergency fund, nest egg, or rainy-day fund, so I'll exclude become aware of and fixed-term financial records Here are the pick of the bunch:Bradford & Bingley Internet Saver6401Rate guaranteed to at least equal bottom rate until 01/01/09Northern Rock follower Online6

311Rate includes a 106% bonus for a year Rate guaranteed to be no inferior than 050% below base speed until further notice

Sainsbury's Bank6251Until 31/12/10, the speed will be higher than the standard rate paid by over 100 equivalent accountsIcesave620250speed guaranteed to exceed base rate by at least 0

25% to 01/10/09 and then at least competition base rate to 01/10/11By the way, if you're over fifty otherwise sixty, in some cases), then you also have access to special savings financial records which are aimed at senior savers Chief among these are the Coventry BS Sixty-Plus eSave 2 (for 60+ savers), paying 640% AER set for a year; and the Northern astound Silver Savings Online (for 50+ savers), paying 6

31% AERSo, there you have it: high rates of interest, simple access and no removal penalties What more could you want from a savings explanation Over and out

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