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Living in a high interest rate environment is something we are all experiencing at the moment. Whether you’re in the UK or somewhere else in the world it’s affecting us all. Here particularly we have our Bank of England base rate at 5.25% It brings it’s good side and its bad side. Of course on the bad side of things, costs of living has gone up astronomically. On the other hand, we now have an environment where we don’t have rock bottom rates on our savings accounts. So consequently this is something we really need to be taking advantage of in this environment before we miss out.
Just as a quick note for residents of the UK. In the UK we get a savers allowance of £1,000 tax free (this goes down if you are a higher/additional rate earner). This means that we can earn up to this amount in interest without owing tax. So what I would at first recommend before you open a savings account is to open an ISA. An ISA is an Individual Savings Account, across accounts we can contribute up to £20,000 per year and earn interest tax free that doesn’t count towards your allowance. There are plenty of great ISA products out there to make use of whether it be a Stocks & Shares ISA, a Cash ISA, a Lifetime ISA or an Innovative Finance ISA. I will do a post soon talking about the ISAs I use that I’d recommend
So my personal choice of savings account is the Chase Saver. Chase Bank are part of JP Morgan and they recently opened in the UK offering current accounts and savings accounts. There were a number of people who told me about this and I waited a little while before pulling the trigger. However, after hearing these people saying nothing but good things I decided to open an account myself. There’s some real great benefits of both the current and savers accounts. On the current account you get 1% cash back on your spending for the first year using your account. As well as they they offer 1% interest on the account which is paid monthly. As for the savings account, they offer a great 4.1% interest on your savings which again is paid out on monthly. This is great and you get a real sense of excitement to see what you receive every month!
Lastly to there are plenty of savings accounts out there offering great rates too at present with the environment we’re in. It’s important for you to shop around and do your own research. This isn’t me giving financial advice, it’s simply me giving showcasing my personal choice of savings account.
If you want me to do a post soon on my choice of ISA accounts or anything more on personal finance please let me know!
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