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Saving at the moment is harder than ever with the cost of living regularly increasing. New research has found that 5.1 million under 25 year olds don’t know the interest rates on their savings accounts and perhaps more shockingly, neither do 80% of 45-54 year olds. Research by HSBC found that two thirds of under 25 year olds don’t even know the balance of their saving account. Its not just young people who fail to recognise the importance of keeping track of savings, with more than 75% of UK savers unaware of the interest on their accounts, and 22.6 million people across the country not aware of the balance of their saving account. Despite these figures, savings are still very much on the agenda for Brits as 22 % of young adults are keen to save. Two-fifths (41%) of Britons have saved the same amount of money, or more, in the last year compared with the same period 12 months before, according to research by Standard Life. Whether you are looking to invest a significant sum or something a little bit more meagre, here are some useful tips on fixed rate and instant access savings. Fixed Rate Access Savings If you’re saving a large amount, the 1 Year Online Bond savings account from the Post Office is a great place to start. The fixed rate of 3.41% is guaranteed for 1 year. This bond account means that no extra deposits or withdrawals can be made after opening. Instant Access Savings The Nationwide MySave Online Plus allows you to have instant access to your account with interest paid monthly. There is a minimum investment of £1,000 and you can access it whenever you need it. For smaller savings the Post Office offers a great online Saver Issue 4 account which requires the minimum investment of £1. With this account you get instant access to your account while receiving an annual interest rate of 3.01%.
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