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Money Expert has partnered with Akoni to help you manage your cash easily with fast access to rates from highly rated banks on one savings dashboard. Akoni helps savers manage the return on their cash deposits, quickly, easily and securely. Akoni does this by providing easy access to a range of savings accounts via their banking partners. One simple application is all that's needed to take full control of your savings.
Akoni provides their customers with:
A personal savings dashboard to plan your cash needs over time.
Simple tools to help you find savings products that suit your needs.
The Akoni panel’s best rates, filtered according to your deposit amount, preferred maturity term, and Fitch Solutions Financial Implied Credit Score.
A fixed-rate bond (or fixed-term savings account) is a simple investment product that pays out a guaranteed amount of interest after a set period.
If you have a lump sum you’re happy to set aside for a while, a fixed-rate bond is a great option.
They’re ideal for savers seeking a low-risk, low-maintenance investment.
As a general rule, the longer you put your money away, the higher the interest rate you’ll be offered.
This is a balancing act: if interest rates go up during the term, you’ll lose out, but if they go down, you’ll be safe.
Interest will either be paid monthly, annually, or in full on maturity. Interest will be paid into a separate account, but in some cases, it can be reinvested into the bond, increasing the value of subsequent payments each year.
For example:
If you invest £10,000 in a 3-year bond at an interest rate of 2% paid on maturity, you’ll receive £10,600 at the end of the term.
But if you’re given the option to reinvest your interest, you’d get £10,612.08 with the same account — not a huge amount more, but it can add up if you’re investing large amounts or leaving the bond locked up for longer.
Before picking a savings account, work out your reason for saving. Are you saving for something specific? If so, start by calculating how much you need and when you need it. With your savings goal in mind, start looking at accounts. If you want to top up your savings regularly, say by saving a bit each month, a notice savings account or an ISA may be best for you.
