Wednesday, July 18, 2012

Keeping an Eye on Savings Rates

 

Saving money is something which I believe everyone should do. Whether you can only put away a small amount of money each month or larger chunks, it can be really useful. If you want to buy something that you cannot afford, then it is worth putting some money away each month to be able to afford it. It is also useful to have some savings tucked away for emergencies.

However, savings rates are very low at the moment. It is worth looking around to make sure that are being paid a fair rate or else your money will not be earning much interest. At the moment many banks are cutting their rates and some are even lower than inflation which means the money is actually losing value.

Therefore, it is wise to keep a check on what interest rate you are getting and what other financial institutions are offering. You then might want to change where you money is held so that you get a much better return. This sort of financial planning can make a huge difference to how much money you have in the account when you need to use it.

It can take a lot of time to search around and look at interest rates. There are comparison websites to help, but these do not include every company and so are not the perfect solution. However, the tool above by MoneyVista can be a great solution.

It works by allowing you to enter the details of your savings. Then it will let you know when that rate changes so that you know whether you need to consider moving your money. It will also let you know what other rates are out there and which are better. This means that you will have all the information you need to make the decision as to whether you should move your money.

Savings Watch can save you time and money and so could be an extremely useful tool, especially for those of us who want the best return on our money but do not have the time to do the necessary research to ensure that we are getting it.

 

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