Easy Access
There was a time when withdrawing money from a savings account was a long and drawn out process, but this has now changed with the advent of the easy access account. An easy access account has rapidly become the ‘de facto’ standard savings account for most savers, as it offers instant access to your money, a reasonable interest rate, and the ability to pay into it as and when you need or can.
Of course, your provider is more likely to offer you a higher interest rate if you tie your money in for a set period of time, but for those who just need somewhere to keep a little extra for those times where money gets a bit tight, the Easy Access savings account is ideal.

Cash ISAs
Cash ISAs are very similar to Easy Access accounts, apart from the fact that the interest you earn on them is tax free, which means that an account with a lower interest rate can actually yield larger net savings.
With an ISA, each tax year you are allowed to deposit a set amount to earn interest on tax free – although any money that you withdraw, you will lose the benefit on, even if you replace it – but don’t forget that there is a limit to how much you can deposit each year.
Cash ISAs are usually risk-free but only if the return beats inflation. If this is the case then they can be a great place to invest your money, especially if you don’t want to consider riskier investment options. However, it’s important to keep an eye on your interest rate to make sure it’s well above inflation and switch your savings immediately if the rate starts to drop.

Fixed Term

Fixed term savings are ideal for those with a large lump sum who are confident that they are not going to need it for the life of the account. There are many fixed term accounts available, but due to the fact that your money is potentially tied up in the account for a long period of time, it would be wise to search for an account with the following:
• A choice of fixed terms – usually between 1 and 5 years
• A high rate of interest – fixed, is possible.
• A guaranteed return on your investment
• A choice of investment value (The amount you’re required to deposit)
• Emergency access to your money should you need it – for “just in case”
Of course, a savings account should suit you. Just because an account yields a higher interest rate than another, doesn’t necessarily mean it’s the best account for your circumstances. Always check the small print, and make sure you know exactly what the account entails before investing your money in it.

In the past, marriage was all about sharing but nowadays, couples prefer to keep financial matters private and would much rather contribute to the household expenditure independently rather than have to declare all of their income to a joint bank account.

Relationships are more fragile these days with fewer couples tying the knot and more preferring to live together. As a result, individuals are securing themselves by opting for personal bank accounts rather than sharing the load in a joint savings account. This allows them to remain independent and stops arguments over who is running up the most debt. It has been estimated that the most common arguments in a relationship are associated with money.

Even couples in the most dedicated of relationships, feel more at ease with individual bank accounts.

Women feel the most strongest about maintaining their individuality when it comes to money and are not prepared to be answerable for every penny that they spend. It also seems very unfair for a partner to have to contribute to overdraft charges on their spouse’s debt.

A good piece of debt advice would be to open a joint bank account for primary bills and expenses but an independent one for personal savings, this way your partner cannot sentence you to weeks of the ‘silent treatment’ for that designer dress you simply couldn’t resist!

A direct online savings account may be the answer for you. HSBC is a full service banking institution that offers different types of accounts, such as investments, savings, currency exchange, credit cards, and basic online banking. When it comes to direct HSBC online savings accounts, you have several choices.

Your choices include online saver account, serious saver account, fixed deposit accounts, and currency savings account. The online saver account, is direct HSBC online savings, that is interest bearing as well. This account is available for USD, Euro, and Sterling.

You can always have access to your money at any time day or night and you have the ease of online account management. Online account management allows you to transfer funds or view online statements. The interest is calculated on a every day basis and each month, any interest your account has accrued will be paid.

The serious saver account is also one of the many direct HSBC online savings accounts that are available. With this account, you must have an opening deposit of $10,000 £5,000, or €10,000. Your account can be managed in two different ways, by phone or on the internet. The rates are determined by your account status, such as premier or not.

The fixed deposit account is a different type of direct HSBC online savings account. This type of account accepts fourteen different currencies and earns the highest rate of interest of all the savings accounts offered by HSBC. The great thing about this type of account is that the interest rate you earn is fixed for as much as five years. The more your deposit increases, the more your rate of interest increases as well.

To open a direct HSBC online savings account is absolutely free; there is no deposit fee or fees annually as well.

Another great thing about the fixed deposit account is that you can save money on bill payments or money transfers internationally. The downside is the amount of the initial deposit you have to make. The amount must be equivalent to $10,000 USD.

You might want to watch withdrawals with this type of account as well. If you withdraw before the account reaches maturity, you will have to pay a handling fee of £250, as well as any costs that HSBC is responsible for to fund that payment.

To some parents, children will always be children whether they are fourteen or forty and the natural instinct to help will always be there.

Although they never received these handouts from their own parents, Mum and Dad feel compelled to help their offspring. Materialism has prevailed in the 21st century making children more vulnerable to debt problems. Parents like to feel that they are there to help pick up the pieces in whichever way they can, even if it drives them to seek their own debt solutions in the process.

Parental handouts can contribute to helping with all sorts of debt ranging from buying grandchildren new shoes or finding the deposit for a home.

Though parents feel a financial duty to help their children, there is a fear that they are putting their own happiness on hold as they put their children first.

Time to grow up

Sons and daughters need to give some thought to their elderly parents and start taking responsibility for their spending. A good savings plan will stop them from being financially reliant on Mum and Dad. It also leads us to ask if this kindness will be reciprocated when parents need help in their retirement or will elderly mothers and fathers simply be forgotten about when the roles are reversed?

First of all pick a credit card which gives you a long introductory 0% rate on new purchases, then simply make all your purchases on this card for the length of your 0% rate. Every time you make a purchase, you should put the equivalent amount of money into a high interest savings account, so that it is still being withdrawn from your regular current account. Set up a direct debit to pay the minimum payment on your credit card each month.

At the end of your introductory rate, simply withdraw the balance of your credit card from your savings account to pay it off before you are charged any interest. The key point to note here is that since you have been earning a high interest rate on this balance in your savings account, you now have this pot of interest left which you have made just from cleverly using your credit card.