A tough decision?

With 9 Bank of England Base Rate changes over the last 12 months and with more predicted in the coming months, it can be tough deciding on the best home for your savings.

The cost of living crisis has also put extra pressure on people’s finances, and so it’s now more important than ever to ensure you’re making the most out of your savings.

The good news is there is a wide variety of accounts and savings providers available for you to choose from. However it can sometimes be a little daunting to know what’s best for you and your savings needs.

Fixed Rate Bonds and Easy Access accounts tend to be the most popular amongst savers, with Fixed Rate Bonds traditionally offering a higher rate of interest along with the certainty of knowing what your savings will earn over a fixed period of time.

However, to get a higher rate of interest, this often means you can’t add further funds to the account once it’s open and you also can’t withdraw during the fixed time period.

If this doesn’t suit, then often people will look to Easy Access accounts, which as the name suggests, allows access to your funds at any time, but normally at a lower rate of interest compared to Fixed Rate Bonds.

It may be that you want something in between and so a Notice account could be the answer.

Why a Notice account?

A Notice account will normally offer you a higher rate of interest than an Easy Access account, but will still allow you the added benefit of being able to make additional deposits into the account whenever you like.

Depending on the provider, Notice accounts can be offered over different terms; for example 60, 90, or 120 Days. This refers to the amount of days ‘notice’ you would need to give the provider in order to make a withdrawal.

This could be a great option if you’re saving for something in particular and you have a date in mind when you would need your money for. Or, if you don’t intend to make any withdrawals but you simply want the comfort of knowing that you can access your funds should you need to.

Providing a monthly income

An extra benefit of all Charter Savings Bank accounts is the option to have your interest paid monthly into your external bank account, providing a top up to your income or pension to help with those additional monthly bills.

Whatever you decide, remember to shop around. Best buy tables are a great place to start looking. Charter Savings Bank also has a great selection of Notice accounts available. View here for the latest rates.