- November 20, 2023
- Posted by: legaleseblogger
- Category: Related News
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I. Concerns about Unused Cash in Current Account
Hello, everyone! This is my first time posting here, and I hope I am posting in the correct section. I wanted to seek advice regarding a financial matter that has been troubling me. I have a significant amount of cash sitting in my current account, and it is not being put to use. Moreover, I do not believe I am earning any interest from this account at all. This has led me to consider alternative ways of managing my funds.
II. Lack of Understanding about Savings Accounts and Interest
The main issue I am facing is my lack of understanding when it comes to saving accounts and how interest works. Despite my efforts to educate myself on the matter by reading articles and seeking information, I still find myself feeling confused and unsure about making informed decisions regarding my finances.
III. Seeking Advice and Guidance
I would greatly appreciate any advice or guidance that the community can offer in this regard. It is important for me to make the most of my finances and ensure that my funds are being managed in a way that is beneficial for my future. Thank you all in advance for your assistance.
The AI Legalese Decoder can be of great help in this situation as it can provide clear and simplified explanations of complex financial concepts such as interest rates, saving accounts, and investment options. This tool can help in gaining a better understanding of how to make the most of the unused cash in the current account and how to choose the right financial options for better returns.
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If you have £1,000 and move to an easy access saver, you will earn around £50 per year. Can be paid monthly or annually, you can choose in most cases. You can add to balance or withdraw, normally without restrictions.
https://www.thesavings.guru/saving-accounts/easy-access
Do you have any specific questions or areas of confusion?
In the simplest terms, a savings account is a type of bank account. Savings accounts have far less functionality than a current account – you won’t normally have a debit card, you can’t set up Direct Debits or Standing Orders etc. As such, you will continue to use a Current Account for your “everyday money”, and the Savings Account is just used to store money that’s not needed.
Given those limitations, why would you use a savings account? The advantage of a Savings Account is that it will typically pay more interest than a Current Account. Most Current Accounts pay no or very little interest; all Savings Accounts pay some, and up to 8% at the moment.
Not all Savings Accounts are equal however. “Easy Access” savings accounts refer to savings accounts that normally let you pay in and withdraw as much or as little as you want, whenever you want. You can pay in ┬ú1 or ┬ú10,000, and then take it out again tomorrow. Note that some lists of “Easy Access” accounts are not fully easy access – you might need a minimum pay in of ┬ú1,000, or there might be a limited number of withdrawals before the interest drops. Any such limitations should be made clear when applying.
The other main types of saving accounts are “notice accounts” which require a notice period to access your money, “fixed savers” which are completely locked away for a fixed period of time, and “regular savers” which allow/require you to pay in a small amount each month. The benefit of these accounts is greater interest rates, in exchange for the inconvenience.
The other term to be aware of is “ISA” – an ISA is a tax-free savings accounts. As with other savings accounts, ISAs might be easy access, fixed savers etc. There are some special rules that apply to ISAs too (the main ones being you can only pay in a maximum of ┬ú20k per tax year, and only pay into one Cash ISA per tax year). Before interest rates jumped up this year ISAs were a bit pointless for most people, as most people weren’t paying tax on savings anyway; with interest rates going up, more people will exceed the Personal Savings Allowance and so ought to consider an ISA.
Interest is normally expressed as AER (Annual Equivalent Rate) which makes things fairly simple – an AER of 5% means if you put in ┬ú100 at the start of the year, at the end of the year you’d have earned ┬ú5 in interest. However, it’s worth noting that interest is normally calculated daily, and it might be paid monthly or annually. The AER takes into account the compounding effect if interest is paid monthly, so you can directly compare AERs. As interest is calculated daily, you can add or remove money whenever you want, and the interest will still be calculated fairly. Using the above example, in effect you’re earning 5/365 = ┬ú0.0137 per day.
There is a lot of useful info here: [https://www.moneysavingexpert.com/savings/](https://www.moneysavingexpert.com/savings/)
See links on best savings accounts, safe savings, tax on savings, interest calculators etc.