The only reason for earning a fat salary is not to blow it away for the good times; a sensible option can be to save some for future when destiny decides to pick on you. Putting some money aside in a savings account is the safest bet, as the ‘market’ can be a tricky territory to tread!
Opening a savings account in UK is easier than gobbling up a delicious piece of cake. All one has to do is to walk upto any high street bank, preferably a big name ICICI, Sainsbury, Citibank, Halifax, Amex etc, and open an account for as low as £1! You can easily open an easy access savings account and ‘bond or terms’ account with a minimum investment of £1, although for a notice account you will require a whole bundle (at least 1000 bucks to be precise). So there are different types of accounts for different needs, you can easily select yours according to your means and requirements.
The interest rates that you will get, differs from bank to bank and account to account as well. The rates will be slightly lower in an easy access savings account but then you will get instant access to your money whenever you need it and no notice or penalties for on the accounts. In a notice account the rate of interest is on the higher side but in case you have to make any instant or immediate withdrawal you have to pay a little penalty to the bank.
The highest interest is paid by the bonds or terms savings account, but here the catch is you don’t have instant access to your money and can touch it only after a stipulated time. There are other options like a regular savings account, tax-free accounts and few others but will talk about it another day! As for now all I can say is no one can foresee the future and one should be ready to tackle the issues waiting for you in the future (yes there will be a few, life is not a fairy tale) and by having a plan B to every problem that raises its head, you can actually give your life a “…happily ever after” ending.
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