One provider or personal and business bank accounts has recently announced the creation of a new selection of three savings accounts.
Supermarket-based bank Sainsbury’s has announced a trio of fixed-rate bonds with differing terms ranging from one to three years in length. Each account carries interest rates from 3.35 per cent on the one-year fix, 3.85 per cent on the two-year version of the same account, and 4.05 per cent paid on the three-year fix.
Available to either single applicants or joint applicants, any of the three new accounts can accommodate minimum deposits of £5,000 up to a maximum of £50,000.
Sainsbury’s Finance savings head, Helen Cook, remarked that all of these accounts have been proven to be popular with savers looking for a good return on their investment.
In related news, David Rodger of the Debt Advice Foundation recently stated that Brits need to set specific savings goals for themselves.
According to Mr Rodger, setting specific goals can aid in providing people the proper motivation needed to put away enough of their money in savings products.
The foundation’s managing director stated that setting a target is quite often a good strategy to adopt in order to make sure Brits make their savings pots grow in order to be more financially secure in years to come.
Mr Rodger was quick to say that trying to save too much could actually lead to the opposite effect however. While setting savings targets is a fantastic idea, he stated, savers need to be realistic or risk becoming demoralised when it turns out they can’t put aside the amount of cash they want to.