As we leave our twenties behind our financial responsibilities tend to increase, with a large portion of our monthly income spent on bills, mortgage payments, pension contributions and paying back outstanding debts.
Saving money on a regular basis whilst dealing with outgoings can prove difficult, especially in the current economic climate; however, a number of savings accounts require small minimum investments in return for competitive rates and flexible access to funds.
Individual savings accounts, commonly known as ISAs, are a popular way to save. All UK adults are eligible to take advantage of an annual ISA allowance, which for the current tax year stands at £5,670.
The beauty of ISAs is that they allow you to save without any of the interest being taxed.
Nationwide Building Society's Easy Saver ISA (Issue 2) pays a very competitive variable rate of 2.00% AER in return for deposits of just £1. Funds can be withdrawn without giving the provider advance notice, which is ideal if you need regular short-term access to your savings.
If you have a larger amount of money to invest, the 3 Year Fixed Rate Cash ISA from Aldermore pays a rate of 2.25% AER in return for deposits of £1,000 and over.
As this is a fixed-rate ISA, however, you must be willing to lock your money away for the duration of the three-year term or risk incurring a 180 day loss of interest penalty.
Receiving interest on your savings on a monthly basis can also be a handy way of supplementing your income.
The HiSAVE SuperSavings Online Account from ICICI Bank pays a rate of 1.75% AER (1.74% gross) in return for deposits of just £1 and over.
Cash can be withdrawn at any time without advance notice or penalty, provided it is done via a nominated account.
It can sometimes seem that our money quickly disappears as soon as it has been paid into our bank account at the end of each week or month.
Setting aside a small amount each month in a competitively priced savings account can help provide a financial buffer and peace of mind in case of any emergencies that may arise.
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Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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