Savings In The Age Of Austerity

Ever since the world economy went belly up in 2008, life has been harder for all of us in the age of austerity. One particular group who have felt the pressure more than most are savers. Central banks across the Western world have set interest rates ever lower – so low in fact they can barely go any lower at all. This, of course, means that savers who keep money in bank accounts are feeling the pinch more than others as their money isn’t benefiting from very good interest either.

There are some routes that can be explored to see if we can make the most of our savings. Many people have been looking at websites like Bullionvault for investing in gold which is generally thought to be a more stable investment. Gold is a particular type of investment however and there may be a variety of reasons why you prefer another investment.

There are saving accounts that give larger amounts of interest for which you are required to submit to more stringent conditions than regular savings account. Savers should hunt around for accounts which require larger deposits, or at least search for the smallest larger-sized deposit required that is available

Savers should also look into savings accounts which have either longer minimum investments or notice periods. This would mean that your money is locked up for a certain amount of time before you can get to it, or you have to give a few months notice before you can withdraw it. If you do not abide by these conditions you may find that you lose out on any interest you may have otherwise have acquired, but as long as you’re happy with this it shouldn’t be a problem.

Savers should be careful however when handling these accounts – some banks have been giving high interest for a limited period and then slashing that to almost nothing at the end of the period. This means you have to be exceptionally careful and remember to take you money out of the account at the end of the time period (say a year) and find an alternative – the banks of course rely on you forgetting about the money and then taking advantage of your absent mindedness. The key for all these things is to research thoroughly.

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