Wednesday, 22 May 2019

The best accounts for your emergency cash

Spare money. It might not be something you have tonnes of at this point in your life. Kids really know how to rinse us for all we’ve got.

But if you do find yourself with a bit of extra cash – and you’re not going to spend it on ASOS, Zara, Amazon Prime (delete as appropriate) – you might want to think about putting it into an ‘emergency’ savings pot.

This is money you can use if your boiler breaks, or your car needs a new brake light, or your kid needs a new pair of shoes.

There’s no point keeping your ‘emergency’ money under the mattress/in your bedside table drawer. You’ll just be tempted to spend it.

It should really go in an easy access account where it will earn interest. Not huge amounts as rates are pretty rubbish at the moment, but anything’s better than nothing.

Easy access accounts allow you to get your hands on your money in seconds and you can set one up with pretty much any bank or building society.

Our tip: don’t just stick with the bank you have your current account with. Shop around for the best interest rate.

The less well-known brands are offering the best deals at the moment. Just make sure the provider you go with has government protection under something called FSCS.

The best rate you can get is 1.5% from Virgin Money or Marcus Bank (part of Goldman Sachs). You can open these accounts with just £1, set them up in minutes online, and add to them whenever you like.

* All rates correct at time of writing, please check terms, conditions and details before opening any new accounts or moving your money. This website does not constitute financial advice, always do your own research and check accuracy and reliability of providers. 


1 comment

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