Best Interest Rates Savings ISA – From Your Mobile!
If you have a savings account with your bank no doubt you will be highly disappointed with the 0.5-1% interest rates offered. Well you can get over 4% which are the best interest rates savings available! Or maybe you do not trust yourself to stop spending your savings each month. You will no doubt of heard of an ISA although probably put off from opening one when you hear stories that you can not withdraw your cash without penalties, limited to the amount you can save each year and also their notorious complexities. Well now there is an app which opens a stocks and shares ISA (allowing you to invest £15,240 each year tax-free) and allows you to choose 3 methods of investment- cautious, balanced and adventurous each offering different interest rates. In only a couple of minutes from your mobile!
Best Interest Rates Savings Account for Young People
With interest rates typically above 4% it trumps all the other savings accounts out there. The app allows you to sync to your bank account so that you can ’round up’ your purchases to the nearest pound. So if you spent 60p on a newspaper, you can choose to invest the 40p. A good idea although you ideally will want to set up an automatic direct debit collection, this is done weekly and can be done instantly or on the fly. You can invest as little as a pound a week! Due to the ease of the app and the small investment amounts it is the perfect for those 18 years or older to start saving for the future, house deposit perhaps?
The process for Best Interest Rates Savings Account
Download the app for free on Google play or Apple Store. Within only 5 mins you can open a stocks and shares ISA or transfer money from an existing ISA. Set up a direct debit for payments and add a bank card so that you can ’round up’ your purchases. You will then set up what level of investment and risk of your money you would like- cautious, balanced and adventurous. Each option contains different allocations of the same three tracker funds – a Henderson cash fund, a Vanguard global equities fund and a Blackrock property equities fund. Your money is then automatically invested for you into thousands of companies including Facebook, Apple, Disney and Netflix. The advantages of each are well displayed.
Cost and Safety of the Best Interest Rates Savings ISA
The app is free to download. There is a charge of only £1 a month but the first 3 months are free. There is also a competitive fee of 0.45%. All the fees are discreet and you won’t feel like you are being charged anything since it is taken from your savings.
Moneybox is FCA-authorised so your investments are protected up to £50,000 if they were to become bust. If investments were to fall in significant value then you could potentially lose money although in most circumstances safer than most other investment options out there. Choosing cautious or balanced would likely reduce any risk of loss although this is demonstrated within the app. Personally, I have it set at adventurous since I do not miss the money that has been invested but you may wish to use balanced. Withdrawal generally takes a couple of weeks. The process of taking money out of your account takes a few days then invested a week or so later.
My Rating of the Best Interest Rates Savings ISA’s: 8/10
The app is slick and allows for easy tinkering of saving options. There are ISA’s out there with better interest rates with better returns although they do not provide as much flexibility. This app is perfect for young people thinking about saving for their future and who do not trust themselves to not spend from a savings account. The pound a month could prove expensive if you were to only have 20 quid in your account but then this account would not be for you.
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