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Do you aspire to earn more interest from savings accounts?
  • admin
  • April 20, 2022

Do you aspire to earn more interest from savings accounts?

Although money kept in your savings account attracts some interest, it is not significant to generate an extra income. It is because of the low-interest rate offered on savings accounts.

It is frustrating when your savings earnings don’t match the inflation rate. It is indicative that your money is not growing enough to improve your purchasing power.

If you wish to see your savings grow, then you need to take some thoughtful approaches. It does not matter what is happening in the financial market. There is scope for you to add extra income.

Certain situations might demand a prompt decision from your end. It often happens that you avoid a significant payout since you lack the required finances. Instead of avoiding it, you can think of taking out instant loans in Ireland to get rid of the financial burden.

But take out loans on your responsibility. Don’t force yourself to get a loan if your financial circumstance is not favourable. Once you borrow, you must pay it back within specified tenure to avoid penalties.

If you are confused about how to proceed and make considerable earnings from your savings account, then track the information provided in this blog.

Useful suggestions

You can refer to these sorted out tips to generate more earnings from your savings account. Hope you may find it useful.

1. Understand your requirement

At first, you must address what you want from the savings account. This will let you reach the next point: the type of account you should get involved in. It is foolish to start your saving journey with the very first account that you encounter.

Your financial knowledge and familiarity with the finance industry are your strengths. You must break down your requirements to be more precise. Don’t touch your money and keep it intact.

For best returns, you need to stay focused. You cannot expect to earn huge returns while using the money you have saved. Prohibit yourself from accessing money for any need.

2.  Review different savings accounts

You must decide which type of savings account you want to choose. You can make this decision once making sure about your requirements. Don’t opt for the first one that shows up in front of your eyes.

Weigh your options carefully to determine what rates are offered. Spend time researching so that you can zero in on the best offer that comes with the best price.

The more you will explore, the more you will unveil potential opportunities. Those extra minutes you spare to draw comparisons will pay you off in the form of high gaining savings account.

3. Cash in introductory offers

Some banks give new customers like you an opportunity in the form of introductory offers. The new customer can avail of some bonuses once signing up for the account. It might also need them to fulfil some criteria.

With regular direct deposits and the least number of transactions, you can qualify for this type of bonus. It is available with checking accounts.

If you are already saving separately, you can generate additional income sources by creating a savings account to take advantage of these bonuses.

To fetch these bonuses, you must deposit a minimum amount and let it be there for a specific time duration. You can opt for a different bank savings account to withdraw more earnings.

The additional benefit is that you will earn interest on the amount you keep in the bank account. But be careful while you sign up, and don’t forget to review the agreement.

Make sure any additional fee is imposed if requirements are not fulfilled. Take note of the terms and conditions you will have to agree to in case you want to wind up the account too early.

Confirm if banks will forbid you from availing these bonuses if you decide to close the account before time.

4. Put money in the emergency fund in advance

The first and foremost thing to do before you explore the different savings account options is to create an emergency fund savings. You must save sufficiently as it will act as a financial cushion in the hour of crisis.

Figure out how much saving is enough for you to survive for months. Start savings once you make sure about it. You must accumulate adequate savings, which should cover essential bills, mortgage payments and other financial necessities during this period.

You must put this money in an account that is easily accessible. Most importantly, you can withdraw money from it at any time whenever there is a need.

However, the only drawback in case of emergency savings is that interest rates are quite low for this type of savings account. Set your priority and decide for what purpose you want to save money. Choose a savings account wisely as per your need. Alternatively, you have an option of borrowing unsecured loans in Ireland.

5. Put money in a certificate of deposits

Certificate of deposits come with a high rate of interest which are more than typical savings accounts. In the case of a certificate of deposits, you must agree to keep aside money for a set period. You cannot take out the money as per convenience.

You will get access to money once the given period is over and not before that. However, if you want to take out money before time, then you must meet an early penalty fee for premature withdrawal.

The biggest perk of saving money using a certificate of deposit is that interest rates are not affected by market ebbs and flows. The rate will remain constant throughout the term.

This has a downside too. You cannot think of earning extra if the market rate increases. Once the term expires, you are free to make money.

Also, you can consider investing money in a new certificate of deposit. Make sure you can wait till the end of the maturity date if you opt for a new one.

The bottom line

Different types of savings accounts options are available for you. For more returns, you can opt for high yielding savings accounts. Check if banks are offering some additional benefits in the form of high-interest rates before you create an account there.

Shop around and confirm which option is the best for you to earn high returns from savings accounts.

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