Money: finding your own deals

Keeping an eye out could allow you a surprise investment opportunity.

08:51 10 June 2013

A potential Vodafone deal could mean better finances for the UK. Vodafone is selling their part of US Verizon Wireless.

 

Many of us don’t have the ability to encounter such an opportunity with our own finances. We do have a few options for growing our own savings accounts. 

 

• Search online for legitimate start-up businesses. This comes with obvious risk, but if you do your research, or use a website such as Kick-starter, you may be able to reduce the risk involved while still giving yourself the opportunity to grow your savings accounts. 

 

• Think in multiples. Instead of thinking of just one savings account, start thinking about multiple savings accounts. You can get a Cash ISA, Stocks and Shares ISA, and a regular savings account that can help you improve your finances. You’ll get a variety of interest rates, and also be able to save as much as you want. 

 

• Compare interest rates if you’re setting up your savings accounts for the first time. Make sure to take any fees into consideration as well so you know what kind of growth to expect from your accounts. Also check options such as minimum deposits so you get a savings account that works for you. 

 

• Reinvest the interest right back into your savings accounts to earn even more money on a larger balance. This will optimize the growth in your savings accounts to provide a lot of improvement in your future financial situation. 

 

• Automatically depositing amounts into your savings accounts allows you to grow your funds quickly. It also allows you to keep deposit without having to think about your savings accounts. For some of us, that is a great way to keep funds safe. Before you know it, you’ll have a larger amount than expected.