Three savings accounts to take advantage of even during financial hardship

Welsh farmers may be depending more on savings accounts this year due to multiple obstacles.

09:25 17 April 2013

In Wales a number of people will be extremely concerned about the status of their savings accounts. One of the largest processing plants in the area, Welsh Country Foods, will apparently be closing its doors permanently after trying to find suitable alternatives to remain in business.

 

The company employs approximately three hundred people, all of whom will now presumably be searching for new jobs. Hopefully people affected by a change in their job situation will have money set aside they can use to help them with their finances.

 

For example, may be they have invested in savings accounts like ISAs or even regular savings accounts that will tide them over until they’re able to find another job.

 

The farmers may also face new hurdles in securing new buyers for their products. The reported closing of this plant, in addition to the loss of a portion of the sheep due to inclement weather, creates an even more formidable obstacle for farmers.

 

Not only may they struggle to re-grow their herds, but they may be forced to choose between sub-standard marketing for their products, if they are able to pay for marketing at all, or will have to add the responsibility for marketing to their already over-burdened workload.

 

It isn’t too late to consider setting up accounts if that was previously avoided. Here are a few savings accounts that may help a little bit, even with small deposits. Right now, farmers may need to maximize their earnings in as many ways as possible, or prepare for the difficult future ahead.

 

• Cash ISAs (Individual Savings Accounts)—these have a guaranteed rate of return, though the rate is typically lower than some other ISAs. Many farmers may opt for the security of the promised growth of their funds due to the volatile financial situation.

 

• Stocks and Shares ISAs—these accounts usually have the potential for a higher rate of return over a shorter period of time. Results depend upon how the funds are invested and how the market progresses.

 

• Regular Savings Accounts—unlike the Cash ISAs and the Stocks and Shares ISAs, regular savings accounts do not have a limit to the amount that can be deposited, but also have a much lower rate of return, and sometimes more fees depending upon the banking institution.