Tips to grow your savings account this year

Find out how catching a criminal could get your savings account started.

09:49 08 May 2013

If you’ve been looking for a way to grow your savings account there are a few ways to do it, but who would have thought you could get help from the greater Manchester police?

 

A prison van conveying passengers was purposely hit to orchestrate an escape. Consequently, the police are offering up to £10,000 for help in catching the escapees.

 

Since the escapees are considered dangerous, the police department warns people against approaching the suspects, but hopes the reward will help generate awareness.

 

With that kind of reward money it’s safe to say that someone will be able to establish or increase the amount in a savings account substantially. If catching criminals isn’t what you had in mind for growing your savings there are plenty of other ways as well.

 

If you don’t have a savings account yet:

 

• Compare banks and find the one with the best terms and interest rates.

 

• If you don’t have enough to deposit the minimum amount, start saving in an empty jar or container.

 

• Embrace your inner child, pick up that money left on the ground and put in your savings container.

 

• Take a specific amount of money when you shop for anything and then put the remaining amount into your savings container until you have enough for the minimum savings account deposit.

 

If you have a savings account already:

 

• Compare banks once or twice annually to ensure you are getting the best interest rate. If you find one with better terms and rates, move your account as long as there is no penalty.

 

• Make sure you take advantage of ISAs (Individual Savings Accounts). Even if you don’t think you’ll be able to deposit the maximum amount of money, even depositing a little bit will still earn you a better interest rate than regular savings account.