Bonus Saver Accounts Give Your Money A Boost

Bonus saver accounts are a great way to reap good returns and stick to a savings plan. Typically they offer bonus interest payments on top of the standard interest rate providing you adhere to certain rules – such as only making one withdrawal a month or increasing the balance.

Bonus savers are great for motivation. Providing you keep to the plan you'll earn more in interest than you would from a similar savings account.

Watch the fine print

As with most things the devil is in the detail with bonus saver accounts. It's also worth checking how often interest is added to your account. If it's monthly, not quarterly, your savings will grow at a faster rate thanks to compounding of the interest.

Not for everyone

If you're not disciplined or likely to need to make a withdrawal, then skip bonus saver accounts. The base interest rate on these accounts can be as low as 0.25%, which is a pittance. Don't assume, as well, that a bonus saver account automatically pays the best interest rate. You may be better off changing your savings account to another financial institution.

Get the best deal

Like all accounts bonus saver accounts require some cunning by customers to get the best deal. Banks offer attractive rates whilst marketing new accounts, then over time the interest rate can quietly erode. As a result it's worth making a note in your diary to shop around for a better deal once a year.

Savings Accounts ...