A new savings account has been introduced by Saga Insurance that tracks five of the main savings accounts available online to ensure it is always competitive.
Called the Online Top 5 Tracker this new savings account follows the movements of the five top paying savings accounts based on the internet. The new Saga Insurance savings account offers instant access to money and no limit on the number of times customers access the account it is sure to be popular.
The way the tracker account works is by taking the average interest rate offered by the top 5 and then paying a level of interest that is within a quarter of a percent of that average. This ensures Saga Insurance savings account customers are always receiving a rate of interest that is competitive, no matter how the top 5 may change.
According to information from the Abbey National savings division the people of the UK have been putting their money away to pay for a summer holiday, with Europe being the most popular choice.
With the value of the pound dropping against the Euro this means that summer holidays will cost more this year, meaning consumers need to save more for their break. With the average holiday costing over GBP1,600 it is good that the people of the UK have been saving their money to cover this cost, although a small percentage will be using their credit cards to pay.
The monthly cost for the average holiday is a little under GBP140, which could have earned the full amount needed in one of the excellent Abbey National savings accounts.
The Abbey National has found that over sixty percent of UK holidaymakers have used savings to finance a holiday this year, while others are using the money to pay for a holiday before it even gets to the savings account.
Over a quarter of people surveyed by the Abbey National felt that the best thing to do with the spare money they had was to use it to finance a holiday rather than put it into a savings account or other savings vehicle.
A spokesman from the Abbey National suggested taking a little bit of the money that was being allocated to holidays and use it to build up some savings. This way the person gets their holiday but also begins to build a savings fund that may well prove essential in the future.
