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Find the Best Deposit Accounts

In this day and age, you need to put away as much money as possible. The economy is going through its ups and downs, so you need to be as self-reliant as possible. Putting your money into the best deposit accounts is always a good idea.

What makes a deposit account "good"?

  • high interest rate
  • low minimum investment
  • reputable, trusted bank
  • easy access to your funds

You want to make sure that the bank you choose to save your money with offers an interest rate that will help your cash grow. A low minimum investment means that you can start saving as soon as possible. Going with a bank that has a reputable name does not always ensure the best experience, but the chances are much higher than going with a bank that you’ve never heard of before. You also want to be able to easily access your money in case of an emergency.

You can check the criteria by comparing banks on MoneySupermarket.com. As of August 2011, ING Direct appears near the top of the list of savings accounts. Minimum investment starts at only £1, with interest listed at 3%. You can also compare at Fool.co.uk, where Coventry is listed as the current top deposit account (£1 minimum and 3.15%, respectively).

Having money set aside will protect you in times of emergency and hardship. You want to deposit at least enough money to take you and your family through six months in case of a job layoff or injury. The best deposit accounts will help you in this goal.

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