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access to the funds, you can get more from your money by locking in a fixed rate. Fixed rate savings accounts and ISAs are typically available from one to five years, and the longer your money is tied up the higher the rate you’ll get.


Move your money


around It doesn’t pay to be loyal to companies these days as the best deals are typically offered to new customers. From the banks’ perspective, a higher interest rate does attract new business but, again, these offers are often time-limited.


Stepping stone investing and other ways to get more from your money


If you don’t have much money left for saving or investing once your essential bills have been paid, it’s important to make sure you get the most out of your money and make good use of compound interest.


The stepping stone method can bring huge rewards even if you only have small amounts to invest each month, but there’s a whole range of other financial products and strategies you could also use to seriously improve your financial situation over time.


Saving and investing using the stepping stone


method The stepping stone method involves increasing the amount you save or invest by 10% each year. Whether you start off with £100 or £10, exponentially you could achieve a considerable increase in your return with minimal effect on your monthly finances.


If you’re reluctant to invest,


finding a good savings account or current account that pays credit interest can reap serious rewards, even for smaller amounts. This is what makes the stepping stone method so accessible, and one of the best ways to get the most from your money.


If you do decide to invest, be aware that investments can go down as well as up and past performance is no guarantee of future growth, so you’d need to take professional advice before going ahead.


Current accounts for


credit interest If you pay a regular sum into your current account, such as your wages, you may be entitled to credit interest on your balance. Some current accounts offer higher rates of interest than savings accounts, but you’ll need to meet each bank’s eligibility criteria.


Consider locking in a fixed rate If you’re sure you won’t need


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Tracker accounts Tracker accounts track the Bank of England base rate and offer a specific percentage figure above this rate for a defined period of time. They help to ensure you benefit from any interest rate rises, as some financial institutions are slow to pass these on to their customers.


What about a monthly


saver? Regular savings accounts can be a good way to maximise your savings. You gain access to a higher interest rate for a fixed timescale, but there are limits on how much you can put away each month.


Finding the right financial products takes a little time and effort but the rewards can be high as compound interest takes effect. Whether you try the stepping stone method or take advantage of specific deals, making the most of your money offers financial stability and peace of mind for the future.


By Ann Haldon


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