A survey conducted by Alliance & Leicester has found that over two thirds of UK citizens living abroad fail to save their wages in savings accounts. In all, 70 per cent of expats do not set up an offshore savings account in the immediate aftermath of their move. This is despite the fact that the majority have ample opportunity to do so.
Nearly three quarters (70 per cent) of expatriates use the internet every day as, being so far away from home, they are dependent on emails to keep in touch with friends and families and the web to keep up to date with international news and views.
In fact, 40 per cent of expats use the internet for up to an hour every day, meaning they have a limited basis for citing opportunity as an excuse for not setting up an .
Furthermore, 46 per cent of current expats have spent between one and five years living abroad, suggesting paying money into an offshore account would be a long term, rather than short term measure - once again limiting the scope for choosing not to do so.
Opening an internet savings account would be especially pertinent for expats given that many chose to move abroad in the first place as part of an attempt to accelerate career development and increase earnings potential - meaning that ensuring money is well looked after should be high on the list of their priorities.
The survey also found that Britons are moving to more remote corners of the globe in a bid to land their dream jobs. Although around 40 per cent relocate to established destinations such as the Middle East, Australia and the USA, there has been a surge in the number of Brits moving to Africa, Singapore, Thailand and Russia.
A further study by the Alliance & Leicester has highlighted that not all expats are career-driven, though. Weather was found to be the decisive factor behind the decision of 40 per cent of expats to relocate to a foreign country.
This evidence has been backed up by website Propertymartoverseas, which states that "soaring prices, spiralling debt, rising interest rates and a seemingly ineffective government are all contributory factors for this mass exodus with expats seeking a better quality of life, a lower cost of living and more reliable weather".
Internet savings accounts, available through banking institutions like ING Direct, HSBC Bank, or GMAC Bank, offer an alternative to an instant savings account. These accounts work by linking your checking account to an internet savings account. This creates easy access from your savings account to your checking account. Deposited money can easily be transferred from checking to savings and back again either online or over the phone.
ING Direct and other online financiers can often provide a more aggressive annual percentage yield for their internet savings accounts than many brick and mortar banks due to low overhead costs. These higher interest rates are usually the biggest draw to people interested in opening an internet savings account and who want bigger gains for long term investments.
Online Bankers are now becoming more competitive and it is to a consumer’s advantage to look for perks that make banking easier. Some financial institutions even provide checks or a debit card for accountholders others provide a full-range of products and services ranging from home mortgages or home equity loans to the availability of certificates of deposits (CDs) as well as online bill paying services. Think of your business as a highly marketable commodity and invest the time necessary to ensure that you get the best rates at the best financial institution for you.
So generally, Internet savings accounts offer better interest rates on average than high street savings accounts, the reason being that the overheads of setting up and administering the account are lower and the savings can therefore be passed on to you. You can apply for most the savings accounts from various internet sites by simply just completing an online application.You will have to know banks which offer the highest and generous savings rate online.
Whenever you are doing a research on one subject, try to get to the essence of what you are studying. It is true of mundane areas as well. As you search for information about savings accounts try and reach the best value, definitions and clarity. Read what we have on our site on savings accounts and if you need more material on this you can always go to the world wide web again to finish up on your studies. In this information age, there is a lot of options for increasing your knowledge base.
Check the links below for more information on internet savings accounts.
Both Elisha Burberry & Charley Hwang are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Elisha Burberry has sinced written about articles on various topics from Banking, Birthday Gifts and Travel and Leisure. Elisha Burberry is an online, freelance journalist and keen traveller and watersports enthusiast. Originally from Scotland, she now resides in London.. Elisha Burberry's top article generates over 12100 views. to your Favourites.
Charley Hwang has sinced written about articles on various topics from Business Cards, Banking and Acne Treatment. For more information on or visit. Charley Hwang's top article generates over 22200 views. to your Favourites.