Setting up a Savings Plan

Yes, a bowlful of gold coins warms the heart and triggers McDuck-inspired bathing fantasties, but unless you're a vending-machine operator it's not likely to build up to a laptop, stereo, or other "big ticket" item (like plane tickets). This is where a savings plan - or Goal Oriented Savings - can help.

Step one: Decide on a savings goal

Savings accounts are so much flirtier if there's something shiny and new to drool over. Choose something attainable and sit tight.

Step two: Can you afford to put away a set savings amount each week or month?

Savings rates are one thing, but your contributions are key to GROWING YOUR PILE. It's nice to commit to a minimum regular deposit up front, as otherwise you're liable to lose the initial enthusiasm, as with a gym membership or long-distance romance.

Step three: Find the right savings account type

High interest accounts tend to come with lots of conditions. Do you need access to your cash? Can you meet minimum balance or minimum deposit requirements? In a bonus rate in your best interest? Should you in fact be looking for a term deposit?

Step four: Find the best interest rate

Easier than it sounds...

• Compare savings accounts