Kayaking adventures and finding savings accounts

Kayaking is a great pastime and whether on rivers or on the ocean, it's important to have the right kind of kayak to enjoy the thrill fully and safely. While it is obviously possible to rent kayaks in many places, having one's own will save time otherwise wasted in queues; it will ensure that the kayak really does suit one's personal requirements and preferences and it provides the freedom to enjoy the adventure whenever and wherever.

Naturally, this will mean having a way to transport the kayak to various locations, and what better way than with a perfectly matched trailer? It will, of course, take careful consideration and a little shopping around to find the perfect kayak and the trailer to go with it. Being able to find a selection of both high quality kayaks and trailers in the same place will make the choice much easier and ensure that the adventure will not turn into a nightmare.

In the same way, it is great to be able to compare a wide variety of options side by side when using comparison sites to find the right way to invest in savings. Banks and building societies are swamping the market with such a huge variety of savings accounts; making the right choice would be almost impossible without the help of these sites.

So what is the best way to find the right opportunity to make the most out of that hard earned cash? Looking at the savings rates offered by various choices is always a good way to start, although this should not be the only factor that will need to be taken into consideration.

When looking at the rates, it will become clear that individual savings accounts typically offer the best opportunities to increase one's funds. Some of the best ISAs offer even better AERs than some comparable savings bonds. In addition, ISAs also have the advantage of remaining tax-free; assuming a specific balance is not exceeded.

While examining these options, it is important to determine whether it will be necessary to have access to funds at any time, or whether it is possible to lock money away for a certain period. If access is required, instant cash variations should be considered. These types offer AERs of up to 3.05 per cent and usually have minimum deposit requirements ranging between £1 and £1,000. For individuals wishing to lock cash away, the fixed rate ISA will be the best possible choice.

These are available for periods from one year upwards, and minimum investments usually range between £100 and around £3,000. Rules with regards to withdrawals vary. Some options will not permit withdrawals for the duration of the term at all, while others will allow savers to withdraw money and then apply a penalty charge. These charges are typically applied in the shape of loss of interest.

The rates offered here vary depending on the period for which the account is taken out. A one-year term, for instance, may offer an AER of 3.35 per cent. This is the current market leading rate and applies to an option requiring a minimum investment of £500, with a loss of interest if withdrawals are made. The best two-year term currently available offers a rate of 3.75 per cent. The conditions here are the same as mentioned for the one year term. A three-year option will offer up to four per cent. The minimum investment is £500 on this example and customers are not permitted to withdraw funds until the term has matured.

Over four years, it is possible to get an AER of 4.3 per cent, and again, the minimum deposit is £500 and withdrawals are not permitted. The best five-year option is currently offering a market leading 4.5 per cent and the minimum investment required is only £100. No withdrawals can be made until the maturation of the term.

When comparing these options to bonds, savers will find that most bonds offer slightly higher rates. While this is tempting, it should be remembered that accrued funds will not be tax free in these choices. In addition, minimum investments can be much higher, ranging up to £50,000 on some choices.

This highlights the necessity to carefully and thoroughly examine all available options and take the time to not only compare them against each other, but to match them with personal requirements and budgets.

Just like buying a child-size kayak would be unsuitable for a 6' 4" individual, so an account with a minimum investment of £50,000 would be unsuitable for a person with a £500 budget. By considering options carefully, the right solution can be found with ease.

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