Someone could win £1million prize for innovation

Whoever wins the award will be able to use the tips to get an even better return on investment.

10:31 21 June 2013

PM David Cameron announced the possibility of a £1million prize to be awarded for an innovation that solves one of the biggest problems of our time. What the problem is would be determined by the public.

Without a doubt, there could be someone with a much better savings account if they have an innovative idea that solves a relevant problem.

Just in case you are not lucky enough to snag the prize, here are a few ways to grow your own savings account.

•    Diligence—this is definitely important for growing the funds in a savings account. It is easy to make excuses as to why you do not need to deposit money into your savings account.

 

There are usually quite a few different ways that money could be spent, but in order to see greater effects for growing funds, deposit money frequently into a savings account.

•    Out of sight—if you do not quite have enough money lying around to open a savings account, you can still save, but be sure to keep the money out of sight so you will not be tempted to spend it. Once it reaches a sufficient amount, you can use the funds to open a savings account.

•    Gifts—this is one of the easiest ways to grow your savings account, and it is virtually painless. When you receive monetary gifts, you should deposit either the entire amount or a partial amount into your savings account.

 

You could make a practice of depositing half of all gift money you receive. If you frequently receive monetary gifts, this could make a significant difference in your savings account balance after interest.

•    Independent savings account—while a regular savings account is nice to have because there is no deposit cap, the interest is much worse than an independent savings account. Compare interest rates so you get a decent payout off your investment.