When Saving For That Dream Trip To Australia, What’s Your Best Option?

For many British citizens, starved of the sun and seeking sunnier climes, the prospect of a move or visit to Australia is something of an unrealised ambition. The combination of low house prices, an outdoor lifestyle, magnificent weather and superb surroundings are a heady mix that sees many UK citizens view a move Down Under as something of an impossible dream. Even if you don't want to make a full-time move to Australia, funding the trip of a lifetime can seem to be something of a foolhardy wish.

Everyone is familiar with the notion of savings for children. We are well aware that a family member or relative will often open up a savings account for a child and encourage people to save for them on a regular basis. This is hoped that not only will it prove to be a much-needed nest egg for the child at a critical juncture in their future life, but will also teach them the importance of saving for something they really want.

So if the idea is good enough for children, why can't adults use a similar principle?

There are so many ways nowadays for you to save up towards the cost of relocating for a move to Australia, or saving up for that trip of a lifetime if moving is not an option. It is no longer a question of if there is a product available to suit you, but merely a matter of selecting the right one for your situation.

If you want to experience a taste of life Down Under then saving for your trip is the perfect way to realise your ambition and the best way to do this is using a fixed rate ISA. This is an account that offers you the chance to save up to £5,340 a year tax free, with any interest you earn on your savings yours completely, with no tax to pay the government. The best ISAs are the type that not only allow you the chance to save your money regularly up to the stated maximum, but also the chance to access your money if you need to without penalty.

If you are travelling with children, setting up a children's savings account is a good way to get them saving and looking forward to the trip. You can compare savings accounts for children online, using any reputable comparison website, and depending on how much access you want to the money and how long you intend to save for, the interest rate you earn can give your children a little extra spending money when they finally land in Australia.

Obviously, if you are thinking less of a holiday in Australia and more about making a permanent move there, then you need to save far more than a few thousand pounds for the trip. You will need to save a considerable amount of money to afford all aspects of the move, but there are several options open to you.

One such option is a fixed rate bond savings account. This is particularly good if you have a lump sum of money to invest, such as from the sale of your current home, and want to keep it in a high interest, low risk savings account for a stated period of time (usually between one and five years).

It is worth noting that many fixed rate bonds only allow one deposit of cash into the account after you have opened the bond. So while this option is useful if you have a large single lump sum to invest and want to receive competitive savings rates, it is not ideal if you are going to have further cash to save up towards your trip, or if you are planning to move and will have to close the account before the lock in duration is complete.

In such circumstances, it may be a good idea to set up a regular savings deal, which allows you to make as many deposits during the time it is in operation as you like. Some of these however do not allow withdrawals during the first 12 months of operation, so if you need access to the money to pay for something, then a further alternative is an easy access account.

Many of these easy access options offer a lower rate of interest than other deals, but they do allow you far more access to your money. Some offer you a single penalty free withdrawal from the account each year, others may offer a slightly lower rate but allow you to make as many withdrawals as you deem necessary.

Therefore, whether you want to head to Australia on holiday or make a permanent move, there is the savings solution to match your situation. With your money sorted out, all you need to remember for the trip is your shorts, hat and sun cream!