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What Types of Savings Account are Available to me?
Easy Access Accounts
Easy access accounts provide
access to your savings instantly or within a few days without
a penalty. Due to this flexibility a lower variable interest
rate will be offered. These accounts are particularly suitable
as an emergency fund, providing easy access, a way to start saving
and some accounts offer a cash card facility. A bonus scheme
may be offered if the numbers of withdrawals made are within
a specified limit, for example a maximum of 2 withdrawals per
annum. The minimum investment is normally £1.
Notice Accounts
Notice accounts generally pay higher
rates of interest and require notice to be given before withdrawals
can be made, typically 30, 60, or 90 days. Savings can sometimes
be accessed immediately subject to a withdrawal penalty. The
interest rate is variable and the minimum investment required
is often several hundred pounds.
Bond or Term Accounts
Bonds or term accounts will
pay more competitive rates, they require your investment to be
tied up for a specific period of time and withdrawals before
the maturity date are often not permitted. If withdrawals are
permitted without notice there will sometimes be penalty charges.
The interest rate is often fixed and the minimum investment is
generally £1000
or more.
Regular Savers Accounts
These accounts are to encourage
regular savings; they require a commitment to invest each month.
Many regular saver accounts will not permit lump sum investments.
Access to savings varies, some accounts may provide instant
access or require notice and others may be fixed term. Generally
regular saver accounts place a restriction on the number of
withdrawals allowed each year. Interest rates are variable
and a minimum and maximum investment per month is sometimes
stipulated, these vary from between £10
- £20 min and £100 - £2000 max.
Children's Savings Accounts
Children's Accounts
offer you the opportunity to invest your child's money in a savings
account that is easy to understand and manage from your child's
point of view. You can now encourage your child to invest his/her
pocket money, gift money and any other cash received in one of
these popular accounts, and to benefit from earning interest
on their savings balance. The minimum investment is normally £1,
and be sure to enquire about the starter hamper, bonus gift,
discount pack or other starter offers available from the savings
branch upon successfully opening a new Children's Savings account.
| Savings Accounts |
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| Click here to compare over 1400 savings accounts |
