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Specialist Savings
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Looking to open a savings account with your bank or building society?
There are five basic types of savings accounts:
- ”Easy Access” or “No Notice” accounts allow you continuous access to your money with no penalties. These accounts will usually have a lower rate of interest, although some banks offer incentives to account holders who don’t access their money very often.
- ”Notice Accounts” require a certain period of notification in order to withdraw money without penalty. Rates are generally higher than on Easy Access accounts.
- ”Bond Accounts” or “Term Accounts” offer the highest rate of interest and the least flexibility. You make an initial investment which then cannot be added to or touched until the account reaches maturity, usually between 1 and 5 years.
- ”Regular Savings Accounts” require you to invest a set amount of money each month which means money can accrue in the account quite rapidly. If this amount is not met, often a penalty will be incurred.
- ”Tax-Free Accounts” include “Mini ISAs” “Maxi ISAs” and “TESSA only ISAs.” ISA stands for “individual savings account” and these accounts are tax free. You are limited by law how much you can invest in a year and investors choose between investing the cash in one way, or splitting it between investments into “stocks and shares,” “cash investments” and “life assurance.”
Use the recommended websites for more information on savings.
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