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Savings Accounts

There are a number of different types of savings account available including:

  • Deposit accounts: These provide a specified rate of return on your money and usually offer instant or relatively quick access.
  • Regular savings accounts: These often provide a slightly higher rate of return than regular deposit accounts but do require that you make regular savings contributions.
  • Fixed notice accounts: These usually provide a slightly higher rate of return than regular deposit accounts but you do have to give a minimum notice before you take your money out (e.g. 60 days). If you withdraw money without giving this notice then you may incur a penalty.
  • Fixed rate bonds: These also normally provide a slightly higher level of return but you are required to keep the money in for a minimum term, usually at least a year, and they may also require a minimum initial deposit, usually at least £1,000. You may again incur a penalty if you withdraw the money before the minimum term expires.

Such accounts are available from banks and building societies, and you will find that the benefits offered will often vary according to how you access the account (i.e. via the branch, via the phone or online).

Money in the bank or building society is generally considered very safe but the consequent downside is that the rates of real growth (i.e. after inflation and tax) are small and you may even find that your money pot is slowly losing value. For this reason it is generally unwise to have large sums on deposit, unless they are set aside there for a specific purpose.

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