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What Type of Saving Account?

There are several basic types of saving accounts:

Internet Only Savings Accounts

Internet only saving accounts tend to offer more attractive interest rates than most normal high street banks. Banks and Building Societies can afford to pay these higher rates on internet only accounts since the administrative and back office costs of maintaining these saving accounts is lower. In fact, many high street banks offer preferential rates if you agree use only online banking to access your account.

Although many people will find having 24-hour access to their accounts useful, often statements will not be sent through the post and you will not be able to use a bank's branch network to manage your account. To read more about some internet only saving accounts, see what Intelligent Finance or Cahoot have to offer.

Instant or Easy Access Savings Accounts

Like an internet only account, Instant Access accounts allow you to withdraw your money without having to provide previous notification to the bank. Unlike an internet only account, these accounts will also be supported through the branch network of the bank or building society.

Cash mini-ISA Account

Cash mini-ISA accounts allow you to save up to Ł3,000 per year tax-free. Click here for information cash mini-ISAs from Intelligent Finance.

Notice Savings Accounts

Notice accounts generally pay more competitive rates of interest than instant access accounts because the financial institution require you to notify them 30, 60 or 90 days before you can withdraw your money. Often these types of accounts also have a minimum investment level as well.

Term Accounts

Term accounts usually require a minimum investment and require that your money is tied up for a fixed length of time. Often you will be unable to withdraw the money ahead of the maturity date.

Click here to apply for a saving account today.

The details published on this site are intended for information only and should not be construed as advice under the Financial Services Act 1986. You are advised to take appropriate professional and legal advice before entering into any binding contracts.

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