In addition to a current or cheque account, most people want a deposit or savings account. These accounts usually have a higher rate of interest than current accounts, but no cheque book to easily access your money. These accounts can be divided into: no notice accounts, bonus accounts, notice accounts, savings accounts and long term "bonds".
No notice accounts usually (but not always) offer the lowest interest rates. You can access your money, usually from any branch without giving notice that you intend to
Notice accounts, require that you give a certain number of days or weeks notice of your intention to withdraw the money, or you lose the interest on it.
Bonus accounts offer you a basic rate and then a bonus if, for instance you make no withdrawls during the year
Savings accounts require you to deposit a regular monthly sum into your account.
Long term bonds often offer the highest rate of interest but you are committed to keeping your money in the account for the duration that you agree (often three or five years).
There are many variations on the above account types, offering varying rates of interest and some allowing a limited number of withdrawls without penalty. Make sure you read the small print! Banks and building societies also offer mini cash isa's
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Information on this web site is not intended to be advice. You should consult an IFA or other qualified adviser who will help you to make the best decisions based on your circumstances. |
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