Compare Savings Accounts - Compare Top UK Savings Account deals and Save!
Compare & Apply - Get A Great Deal Savings Account And Start Saving Today!
A savings account is a deposit-based account which pays out a higher interest rate than any current account and is a low-risk investment for a short to medium-term savings plan. Most high street banks along with building societies offer a wide range of savings accounts and you can also open an account through National Savings and Investments (NS&I). The majority of saving plan companies are regulated by the Financial Services Compensation Scheme, FSA, which means you are protected against any loss should the firm collapse.*
The main types of savings accounts are:
Deposit Account - This type of account allows instant or easy access to your money and offers a higher interest rate than a current account.
Fixed Notice Account - Again this type of account offers a higher interest rate than a current account although access can require anywhere between 30-90 days according to the set terms and conditions of the account. Often a penalty fee is charged for any withdrawal made without sufficient notice.
Cash ISA - Interest with cash ISA increases with the balance. A maximum deposit of £3000 can be made in any one tax year and any interest earned is absolutely tax-free. Access is generally instant although some ISAs may require notice. Once a withdrawal has been made you are not entitled to top up with any further deposit if you have already reached your £3000 limit. (Learn more about ISAs here)
Fixed Rate Bonds - Bonds offer an even higher interest rate and are a good option for long term savings, however, these rates do tend to be fixed. Once a sum of money is deposited into a bond you agree for it to be held for a specified period of time. Further deposits or any withdrawals cannot be made and the standard term is anything ranging from 6 months to 5 years. The minimum deposit is usually £1000.
Compare savings accounts online at the MoneyOutlet to save Time & Money! Simply Click & Apply
Published on September 30, 2007
Digg | 
del.icio.us | 
StumbleUpon | 
Reddit | 
Yahoo! | 
My favourites
Latest Banking and Saving Articles
Bank Charge Case To Go On For Weeks
The Office of Fair Trading is hoping the High Court will rule in its favour which would allow banks' fees to be challenged under consumer law. There are eight lenders who are accused of making unfair charges to customers, among them is the Royal Bank of Scotland. The High Court, however, has been told that current account customers are comfortable with the system of charges of current accounts... Read More
January 24, 2008
Banks Have Hit Savers' Interest Rates
The global credit crisis has eventually led to the Bank of England cutting back the base rate to 5.5%. Consumers were hopeful that UK banks would reduce their mortgage rates in accordance with the lowered base rate but many still refuse to pass on any significant savings. Experts agree banks are trying to recoup losses. Now banks are cutting their rates on savings accounts... Read More
January 14, 2008
Bank Loyalty On The Wane
Britain has seen an increase in customers switching to a new bank. Many customers say they feel their bank doesn't treat them as a valuable customer or have experienced unhelpful staff. Just a few years ago less than 1 in 10 switched whereas today, almost 1 in 5 are opting for a new bank. Research shows banks need to focus on customer support more than ever... Read More
December 11, 2007
Abbey Cut Back Savings Rates
Lenders have been tightening their lending criteria on mortgage and loan borrowing and now seem to be doing the same with savings rates as well. Some of the top banks are cutting back rates however, you may be able to find a good deal if you can afford large deposits each month. Shopping online for a savings or current account is recommended... Read More
December 10, 2007
Co-op Breaks FSA Guidelines On Overdraft Charges
The Co-operative bank has changed their guidelines toward overdraft charges which some say will affect low income customers who tend to run out of money before the end of the month. These changes seem to be in violation of FSA guidelines. Those on benefits could be hit hardest... Read More
December 3, 2007
Refer a Friend
Why not tell a friend about Money Outlet? Click here
