BEST FIXED RATE BONDS (last update 03/07/2010)

SAVINGS ACCOUNT PROVIDER	INTEREST AER	DETAILS	INTEREST PAYMENT	MINIMUM INVESTMENT	FURTHER INFORMATION
ICICI BANK	4.15%	3 YEAR FIXED RATE BOND	ANNUALLY OR MONTHLY	£1,000
ICICI BANK	3.70%	2 YEAR FIXED RATE BOND	ANNUALLY OR MONTHLY	£1,000
ICICI HiSAVE	4.15%	4 YEAR FIXED RATE BOND	MONTHLY OR ANNUALLY	£1,000
NATIONWIDE	2.01%	6 MONTH E-BOND	ON MATURITY	£1+
HiSave	3.10%	1 YEAR FIXED RATE BOND	Monthly or on maturity	£1,000
Northern Rock	2.90%	1 YEAR FIXED RATE BOND	ON MATURITY	£1

INSTANT ACCESS SAVINGS ACCOUNTS (last update 03/07/2010)

SAVINGS ACCOUNT PROVIDER	AER	MINIMUM INVESTMENT	SAVINGS ACCOUNT DETAILS	FURTHER INFORMATION
SANTANDER	2.50%	£1+	Instant Access with no penalties
HSBC	0.75%	£1+	HSBC Online Bonus Savers Account is a high interest account that you manage online. Variable rate of 0.75% AER (0.75% gross including bonus interest), when you don't make a withdrawal. If you do need to make a withdrawal, you won't get bonus interest, but you'll still get 0.25% AER (0.25% gross).

TYPES OF SAVINGS ACCOUNTS

WHAT IS A REGULAR SAVINGS ACCOUNT

A regular savings account is an account that you put money into regularly, normally each month. The reason for this is the bank or building society will give you a higher interest rate because you have committed to saving the money regularly for a set period of time, usually over a year but sometimes longer.Access to savings varies, some accounts may provide instant access or require notice and others may be fixed term. Generally regular saver accounts place a restriction on the number of withdrawals allowed each year. It is important to read the small print as often the headline interest rate is based on a bonus which is only paid if you make all the payments.

WHAT IS AN EASY ACCESS/INSTANT ACCESS SAVINGS ACCOUNT

Easy access/instant accounts allow you access to your savings instantly. Due to this flexibility a lower interest rate will be often be offered although there are some higher rate ones available from banks and building societies. These accounts are great as an emergency fund or if you think you might need the funds in a hurry. Many of these savings accounts also offer the convenience that they can be opened and operated online.

WHAT IS A NOTICE SAVINGS ACCOUNT

A notice account is an account where you are required to give a time period to the bank or building society before you can take the money out. For example: thirty days, sixty days, ninety days  and sometimes longer. With a notice account, you will usually get a higher rate of interest for committing and saving your money for a longer time.Savings can sometimes be accessed immediately subject to a withdrawal penalty of loss of interest.

WHAT IS A FIXED RATE BOND

Fixed Rate Bonds require your investment to be tied up for a specific period of time and withdrawals before the maturity date are generally not allowed. If withdrawals are allowed  there will normally be penalty charges. The interest rate is fixed and the minimum investment can vary from £100 to as much as £5000 depending on the bond. A lot of banks and building societies offer them and the term can be as short as 6 months or as long as 3 years. The typical fixed rate bond is 12 months. Fixed rate bonds often offer the best and highest savings rates available from a savings account.

CASH ISA
SANTANDER	2.00%-2.75% AER	Santander offer the benefit of a great tax free ISA rate if: Direct ISA (Issue 6) – Pick up a great tax-free rate with instant access 2.00% AER tax-free (variable) from £1k+ which includes a 12 month variable rate bonus of 1.50% AER tax-free 2.75% AER tax-free (variable) from £9k+ which includes a 12 month variable rate bonus of 2.25% AER tax-free Instant access to your savings  Option to transfer cash ISAs from other providers  Save from as little as £1 FURTHER INFORMATION HERE

BEST 30 and 90 day NOTICE SAVINGS ACCOUNTS (last updated 13/05/2010)
Principality Building Society	2.90% AER	30 Days Notice Minimum Investment £1000
Manchester Building Society	3.06% AER	60 Days Notice Minimum Investment £1000

National Savings and Investments

National savings accounts are run and backed by the HM Treasury (the UK government) therefore, they are 100 percent secure. National savings offer a wide range of products like premium bonds, ISA's, Index linked savings certificates, income bonds, easy access accounts and guaranteed bonds. Details on National Savings and Investments

CHILD TRUST FUND

The Child Trust Fund was set up for all children born after 1st September 2002. All children born after this date receive a voucher for £250 and once the child reaches 7 another £250 is paid or £500 for children in lower income families. The interest gained from these funds is tax free and an extra £1200 per year can be added by friends,family or parents.

Hanley Economic Building Society offers a child trust fund paying 5.00%

More details on the Child Trust Fund here