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INSTANT ACCESS SAVINGS ACCOUNTS (last update 20/10/2011) |
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SAVINGS ACCOUNT DETAILS
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FURTHER INFORMATION
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3.10% Esaver issue 4 (Rate includes a bonus for the first 12 months) |
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Instant Access with no penalties.
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HSBC
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0.75%
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£1+
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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). |
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FIXED RATE BONDS 20/10/2011
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BM
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4.20%
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4 YEAR FIXED RATE BOND
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ANNUALLY
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£1+
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HALIFAX
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4.05%
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4 YEAR FIXED RATE BOND
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YEARLY
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£500+
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HALIFAX
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3.75%
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3 YEAR FIXED RATE BOND
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ANNUALLY
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£500+
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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.
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WHAT IS AN EASY ACCESS/INSTANT ACCESS SAVINGS ACCOUNT |
Easy access/instant savings 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.
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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.
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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.
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SANTANDER
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Santander offer the benefit of a great tax free ISA rate if:
Direct ISA Issue 7
Consumers will get 0.50% for savings amounts under £14,000 and 2.50% for savings over £14,000
Higher rate includes a 2.00% bonus for 12 months.
Instant access to your savings
Option to transfer
cash ISAs from other providers
Save from as little as £1 |
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Principality Building Society
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60 Days Notice Minimum Investment £1000 |
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Melton Mowbray Building Society
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30 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.
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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 £50 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.
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Hanley Economic Building Society offers a child trust fund paying 5.00% |
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