Savings Accounts Types

The main task in choosing a savings account is balancing the level of access to your money with the highest rates of return that you can get. There are savings accounts that operate very similarly to current accounts while others are equivalent to locking away your money for a number of years. 

Some savings accounts offer a high rate of interest for an introductory period which then drops to a lower rate so the headline rate is not always the best indication. 

Locking away your money in a high interest account is only sensible if you are very sure that you won’t need that money. These accounts are called bonds or term accounts.  Sometimes you won’t be allowed access to your money at all and if you are penalties for withdrawing your money from such an account can be enormous. 

Many savers try to take a middle option of reasonable access, perhaps a week’s notice for withdrawal, against a reasonable AER (Annual Equivalent Rate – a better measure of the rate of return).

There is always competition between the banks and financial institutions for savings customers so you will be able to compare and choose from a wide range of variations and savings accounts types.

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