Types Of Savings
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Choosing between savings options is easier than it looks. There are hundreds of accounts, but only a few types of account

some for easy access to emergency funds, some for saving regularly and some for growing your money. Take a look at the table to see which suits you best..

Cash savings accounts

 

 Types of cash savings account
Instant and easy access accounts The place for your emergency savings. They might pay more interest than a normal current account, and the money is on hand when you need it.
Regular savings accounts For saving a monthly chunk of your income. There are rules about how much you can put in and take out, but you get a slightly higher interest rate.
Fixed-term deposit accounts For setting money aside for a set length of time. A fixed rate of interest is set in advance, so you know exactly how much you’ll end up with.
Index-linked accounts Like fixed-term deposits, but the interest rate changes in line with inflation – you can’t be quite sure what you’ll get at the end of the term.
Cash ISAs (tax-free) Tax-free savings. You get an annual allowance – so make the most of it! A Cash ISA is usually a simple savings or deposit account. You can get a Cash ISA from the age of 16, or a Junior ISA for under 18s.
Read 61 times Last modified on Thursday, 16 March 2017 10:39

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