SAVINGS ACCOUNTS INFORMATION

Please see information on Savings Accounts below.

        

Savings Accounts

Savings Accounts are offered by regular banks and financial institutions. They provide a way to build up interest on a portion of money which is set aside in the account and may not be accessed directly as money.

In other words, you can't simply pull out a card and access cash from a savings account via an ATM. You may be offered a passbook or access to money via a cash machine, but you will not be able to have a credit card connected to a savings account.

Most regular savings account carry a variable interest rate. That means, the rate can (and will) change according to the base rate that the Bank of England sets. It can also change according to the stance of your bank. Therefore, it is vital that you keep an eye on the interest rate of your account. There is an alternative to this thanks to Fixed Rate accounts (see below).

If you want to save up money for a purchase in the future (children, house, car, holiday) then a savings account can help you.

        


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