What are the main types of savings accounts?
With so many different types of savings accounts out there, it can be quite daunting to make sure you’re picking the right one. Here are some of the main types of savings accounts to help keep you informed.
Easy Access Accounts: Also known as instant savings accounts, these allow you to take out your money at any time. Usually, these accounts only need a small amount of money to open, and you have access to your money whenever you need it. While these accounts have low interest rates, they are an accessible place to keep your emergency funds.
Notice Accounts: These accounts tend to have higher interest rates than easy access accounts, and might need a higher deposit amount to open a notice savings account. You also need to give the account provider an advanced notice before you’re able to withdraw money, which can range from around 30 to 120 days. Be careful though, as withdrawing money before the notice period could lose you interest.
Regular Savings Accounts: These accounts usually ask you to commit to depositing into a regular savings account every month for a set period of time. Keeping up with payments means that the interest rates on regular savings accounts is higher, but if you miss a payment the rates could decrease. You could also be limited on the amounts of times you can withdraw from these accounts.
Fixed Rate Accounts: These accounts, also known as fixed rate bonds, require you to deposit a single lump sum for a set period of time, which could be anything from one year to five years or longer. You’re unable to make withdrawals until the fixed term is up, with a loss of interest or a penalty to pay if you do decide to withdraw. Fixed rate accounts are usually a fixed interest rate so you’ll know exactly how much interest you’ll earn over a term.
Individual Savings Accounts (ISAs): ISAs are the same as other savings accounts, except that they allow you to save without tax being deducted. There are different types of ISAs, including easy access ISAs, fixed rate ISAs and stocks and shares ISAs. Your savings are tax-free and you are able to make regular payments or one-off deposits without affecting the interest rate. There is a limit to the amount you can save in each tax year, which is currently £20,000 per person.
Lifetime ISA: The Lifetime ISA – LISA – can help you save for your first home, as you get a government bonus of 25% of the amount saved when you use it for a house purchase. LISAs can be used to save for later in life as you can withdraw your money alongside the 25% bonus once you are aged 60. However, if you withdraw money from your LISA for any other reason, you don’t get the government bonus, and you will have to pay a penalty. The limit for how much you can save a year in a Lifetime ISA is £4,000, and you must be under age 40 to open an account.
Help to Save Accounts: If you are on certain Tax Credits or Universal Credit you may be eligible for Help to Save. If you qualify and are able to save, it is a good option, as for every pound that is saved, the Government gives you a bonus of 50p. Accounts are open for four years and you can save up to £50 a month.
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