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Savings accounts are available from a range of
different organisations, including banks, building societies and
even supermarkets. Each company offers different benefits and
reasons to invest, it is therefore the customers decision to
decide which account best suits their needs. Some may offer
competitive interest rates whilst others offer bonuses or free
gifts. For example, if an investor prefers a more personal
organisation, where they can speak to an advisor or pay money in
over the counter, a bank or building society may be more suitable
than an online savings account.
Within these organisations there are also many
different types of savings accounts to choose from. These include
Instant Access/No Notice, Notice, Mini and Maxi Cash ISAs, Child
Savings Accounts and Online Accounts. The following summarises
each savings account individually.
Firstly, an Instant Access/ No notice account
enables the customer to invest as much money as possible, with the
peace of mind that they could have immediate access to their
savings should they require and without penalty. The disadvantages
are that the interest rates tend to be lower than other savings
accounts and with the ability to withdraw funds easily it is
harder to save. This account should therefore be considered more
short term.
Secondly, a Notice Account usually offers a
reasonable rate of interest which increases in cohesion to the
amount saved. This account is generally considered to be used for
long term investing, as the funds cannot be immediately accessed.
Some organisations require up to 90 days notice to withdraw funds
without penalty. This is beneficial for customers who want to save
for the future, for example retirement or child education, as the
account can remain untouched.
Mini and Maxi Cash Individual Savings Accounts
(ISAs) are available to anyone who is a British Citizen over the
age of 16. They involve investing cash, stocks and shares or a
mixture of both of up to £3000 per year. The interest rate is
usually higher than regular savings accounts and is tax free. The
account is also instantly accessible and can therefore be used for
long or short term investing.
All parents think about their child’s future
and may therefore choose to open a Child Savings Account. This
account usually carries a long term notice period to withdraw
funds and therefore ensures the investment continues to grow. The
benefit of a Child Savings Account is that it usually offers a
better rate of interest than an adult savings account.
Online accounting is fast becoming the most popular and
effective way to bank. Online Savings Accounts usually offer a
higher rate of interest than high street organisations, this is
simply because their overheads are cheaper. All aspects of banking
can be carried out online, reducing time spent in branch queues or
on the telephone.
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