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Compare Savings Accounts with Money Pug
What Information Do I Need To Have to Hand To Compare?
- Your address
- Your occupation
- Your current bank details.
It is worthwhile taking note, also, that certain savings accounts (though not all) will require you to make a minimum deposit in order to open them. You can open some savings accounts with as little as £1, though these sorts of accounts may not offer the best deals, so make sure you take everything into account when making your decisions about which savings account to go for.
What Sorts of Savings Accounts Are Available?
Instant Access Savings Account
One of the easiest and convenient types of savings account is an instant access savings account. In one of these savings accounts, you can earn interest on your money and yet will usually be able to access your money quickly and easily, usually instantly, or in a few days at the most. These accounts may not offer the highest level of interest but can be a good, easy choice for first-time savers or for anyone starting an emergency fund.
With a notice account, savers will have to give notice that they wish to withdraw some savings. Usually, the notice required will vary between around 30 days and 120 days. The up side of this sort of account is that they usually offer higher interest rates. The downside, however, is, of course, that you will not be able to instantly or quickly access your cash.
If you are au fait with the Internet and don’t mind doing everything online then an internet account could be a good choice for you. With an internet savings account, all the transaction and interaction will be done online, so there will not be a physical bank to visit or a telephone banking service. Since such a service takes less money to run, providers can often offer very competitive interest rates for those who are happy to forgo the extra levels of customer-bank interaction.
Regular Savings Accounts
If you are lucky enough to be someone who often has money left in an account at the end of the month, and want to get into the habit of regular saving, a regular savings account could be the right option for you. With this type of savings account, you agree up front to save a set amount each month. Often, you won’t be able to access this saved money for a year, but the good thing is that the interest rates tend to be pretty good on this type of savings account.
In addition to the types of savings account mentioned above, you may also find specialist savings accounts from some providers. Specialist accounts may be tailored for the over 50s, to provide older people with special deals, or may offer competitive savings interest rates for children or young people under 18. These specialist accounts will have different features which are designed to complement specific wishes, goals or lifestyles.
Savings Accounts FAQs
- Of all the accounts mentioned above, an instant savings account is usually considered to be the best option for those who have not saved before. It is usually the simplest and easiest to understand, and you can get your money right away when you need it. While it important to realise that an instant access account may not offer you the very best interest rate you could possibly get, it is still worth considering one, especially if you are saving for emergencies. If you had an emergency – would it be any good to you having to give notice and wait up to three months for access to your funds? If the answer is no then an instant access savings account is almost certainly your best option. An instant access savings account makes saving more flexible – which can be handy for those who are not entirely sure what they want to do with their money, and when.