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Guide to Savings Accounts

E-Saver Accounts

E-saver accounts are ideal for those who want to manage their money from the comfort of their own home or who find it difficult to get to a bank. Accounts can be opened with as little as £1 with some accounts and some offer access to your funds with no notice required. The interest paid on these accounts is a competitive rate of around 2.5% (AER) and this is subject to tax.

It is possible to achieve higher rates of interest with e-saver accounts but they tend to insist on having a notice period before any funds are drawn upon. These are available in a variety of term accounts commonly 30 days, 60 days, 120 days or even longer with some companies. The longer you agree to leave the funds untouched the higher the rate of interest, in most cases. If funds are drawn upon before the agreed term the interest is automatically lost.

It is always advisable to check what penalties are applied if funds are drawn upon before the agreed term has expired.

When making a withdrawal from the account it is a normal to transfer them to a current account which then allows access via a bank, ATM or transaction.

For those people who like the personal banking service this account is most definitely not suitable.

PDF Guide to Saving Accounts Download the Saving Accounts PDF Guide here - see our other free PDF guides here

Guide Contents

Why Save?
Tips to help you start saving
The different types of savings accounts
Instant Access
Regular Savings Account
Notice Accounts
Affinity Savings Accounts
Ethical Savings Accounts and Charity Savings Accounts
Cash ISA's
National Savings & Investments
Children's Savings Accounts
Term or Bond Savings Accounts
Guaranteed Equity Savings Account
Frequently Asked Questions
Further help with Savings Accounts

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