The different types of savings accounts

The amount of variety available when it comes to saving accounts means that there really is one to suit every type of saver! The table below is designed to give an overview of the different types of savings accounts. More detailed information on each type is contained later on in this guide.

Account	Term	Minimum investment	Lump sum investment only	Additional contributions possible	Instant Access	Tax free	Deposit backed
Instant Access Savings Account	x	£1	x			x
e-Saver Account	x	£1	x			x
Regular Savings Account	x	£1	x	Regular payments must be made	Interest maybe lost if withdrawals are made.	x
Notice Accounts	From 30 days	£1	x		x	x
Affinity Savings Account	From 30 days	£1	x		Possible	x
Ethical Savings Account	Available as a term account	£1	x		Available as instant access	x
Charity Savings Account	Available as a term account	£1	x		Available as instant access	x
Cash ISA's	x	£1	x			Up to £5,100 per tax year
Premium Bonds	x	£100		Max £30,000		x
Indexed Linked Savings		£100		x	x
Fixed Saving Certificates		£100		x	x
Children's Savings Accounts	x	£1	x			Up to £6,475 per tax year
Term or Bond Accounts		Varies		x	x	x
Guaranteed Equity Bonds		Varies		x	x	x

Things to think about......

check how you access the account, is it on line, in the branch, ATM?
check if there are any notice periods linked to the account which may prevent instant access to the funds
can you make additional deposits, purchases of certificates or bonds?
check what interest you are getting on your money? This can be compared by using the Annual Equivalent Rate (AER). This rate is calculated assuming the interest rate was payable yearly.
how often is the interest paid into the account?

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
E-Saver
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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