Savings
Accounts -US
Find
Today's Highest
Interest Savings Accounts. Compare Savings
Accounts To Find The Best Savings Account For Your
Needs.
Most savings
accounts offer a certain amount of flexibility when
compared to investments – but the longer you let a
bank or building society hold onto your money, the
more interest you are likely to get. You can access
some accounts immediately or within a few days, but
others do penalise you for taking money out without
longer notice. While some go up and down with the
Bank of England Base Rate (BEBR), others are fixed
at a set level.
Here are the main types of Savings
Account:
Instant or Easy Access:
With these accounts you can usually start off with
just £1, get access quickly and take a variable
interest rate which moves up OR down with the BEBR.
But, rates are usually a bit low as you can get
money out whenever you like, bonuses and incentives
may mean withdrawal fees. You can usually get a cash
card or a passbook, and get better rates on internet
accounts.
Notice Accounts:
Usually need to start off with a few hundred pounds
and you will not be able to get cash out straight
away. Can be 30, 60, 90 or 120 days notice to access
without a penalty. A penalty will usually be
calculated on the amount withdrawn and will equal
the interest rate for the notice term. Usually
variable interest, based on BEBR.
Regular Deposit:
You must invest a certain amount each month.
However, there is not much flexibility and there are
limited withdrawals. These accounts can be instant
or easy access or notice accounts and may have
penalties for withdrawals or missing monthly
deposits.
Fixed Rate Accounts:
Offer fixed rate of interest for a set period. By
not going with a variable rate, you may miss out on
increases to interest rates, but you may also be
better off if the BEBR drops. Watch out for minimum
balances. If you can afford to lock your money away,
this is a good way to go.
There are a
number of companies who offer competitive Savings
Accounts. Remember to compare savings accounts
to find the best Savings Account For Your Needs.
Request interest rate quotes and
information about the different types of accounts
that are offered at several banks in your area… by
comparing these quotes and the information on the
available accounts, you can make a decision on which
savings account would offer you the best return on
your money.
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