LATEST SAVINGS ACCOUNT RATE NEWS
12.09.2011 NS&I have WITHDRAWN index linked savings certificates.

TYPES OF SAVINGS ACCOUNTS
WHAT IS A REGULAR SAVINGS ACCOUNT
A regular savings account is an account that you put money into regularly, normally each month. The reason for this is the bank or building society will give you a higher interest rate because you have committed to saving the money regularly for a set period of time, usually over a year but sometimes longer.Access to savings varies, some accounts may provide instant access or require notice and others may be fixed term. Generally regular saver accounts place a restriction on the number of withdrawals allowed each year. It is important to read the small print as often the headline interest rate is based on a bonus which is only paid if you make all the payments.
WHAT IS AN EASY ACCESS/INSTANT ACCESS SAVINGS ACCOUNT
Easy access/instant savings accounts allow you access to your savings instantly. Due to this flexibility a lower interest rate will be often be offered although there are some higher rate ones available from banks and building societies. These accounts are great as an emergency fund or if you think you might need the funds in a hurry. Many of these savings accounts also offer the convenience that they can be opened and operated online.
WHAT IS A NOTICE SAVINGS ACCOUNT
A notice account is an account where you are required to give a time period to the bank or building society before you can take the money out. For example: thirty days, sixty days, ninety days  and sometimes longer. With a notice account, you will usually get a higher rate of interest for committing and saving your money for a longer time.Savings can sometimes be accessed immediately subject to a withdrawal penalty of loss of interest.
WHAT IS A FIXED RATE BOND

Fixed Rate Bonds require your investment to be tied up for a specific period of time and withdrawals before the maturity date are generally not allowed. If withdrawals are allowed  there will normally be penalty charges. The interest rate is fixed and the minimum investment can vary from £100 to as much as £5000 depending on the bond. A lot of banks and building societies offer them and the term can be as short as 6 months or as long as 3 years. The typical fixed rate bond is 12 months. Fixed rate bonds often offer the best and highest savings rates available from a savings account.

National Savings and Investments
National savings accounts are run and backed by the HM Treasury (the UK government) therefore, they are 100 percent secure. National savings offer a wide range of products like premium bonds, ISA's, Index linked savings certificates, income bonds, easy access accounts and guaranteed bonds.

INSTANT ACCESS SAVINGS ACCOUNTS (last update May 2012)

SAVINGS ACCOUNT PROVIDER
AER
MINIMUM INVESTMENT

SAVINGS ACCOUNT DETAILS

FURTHER INFORMATION

Santander
3.00% Esaver issue 5 (Rate includes a bonus for the first 12 months)
£1+

Instant Access with no penalties.

 

Coventry Building Society

3.15%

£1+

Online savings accounts offering 4 penalty free withdrawals a year.

 

FIXED RATE BONDS MAY 2012

PROVIDER
INTEREST RATE AER
FIXEDTERM DETAILS
INTEREST PAYMENT
MINIMUM INVESTMENT
FURTHER INFORMATION

BM

4.40%

5 YEAR FIXED RATE BOND 

ANNUALLY 

£1+

 

HALIFAX

3.00%

3 YEAR FIXED RATE BOND

ANNUALLY

£500+

 
TESCO
3.50%
1 YEAR FIXED RATE BOND
ANNUALLY
£2,000+
 

30 and 60 day NOTICE SAVINGS ACCOUNTS (last updated May 2012)

Principality Building Society

2.60% AER
60 Days Notice
Minimum Investment £1000

Melton Mowbray Building Society

2.58% AER
30 Days Notice
Minimum Investment £1000



Savings Accounts.

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