How Savings Accounts Work

07 June 2011 - Which Way To Pay

    



How Savings Accounts Work

With the choice of savings accounts greater than ever, there’s no reason not to start investing for your future. Building up a nest egg is a smart use of your finances, whether you want to plan for a large purchase, provide for your family or safeguard yourself against redundancy or a change in circumstances. 

All Saving Accounts work on the same principal – they add interest to your investment over time so that your savings accumulate. They are generally considered to be a safe option because they avoid the risks involved in direct investment such as the stock market. Savings accounts are offered by a range of providers including banks, building societies and even the Post Office.

The right type of savings account for you will depend on the amount of money you have to invest, whether or not you want to be able to access your savings on a regular basis and the amount of time you wish to allow your savings to grow.

For example, if you want to earn interest on your savings but still be able to make withdrawals without penalty you’ll probably want to opt for an ‘easy access account’.  If you’ve got a lump sum that you are happy to put away for a period of time, you’ll earn a guaranteed amount of interest with a fixed rate bond savings account.

Further details of the entire range of savings accounts on offer can be found online or by any savings account provider.

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