There's been a lot of activity going on in the savings markets recently - especially in the fixed rate bond arena where a number of providers have launched products with higher rates.
Here you can find out more about what are the differences between different types of savings accounts and what sort of savers do they each suit? The following products are widely available for savers:
Fixed Rate Bonds
Fixed rate bonds are usually quite inflexible and so won't suit everybody. These accounts are fixed on two aspects - the length of the agreement, how long you have to lock your money up for and the other is fixed on rate - the return you get on your deposit. Generally you aren't able to make a withdrawal during the term, which will be a drawback for some people. Some fixed rate bonds only allow a single deposit and therefore are suitable for lump sum investments.
Regular Savers Accounts
These are savings accounts that usually pay better rates than instant access accounts but are designed for people who want to put money in on a regular basis. There are basically two types of these accounts:
Term based where it's fixed by nature and the other are transactional based accounts that allow savers to put money in and take money out. Generally regular savers are terms that usually look at a fixed period.
Regular saver accounts are the most onerous and you need to look carefully at the terms and conditions of the account NOT just the rate.
Easy Access Accounts
If you need a savings account that you can dip in and out of then an easy access account - this is a popular type of savings account. Sometimes called rainy day where you can keep your money safe, hopefully, get a rate of return on it and be able to dip into it when you want.
What a lot of people do is to save for specific things - say a deposit for a car, home improvements a holiday and you put money away towards it. Of course if access to these savings is easy you can take your money our free of any penalties so there is a tendency to dip into them more often. If people need to be more disciplined then they check terms and conditions and consider a regular saver account.
Here you can find out more about what are the differences between different types of savings accounts and what sort of savers do they each suit? The following products are widely available for savers:
Fixed Rate Bonds
Fixed rate bonds are usually quite inflexible and so won't suit everybody. These accounts are fixed on two aspects - the length of the agreement, how long you have to lock your money up for and the other is fixed on rate - the return you get on your deposit. Generally you aren't able to make a withdrawal during the term, which will be a drawback for some people. Some fixed rate bonds only allow a single deposit and therefore are suitable for lump sum investments.
Regular Savers Accounts
These are savings accounts that usually pay better rates than instant access accounts but are designed for people who want to put money in on a regular basis. There are basically two types of these accounts:
Term based where it's fixed by nature and the other are transactional based accounts that allow savers to put money in and take money out. Generally regular savers are terms that usually look at a fixed period.
Regular saver accounts are the most onerous and you need to look carefully at the terms and conditions of the account NOT just the rate.
Easy Access Accounts
If you need a savings account that you can dip in and out of then an easy access account - this is a popular type of savings account. Sometimes called rainy day where you can keep your money safe, hopefully, get a rate of return on it and be able to dip into it when you want.
What a lot of people do is to save for specific things - say a deposit for a car, home improvements a holiday and you put money away towards it. Of course if access to these savings is easy you can take your money our free of any penalties so there is a tendency to dip into them more often. If people need to be more disciplined then they check terms and conditions and consider a regular saver account.
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