Opening the right bank account to suit your saving and investment needs is a confusing decision. When it comes to savings accounts, there are a few different kinds and it's up to you to decide which one suits your need.
Are you looking for an account you can instantly access when you need it? Here are a couple of suggestions of bank saving accounts in the UK that can help you do just that:
• Bank of Ireland (UK) offers an AER (Annual Equivalent Rate) of 3.05% and a 1.25% (12 month) bonus rate and can be accessed through the internet. The minimum deposit for this Instant Access Savings Account is £1.
• Santander eSaver Issue 4 is another option with a 3.10 % AER and a 2.60% bonus rate and is also accessed through the internet. Again, the minimum deposit for Santanders Instant Access Savings Account is £1.
If you have a habit of spending your money a little too quickly, you can try a notice savings account. This type of account may require you to give up to 90 days of notice before withdrawing, which could help you to plan and budget your money wisely. Here are a couple of bank saving accounts that can help you with your budgeting:
• Manchester BS Premier Notice Issue 37 offers an AER of 3.16 % and a bonus rate (12 months) of 1.5%. Notice period is no less than 35 days and Manchester requires a 1,000 pound minimum deposit. It has postal or branch access.
• Aldermore 90 day notice has an AER of 3.10% and doesn't have a yearly bonus rate. You are required 90 days of notice before withdrawing. Aldermore also requires a 1,000 pound deposit and can be accessed through the internet, branch or postal.
The best kind of account to go with - if you seriously want to save funds - is a 1 year fixed-rate savings account. You leave your money in for a year with NO withdrawals. A couple of suggestions to allow you to do so are:
• Yorkshire Bank Term Deposit has an AER of 3.60% with a minimum deposit of 2,000 pounds. It can be accessed through the branch or internet. Customer score gives it a 61%
• Clydesdale Bank Term deposit has an AER of 3.60 % as well and requires a minimum deposit of 2,000 pounds that can be accessed through the branch or internet. Customer score is at 46%