 Easy Access Accounts: You have immediate access to your money without notice or penalty. Notice Accounts: You can withdraw money provided you give the required notice period for the account. Sometimes, you can have instant access to your money subject to a withdrawal penalty. Bonds or Term Accounts: These accounts require you to invest your savings for a specific period of time. Withdrawals before maturity are often not permitted. Regular Savings Accounts: These accounts require a commitment to invest each month. Many regular saver accounts will not permit lump sum investments. Childrens Accounts: Children's Accounts offer you or your child the opportunity to invest your child's money in a savings account that is easy to understand and manage from your child's point of view. A free gift is sometimes offered.
Offshore Accounts: These are accounts which are based in the Channel Islands, the Isle of Man and in Ireland. Interest is paid to your account gross, which you have to declare at the end of each tax year.
Child Trust Fund: Savings in a Child Trust Fund account will build into an asset that your child can use at the age of 18 to help them make the most of their opportunities.
Cash ISA: The maximum investment in a cash ISA is £3,600 in one tax year. Only one cash ISA permitted in each tax year.
Guaranteed Equity Bonds: A Guaranteed Equity Bond is a fixed-term savings product where the return is linked to the performance of a Stock Market, usually the FTSE 100 Index. Unlike a direct investment in the Stock Market, there is no risk to the capital invested.
Over 50s Savings: These accounts offer people over 50 the opportunity to invest their savings in a range of accounts designed specifically for their needs.
Pensions: A pension is a regular income to live on when you retire and is one of the most effective ways to save money for your retirement as you can get tax relief on the money you save in a pension scheme.
Investments: Investing is what you do with a lump sum or the savings you have created if you are looking to generate a return on your money that is greater than what is already available to you through your savings instruments. Investments are not guaranteed to return your money in full and are usually considered as suitable for money that you can afford to put aside for five years or longer.
Other Savings Accounts: Specialist savings products & providers
Affinity Accounts: These accounts tend to be the result of a bank or building society working with third parties such as sports clubs, charities etc. The aim is to offer benefits to the customer as well as providing a useful way for people to support their chosen causes.
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