Savings Accounts and Saving for The Future

Saving For The Future

Choosing savings accounts can sometimes be overwhelming - ask yourself “which savings account” is suitable for you? Afinancial advisor can help you answer such questions and find suitable solutions for saving for the future.

Savings accounts

Most bank or building society current accounts offer relatively low - or even zero - rates of interest these days on balances so it’s worth opening a savings or deposit account as well. Things to look out for include:


Some have a high street presence where you can deposit and withdraw money over the counter, while others will restrict you to using either telephone or internet services.


Notice periods for withdrawing your money without penalties will vary enormously. Some accounts will not allow you to touch you cash – except in an emergency - for a year, for example, while others only allow access after 30, 60 or 90 days.

Interest rates

Again, there is plenty of variety here. Deals can include offering a higher rate for an introductory period (after which it drops), or bonuses for long term loyalty. Often higher rates are availbable for bigger deposits.

Other limits

Many accounts have strict limits dictating how much can be saved in the account to qualify for different rates of interest. Some – mainly those offering very high rates – will only allow you to invest up to an overall limit.


Other terms and conditions to look out for are additional bonuses – usually only paid in certain circumstances – and how interest is added. For example, while some will add it monthly, others will do so only once a year. Some accounts impose penalties for early withdrawal.

National Savings

People like the level of security offered by government-backed National Savings products. It offers a wide range of products but you need to examine them carefully to see if the interest rates are competitive. One of National Savings most popular options is Premium Bonds, which can be bought from as little as £100. Although they don’t earn any interest, you are entered into a monthly draw where the top prize is £1m and winnings are tax free.

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