Saving for the future is important, and getting into the habit early can help you grow your nest egg and work towards your goals – whether that be a deposit for your first home, a new car – or perhaps even the holiday of a lifetime!
But choosing what type of savings account you want is just as important and can be a little confusing, especially with so many different types of accounts out there – which is why you should read around and look at all the options so you can make an informed decision about what savings option best suits your needs. Here’s a rundown of some of the different types of account we offer:
A Cash ISA is a type of savings account where you don’t pay any tax on the interest you earn from it. There is a limit on the amount you can invest into an ISA which is set by the government each year, known as your annual ISA allowance. ISAs have varying levels of access and can have both fixed or variable interest rates. Read our blog on Cash ISAs to find out more.
We offer a range of easy access savings accounts which allow regular or unlimited withdrawals from the account, without penalty. So if you need to withdraw at short or no notice, an easy access account may be for you. Be aware, though, that more access may mean a lower interest rate.
If you like to save little and often, a regular saver may be for you. You can spread the cost of saving over time and get in the habit by setting up regular monthly investments, so all you have to do it sit back and watch your savings grow. They may not be suitable for those with unpredictable income, however, such as those on a zero hours contract, but usually you are able to vary your monthly payments.
Bonds and reduced access accounts
Our limited access accounts may offer you a better return on your money (if you do not exceed any withdrawal restrictions) than our easy access options. A bond might be a good option if you prefer the security of having a fixed interest rate, but remember – you won’t be able to access your money until the end of the fixed rate period unless you pay an interest penalty.
Want to build your savings and support charity at the same time? Support one of nine local Suffolk charities through our Mutual Advantage charity support account, or spread some festive cheer with our Christmas Saver account.