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Understanding savings accounts, different types, interest rates, how to choose the right one, and tips for saving money.
A savings account is a bank account designed for storing money long-term and earning interest on your savings. Unlike current accounts which are for everyday spending, savings accounts are for money you want to keep safe and grow over time.
There are many different types of savings accounts, each with different features, interest rates, and access restrictions. Choosing the right one depends on your goals, how much you want to save, and when you might need the money.
Basic function:
Key features:
Easy access savings:
Notice accounts:
Fixed-rate bonds:
Regular savings:
Cash ISAs:
Children's savings:
Interest rates vary:
Factors affecting rates:
Example:
Consider your goals:
Consider access needs:
Compare:
Tips:
Personal Savings Allowance:
Cash ISA:
When to use ISA:
Requirements:
How to apply:
What you'll get:
Set goals:
Make it automatic:
Maximise interest:
Don't touch it:
Consumer Affairs Writer
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