Savings accounts explained

With so much competition between financial institutions to reel you in as a customer, banks have been forced to offer more attractive savings accounts, so there is a lot more choice now when it comes to where to keep your savings.

Types of savings accounts

When planning to open a savings account, consider what you want to do with your savings and better still, what you want them to do for you. The most popular savings accounts are:

  • Everyday bank accounts
  • Standard bank accounts
  • Investment accounts
  • Student accounts
  • Low or fixed fee accounts
  • Cash management funds and term deposits
  • High interest savers

It’s worth the time to look into the different types of accounts to establish how they operate and what they offer as it will allow you to make a more informed decision as to where best to place your money.

Popular savings accounts

Most people want easy access to their savings and the Everyday account is very popular with those who use the one account for all their banking needs. They can generate fees though if you make too many withdrawals from an ATM.

High Interest accounts are good if you have a lump sum but still want to have easy access if necessary. They usually require a minimum balance to remain in the account in order to avoid fees.

Student accounts are also a popular option for younger bankers who are still studying and need a flexible savings account that won’t drown them in high banking fees and charges. Most student accounts are free from service fees and allow unlimited transactions through their own bank’s ATMs.

The newest in bank accounts is the online savings account. These online accounts offer great incentives like high interest on your savings and no fees and most of the major banks have them now.

But whichever type of saving account you choose, make sure it is the type of account that is going to serve you best.

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