Money
Savings accounts – how they work and how to choose the best one for you
With certain accounts, such as a regular saver, you’ll usually need to open a current account with the provider first in order to access the savings account.
There are a host of different types of savings accounts to choose from. The right one (or ones) for you will depend on your circumstances – namely how much you want to save, how long you want to save for, and how readily you want the funds to be available to spend.
Instant-access accounts
With an instant-access account – also known as an easy-access – you can usually get your hands on your money at any time.
Unless otherwise specified, you will not be penalised for making withdrawals, and the money should quickly appear in your specified bank account.
In general, interest rates will be lower than more restrictive accounts, but some of the top-rate deals currently pay around 5pc.
Notice accounts
With a notice account, you still get a degree of access to your cash, but there will be a “notice period”, which is usually specified in the name of the account itself. This is the period of notice you have to give you provider before a withdrawal from the account will be paid out – usually you can make as many withdrawals as you like.
The most common notice periods are between 30 days to 120 days – but some can be even longer.
Typically, rates on this type of account tend to be higher than those on an instant-access account, increasing the longer the notice period is for.
Fixed-rate accounts
If you’re willing to lock your cash away for a set period of time, there may be higher rates up for grabs on fixed-rate accounts.
But you need to be happy about tying your money up for the next year or two, as you won’t be able to access it during the fixed-term – or, if you can access it, you’ll usually have to pay a penalty.
This type of account may be best suited to a saver with a lump sum to slot away, as it may not be possible to add to your funds after the initial deposit.
Regular saver accounts
If you’re looking to get into a savings habit, a regular saver can be a great option, as it requires you to pay in a set amount each month, often between £25 and £300.
Accounts often run for a limited period, commonly one year. Some accounts allow you to make withdrawals, while others won’t – this is an important condition to check before you sign up.
You also need to be disciplined about paying in each month, or you could see your rate of interest drop.
According to data from CryptoQuant, cbBTC circulation supply has outpaced long-established players seven days after launch.
Bitcoin options market positioning shifted as BTC price shot through the $60,000 to $63,000 level.
Ether price could be on track for another correction into a triple-bottom, marking the beginning of a big rally into 2025.
The financial regulator requested an extension until February 2025 to review “at least 133,582 unique documents” as part of discovery motions with Coinbase.
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