There are a number of different types of savings account that you may offer you bonus interest rates upon opening them. These could include:
Notice/deposit accounts
These accounts normally require you to make a deposit of a certain amount; withdrawals may not be permitted or may be subject to restrictions. Such savings accounts tend to offer the most competitive interest rates.
No notice/instant access accounts
These accounts tend to offer savers the most flexibility in that they usually permit withdrawals, however some are subject to exclusions from the providers.
Individual savings accounts (ISAs)
ISAs are a particularly popular savings account option as they allow customers to save up to a certain tax-free amount each year.
If a bank or building society is offering bonus interest rates with their savings accounts, it is important to note that, in most cases, this interest rate will expire after a certain amount of time. Following the expiration of a bonus interest deal, the savings account could offer fairly paltry interest rates, so it could be worth making yourself aware of this when comparing accounts.
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Fixed rate bonds, offering a fixed interest for a set period of time with restrictions on withdrawals
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Instant access accounts which offer variable interest rates, often with a temporary bonus rate
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Notice savings accounts, accounts where funds can be withdrawn after a period of notice
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Regular savings accounts, designed for savers making regular contributions to their savings
You can use your cash ISA allowance to save tax-free. Compare leading cash ISA deals here »
See the tables for examples of the interest rates available on different types of savings account.