Telephone Savings Accounts

When searching for a telephone savings account it is advisable to compare types of savings accounts and providers to ensure that you find the right account that meets your individual needs. Telephone savings accounts may allow you to manage your finances over the phone and this may be an ideal arrangement for someone who:

• Wants to manage their finances from home
• Lives in a rural area or in isolated surroundings and is unable to visit a branch
• Does not have access to the internet

If you are interested in opening a telephone savings account, you should make a thorough market comparison before committing to a specific provider and savings account. Take a look at our comparison tables below to compare a range of providers who offer savings account deals:

There are a number of things that you may need to consider when opening a telephone savings account. You may need to choose between monthly or annual interest payments. If you have substantial savings, monthly interest may be a beneficial option, as the interest you earn may supplement your income.

You may be able to do the following with a telephone savings account:

• Review your latest transactions
• Access balance information
• Order chequebooks
• Make loan applications
• Make electronic bill payments
• Request debit card replacements
• Make transfers between accounts and to payees

There are also disadvantages in opening a telephone savings account:

• With a telephone savings account you may not be able to do all the things associated with a savings account, excluding cash withdrawals and deposits in a local branch.
• You may be unable to talk to someone from your telephone banking organization face to face and instead rely on an automated telephone service.

We have listed some of the best saving account deals available right now in the comparison tables on this page.