Non-interest paying accounts offer more facilities than interest paying accounts, such as cash point cards, debit cards, guarantee cards, cheque books, overdraft facilities etc. You are more likely to get a better
interest rate on your money if you can do without some of these facilities.
Higher interest rate accounts normally require a minimum account balance or have a tiered interest rate structure.
Money market accounts offer relatively high rates but require relatively high minimum investments.
Combination or Aggregated accounts combine instant access savings accounts with loan and mortgage accounts to deliver a more efficient package than if all three were held separately.
Generally, Banks and Building Societies provide instant access accounts but there are also some other providers, notably the Government through National Savings accounts. National Savings Ordinary accounts have tax-advantaged status. Often Building Societies offer better interest rates than Banks, although they are likely to offer fewer additional services.
On-line Banks are currently offering good interest rates on instant access accounts. For more information visit the 'On-line Banking' page.
Points To Watch: If you put your money into an account with a higher than average interest rate, monitor it closely as its rate may reduce after the promotional period has finished.
Money placed with offshore accounts or held in overseas branches of UK banks or building societies may not be protected by the UK's "deposit protection scheme".
Watch out for accounts that claim to be instant access but have penalties for immediate withdrawal, and for instant access accounts that allow access only to amounts over a certain minimum level.
General
Instant Access Accounts
Savings Accounts
On-line Banking
