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Instant Access Savings Accounts
If you are like many savers, there are times when things crop up
and you need immediate access to your savings. Having the cash
locked up, isn't an alternative. Surely if it is an
emergency.
Instant Access Accounts are just that, providing the flexibility
of on-the-spot withdrawals for depositors. These accounts may
come with a card attached, which is used for withdrawals and making
payments if you so choose.
Minimum deposits might apply for opening the account and some types
of Instant Access might also require that a minimum balance be
maintained in the account. Many account can however be found that
require as little as £1 minimum deposit.
By contrast, the Notice Savings Account requires that
notice be given before any withdrawals are made and that a wait
period first
transpire. While the Money Market account offers somewhat of a
midway solution for the timing of withdrawals, requiring a
short notice -- however paying some of the highest rates.
Companies that provide Instant Access accounts in the UK include:
- ING Direct
- Halifax
- HSBC
- Nationwide
- Barclays
Across the board, these accounts don't normally accrue as much
interest as fixed/long term accounts. The access to the funds
forms the tradeoff. Therefore, this type of
account may not be for everyone. Like the person who wants to setup
a savings account for a dedicated purpose
such as when saving for a home, a college education, or similar.
Then
again, most emergencies can't be predicted.
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Friday, May 18, 2012