Tuesday, December 11, 2018
Savings Accounts Guide, Banking & Interest Rate Resource.

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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