Savings accounts typically earn more interest than a current account, and some require 0, 30, 60 or 90 days notice to withdraw money from them.
Source: Money Advice Service
- Saving and Investing guide @ Money Advice Service, Money Advice Line: 0300 500 5000, email@example.com
- New to savings @ Money Advice Service
Excerpt: Different accounts offer different interest rates and notice periods for withdrawing your money without penalties. There are also other options, for example you may consider saving with a credit union or you may wish to use national savings and investments products issued by the government. Alternatively, you may find informal savings schemes from your supermarket or local shops attractive, where you save up for your Christmas shopping or exchange for gift vouchers. But take care because if the savings scheme collapses, you could lose your money.
- Types of bank account @ Direct.Gov
Excerpt: Banks offer a wide range of savings accounts. The main differences between them are how quickly you can get at your money, the minimum amount required to keep the account open and the type and rate of interest paid.