What is a Savings account?

A savings account is a place for you to save your money with no hassle.  You can deposit as much money as you like usually from £1 to £1 million pounds and you can access the money at anytime with no penalties. Whatever amount you invest you will always be paid interest on that amount on a monthly or yearly basis depending on the type of savings account you open.

A savings account is not like an investment as the money is always yours. In an investment, for example, stocks and shares there is a chance you can lose all your money.  The only way you can lose your money in a savings account is if the bank declares bankruptcy but most banks insure your money up to a certain amount.  Please contact your savings account provider for the insured amount.