Savings accounts are a great place to store your hard earned cash, to let your cash work hard for you. Savings accounts best features include high interest rates on large balances, instant access to your funds should you require a withdrawal without providing notice (on
instant access savings accounts) with some accounts offering bonus rates for leaving your money untouched for a specified period of time.
All
UK bank account customers are protected for up to £85,000 per banking institution (unless otherwise stated) This means that if the bank you hold an account with were to collapse, as long as you stuck to the limit your money will be safe. If you want to invest more than £85,000 you can spread your money between several institutions. An example of an institution that covers several brands is Santander, covering Abbey, Bradford & Bingley, Asda, Cahoot. This means that if you invest over £85,000 between these providers, you won't be covered for anything over the limit. Banks operating outside the UK may have their own limits. To see which banks count as individual institutions, those that are grouped and more, see Which4U's
Top Ten Savings Tips.
