savings accounts
What are the different types of savings accounts?
What savings accounts does Icesave offer?
What is a savings account?
A savings account is a specific type of financial product. Whilst there are many definitions for what a savings account is, the most commonly accepted is as follows: “An account with a bank or other financial provider that pays interest on money deposited.”
What are the different types of savings accounts?
There are many different types of savings accounts. Each savings account has been designed to meet a specific savings need. For personal savers the most common types of savings accounts are as follows:
No notice savings accounts: These savings accounts allow you access to your savings without the requirement to provide a notice period. The Icesave equivalent of this type of savings account is our Easy Access Savings Account.
Notice savings accounts: These savings accounts require you to provide a notice period, normally between 30 and 180 days, before you can access your savings. These types of savings accounts are good for savers who do not need regular access to their savings. Icesave does not currently offer this type of savings account.
Fixed Rate Bonds: These savings accounts or savings bonds are designed for savers who are able to save a lump sum for a fixed length of time (referred to as a term). These types of savings accounts attract a fixed rate of interest meaning savers don’t need to worry about their interest rate falling during the term of the savings account. The Icesave equivalent of this type of savings account is our Fixed Rate Savings Account.
Mini Cash ISAs: A Mini Cash ISA is like a standard savings account except all interest paid is tax free and the government sets how much you may subscribe each tax year. The Icesave equivalent of this type of savings account is our Easy Access ISA.
What savings accounts does Icesave offer?
Icesave offers a range of savings accounts to meet all your savings needs. All our savings accounts are online savings accounts – this means our savings accounts are opened and managed online. We aim to ensure all our savings accounts are simple, transparent and offer consistently high interest rates. Our current range of high interest savings accounts includes:
- Easy Access Savings Account
- Fixed Rate Savings Account
- Easy Access ISA
We regularly review our range of savings accounts and intend to introduce an even wider range of high interest savings accounts in the future.
