4.2 Savings accounts by banks

There are many savings accounts available to you to make your money grow. The simplest types of savings accounts are those offered by banks and building societies that you see on the high street.

It is really important to compare the benefits that different savings accounts offer. For example, you should compare interest rates offered by different savings accounts.

Also, you need to know if there are any restrictions on withdrawing your money. For example, some banks may not allow you to withdraw your money from a savings account without prior notice.

Some bank accounts may offer a higher interest on money that is deposited for longer periods (say, 3 or 5 years). In this case, the bank will charge you for withdrawing money early. Finally, check if there are any other benefits that banks offer for opening a savings account with them.

You should also check if you can open a savings account without having a basic bank account. Some banks require you to have a basic bank account before you open a savings account with them.

Finally, do not forget building societies. You may get a better interest rate on your savings from a building society.