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Savings account |
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Savings accountAn account with a bank or financial institution which pays interest on balances held, usually once or twice per year, the amount of interest usually depending on to the amount of money in the account and the 'base rate' of the Bank of England. There is often a notice period required for withdrawals and in most cases the longer the notice period, the higher the interest rate.Similar MatchesPost Office SavingsPost Office SavingsSee 'National Savings'. Savings Association Insurance Fund (SAIF)Savings Association Insurance Fund (SAIF)A government organization that ../../finance-glossary/d the Federal Savings and Loan Insurance Corporation as the provider of deposit insurance for thrift institutions. National SavingsNational SavingsA variety of savings schemes, backed by the government, in which the public can participate. National Savings publishes a booklet entitled 'Investor's Guide' which describes in detail how it operates and the products it offers. The savings schemes currently include:Capital BondsIncome BondsFirst Option BondsPensioners BondsChildren's Bonus BondsInvestment AccountOrdinary AccountFixed Interest Savings CertificatesIndex Linked Savings CertificatesPremium Bonds Mutual Savings BankMutual Savings BankAn institution owned by its depositors, as evidenced by certificates of deposit rather than stock. These institutions are active in long term real estate financing, as opposed to commercial banks, which concentrates more on short term loans. Tax Exempt Special Savings AccountTax Exempt Special Savings AccountA five year tax free savings scheme for people aged 18 and over, introduced by the government in January 1991 and operated by banks and building societies, but terminated in 1999.The maximum amount which could be paid into such schemes over the five year life of the TESSA was £9,000 according to the following schedule:1st year, £3,0002nd year, £1,8003rd year, £1,8004th year, £1,8005th year £600TESSAs were discontinued on 5th April 1999 although those taken out before then are allowed to run their full five year term. If you own a TESSA, you can do three things with it when it matures:You can withdraw the interest and capital free of tax, and either spend it or invest it elsewhere.You can move the capital into a 'Matured TESSA Account'. The interest earned in the account after the maturity date will be taxable.You can move the capital (but not the income) into an ISA account where it can continue to grow tax free. It can either be paid into a special Tessa-only ISA account (a TOISA) or it can be paid into a cash only mini ISA. The move has to be made within 6 months of the maturity of the TESSA. Further SuggestionsSavings bondindividual savings account Mutual savings bank Savings element Federal Savings and Loan Association mutual savings bank National Savings Stock Register savings and loan association Savings And Loan Association Savings bank Individual Savings Account Savings rate National Savings Bank Registered Retirement Savings Plan (RRSP) Savings deposits savings element lifelong individual savings account Savings and loan association Bonds Enabling Annual Retirement Savings (BEARS) Financing Cost Savings |
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