What is a Deposit Account?

A Deposit Account is an account with a bank or building society which pays a variable rate of interest. You may get a higher rate of interest if you choose an account which doesn't give you instant access to your money, as is commonplace with a number of Building Societies. Withdrawals can only be made after giving the necessary notice.

Q: What are the different types of deposit account?

A: There are a few different types of deposit account to choose from depending on your circumstances including basic savings accounts, student savings accounts and money market accounts. To find the one that works best for you consider how much money you’re willing to put away each month, when you’ll want to access the funds and how much interest you’re looking for.

Q: What are the interest rates of a deposit account?

A: Interest rates vary from lender to lender and indeed account type to account type, so how much you save will depend on who you save with and which savings product you choose. Typically the interest rates are between 0.5% and 2.5%.