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Many accounts run for a set period - 12 months, for example - during which you will be penalised for failing to pay in each month or for needing access to money already in the account.Therefore, it is important to check the terms and conditions.This tax year, for example, you can only invest up to £15,240 - including any money paid in and then withdrawn. The most straightforward accounts are easy access and pay variable rates of interest.But others pay a fixed rate for a set term, rather like a savings bond.Their service is comprehensive, unbiased, and completely free for customers to use.Also known as 'no-notice' or 'instant access' accounts, easy access accounts can be opened with just £1 and do not impose restrictions on how much you can invest.
Returns on fixed rate bonds tend to be a lot higher than those on easy access accounts, for example.
If the account is no longer competitive, you will need to take your business elsewhere to avoid missing out on the best rates.
Notice accounts, with which you must 'notify' the provider when you want to make a withdrawal, can be a good option if you can afford to wait to get your hands on your cash.
But you must let the bank offering the account you want to move to manage the transfer.
Otherwise, you could lose the tax breaks on all the money you have saved so far.
You might, for example, be offered a rate of 2%, fixed for three years.