If you wish to save money for a new car, new house or just put it away for a rainy day a savings account could be perfect.

Savings accounts take many forms, the two common types of savings account are:

Instant Access Account

Notice Account

An Instant Access account such as the excellent ING Direct account allows you instant access to your savings. A notice account means you may need to wait a number of days before the money is in your hands. Generally the less flexible nature of the notice account means the interest rate is higher.

Currently in the low interest rate economy we live in, savings interest rates do not generally offer a fantastic return on your money, however your deposit is usually safe.

Who can look after my Savings?

All high street banks and building societies from the Alliance & Leicester to Bristol & West offer some form of savings account.

However with the increase in popularity of online banking a prescense on the high street is no longer a neccessity and a number of companies unheard of five years ago are now offering great savings products. The best example of this is Ing Direct with their High Interest Account.