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Best Regular Savings Accounts
Top-rated regular savings accounts — FAQs
How much insurance do regular savings accounts have?
In banks based in the UK, depositors have protections of up to £85,000.
The security here is on par with that of traditional savings. The Financial Services Compensation Scheme safeguards deposits in banks and building societies in the United Kingdom. A good rule of thumb is…
Protected amounts start at £85,000 per person and per financial institution. Although at first glance this may seem straightforward, the laws governing the registration of banks and the definition of a financial institution are somewhat complex.
With a standard savings account, do I have access to my money at all hours?
Probably not, in fact. One potential drawback of a traditional savings account is that you may be limited in how and when you may access your money. In particular, this is true for standard savings bonds.
It may be as easy as having quick access or having no access at all, but there are often other “in-between” possibilities as well. Some products, for instance, may restrict your withdrawals to a certain number each time period. The withdrawal of money from the accounts of others may be subject to a notice period of a certain number of days.
There may be monetary penalties involved, often the loss of interest, if you withdraw funds from a savings account when the terms of the account do not permit you to, or if you miss a monthly savings contribution.
Is it safe to keep my funds in a conventional bank account?
Overall, the FSCS will safeguard your funds if the company providing the service is authorized by either the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA). In the event that your bank fails, you may expect to recover up to £85,000 (or its equivalent) per individual, per bank.
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