Current accounts are the most popular way of keeping your money in order. When you open one you’ll get a chequebook, an ATM card and you may have the option to apply for an overdraft.

When you pay money in, wages etc, it’s credited to your account. Any payments or withdrawals are made from the pool of money in your account. Direct Debits and Standing Orders can also be set up for monthly outgoings (such as bills or rent). Current accounts don’t pay much interest at all so, if you have lots of savings, open a savings account with high interest.

Saving Accounts

Deposit Accounts
You can put in as much or as little as you like and take it out at short notice. They don’t always offer high interest rates.

Notice Accounts
You have to give a certain number of days notice before you can take money out. They pay slightly better rates of interest to compensate you for the inconvenience of having to give notice.

Regular Savings Accounts
Great if you can save a set amount each month. Some only allow one or two withdrawals of your money a year, but some offer bonuses if you keep your money in them.

Fixed-Rate Accounts
These accounts offer a fixed rate of interest for a set period. They may tempt you by offering high interest rates and then drop them after say 6-months, so keep an eye on the interest rates. Be careful - if you get a good interest rate at the time (fixed) and then the interest rates increase, you’ll lose out (as you’ll remain at the fixed rate). However if the interest rate falls, your interest won’t be affected, it’ll stay the same until the end of your fixed period.