2.2.2 Building Society Accounts
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The tax and risk situation is the same as with bank accounts, and
accessibility, contribution limits and penalties are similar to
bank accounts.
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The different types of building society account include:-
- Share accounts, which are suitable for small sum savings or temporary
shelter for cash 'between' investments.
- Access accounts, often 7 day, 28 day, 90 day notification accounts,
these being the days warning of access required without loss of
interest. Access can be immediate, but with loss of interest for
the notice period.
- Term shares have a number of variations, offering interest slightly
higher than share accounts, the exact differential depending on
the term and the sum invested.
- Cheque accounts, which generally pay interest, and which offer
most of the services offered by banks
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