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NATIONAL SAVINGS
An account where you can pay withdraw up to £300 a day using a card from a cash dispenser.
Who can invest Anyone. Accounts can be held jointly.
How worthwhile It pays practically no interest at all. This account will be closing down on 27 July 2012 so it makes sense to find somewhere else now.
Minimum Minimum balance £100. £10 each time you make a deposit (£500 to get higher interest).
Maximum £2 million (£4 million for joint accounts).
Suitable Lump sums. Regular savings.
Money back On demand up to £300 a day. Money can be paid in and out at post offices. Larger withdrawals by phone or post and are paid by bank transfer to another bank account (i.e. you won't be able to get a cheque). Minimum withdrawal £10.
Interest Variable. Click here for the latest rates.
Interest paid Yearly added to account on 31 March.
Tax Not deducted. Taxpayers are liable to pay income tax at 10%, 20% or 40% on the excess over the amount of the personal tax allowance; all interest should be declared on a tax return.
Fees to pay None.
Passbook No. Quarterly statements are sent.
Children Under 7 a relative or friend can open an account in a child's name where withdrawals may be made by the child's parent or guardian. At age 7 the child can withdraw on his or her own signature.
Risk None. Full value of original investment returned on withdrawal. As National Savings & Investments is a Government department, this is one of the safest homes for your money if you have large amounts to invest. In effect 100% of your investment is guaranteed by the Government.
How to invest Don't bother. On-line. By phone. By post.
Where from Don't bother.
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Savings
Bank and Building
Society accounts
Last updated 4
January 2012