If you’re looking to build up your savings in a bank account, there are several types of savings accounts that you can open with banks and building societies. Some common types of savings accounts include: Instant Access Savings Account: This type of savings account allows you to deposit and withdraw your money at any time without notice. It offers flexibility and easy access to your savings but often comes with lower interest rates than other savings accounts. Regular Savings Account: A regular savings account requires you to deposit a fixed amount of money each month for a set period. These accounts often offer higher interest rates compared to instant access savings accounts but have restrictions on withdrawals. Fixed-Term Savings Account: With a fixed-term savings account, you deposit a lump sum for a fixed period, usually ranging from one to five years. The interest rate is fixed for the duration of the term, and there can be penalties for early withdrawals. Cash ISA (Individual Savings Account): A cash ISA is a tax-efficient savings account that allows you to save a certain amount of money each tax year without paying tax on the interest earned. Like the above savings account, there are different types of cash ISAs, such as instant access cash ISAs, regular savings cash ISAs and fixed-term cash ISAs. Always carefully consider your savings goals, financial needs and risk tolerance before choosing a savings account. Compare different options offered by various financial institutions to find the best savings account for your specific requirements, and don’t hesitate to take professional advice from a financial advisor - such as those at KGJ.