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- Introduction
- What is a Bank
- What is a Bank Account
- Why do I need a Bank Account
- How Do I Choose a Bank Account
- How Do I Open a Bank Account
- How Do I Get The Most From My Bank Account
- Other Things The Bank Might Offer
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Making Money Easier
The Easy Picture Guide to Banking
Savings Accounts
A Savings Account is good if you want to save up for something because the Bank often gives you some extra money to add to what you have put in.This extra money is called interest paid.
The Bank will pay you interest when you have money in your Savings Account. It is a kind of ‘thank you’ for keeping your money there.
The Bank will pay different amounts of interest depending on how much money you have. The more money you have, the more interest you will get.
Be careful!
Different Savings Accounts will pay you different amounts of interest. Check this before you choose a Savings Account.
Talk to your family or a friend, or ask the Customer Adviser at the Bank to help you choose. There are other types of interest where you might need to pay money to the Bank. Check which kind of interest it is.
You can use a Savings Account to save money for your holidays or a new music system.
Some Savings Accounts will give you a Cash Card to help you take OUT money from of your Bank Account.
If you have a Savings Account you are allowed to spend ONLY the money that you have in there. This means that you are NOT ALLOWED to go overdrawn. Being overdrawn means that you have spent more money than you have in your Bank Account. 
When you have a Savings Account you need to know how much is in there.
You can check the amount using your statements or your Savings Book, if you have one.
If you decide to have more than one Bank Account, it is a good idea to use a separate one to take out regular, smaller amounts of money. Then you can use your Savings Account to build up any money you want to save.
If necessary, you can transfer money from one Bank Account to another.
You can pay your benefits and wages into a Savings Account.
You can NOT use it to pay bills by Direct Debit or by Standing Order.
If necessary, you can transfer money from one Bank Account to another.
You can pay your benefits and wages into a Savings Account.
You can NOT use it to pay bills by Direct Debit or by Standing Order.
