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A savings account where the interest rate you receive is fixed for a set period of time. With a fixed rate savings account you will not lose out if interest rates fall during the fixed rate period as you will still be fixed on the higher rate. Conversely, you will not benefit if interest rates rise during the fixed rate period. There will generally be restrictions regarding any withdrawals from your account during the fixed rate period.
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A savings account where the interest rate you receive is free to increase or decrease. This movement in the interest rate generally happens whenever the European Central Bank (ECB) increases or decreases their interest rates. Unlike Fixed Rate Savings Accounts there are generally no restrictions regarding any withdrawals from your account meaning that you can withdraw funds at any time without penalty.
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A notice savings account is a variable rate savings account where you must give the bank 'notice' of your intent to withdraw, usually between 1 week and 3 months depending on the product (e.g. with a 30 day notice account if you request a withdrawal of funds from your account today you will receive these funds in 30 days time). In return for not having immediate access to your funds, this type of account will pay a higher rate of interest than a variable rate savings account which does not require a notice period.
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| A demand savings account is a variable rate savings account where you can withdraw funds on 'demand' (i.e. once you request a withdrawal you are given your funds immediately) and without penalty. |
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