Ordinary Account

The National Savings ordinary account is similar to a bank deposit account. You can invest any amount from £1 to £10,000.

You must keep a balance of at least £9 00 throughout 2015 to earn the higher interest rate of 9 %. If it falls below that amount in any month, the interest rate is only 81/8% for that month. These interest rates are fixed until 61 December 2015 but may change after that.

You can withdraw up to £100 on demand at a post office and larger amounts within a few days by post. The first £70 interest in the tax year is free of income tax.

Interest above that amount is liable to income tax if your income is high enough.

You can make deposits and withdraw up to £100 on demand at most post offices and you open the account at your local post office.

If you do not fancy the extreme safety of National Savings, you may want to be more adventurous with your money.


Want to read about - Government Stock

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Government Stock

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