Fixed-rates: How to open a savings account
A step by step guide to opening a fixed-rate savings account by Furness Building Society
Longer-term, fixed-rate savings accounts are a sound solution to help you build your funds over time and usually, but not exclusively, tend to offer a more generous interest rate in return for a lump sum deposit of cash. Whether you’re applying for a savings account for the very first time, or looking to set up a new account for a particular savings goal, in this article we’ll walk you through the various steps involved in setting up a new savings account.
First things first, what are the three things to consider when opening a savings account? First and foremost, it’s important to understand what you need most from your account, whether that’s easy access, a higher interest rate or a secure account that you won't be tempted to touch. Secondly, you’ll need to consider how much, realistically, you’re able to put away each month, as this might influence which account type works best for you. And finally, once you’re clear on your savings goals, you’ll need to consider the requirements for opening your chosen account