Negotiating Terms on a Savings Account

Generally, the terms and conditions set on a savings account are fixed by the hosting bank or building society and in the case of tax-free saving, by government regulations. Usually the terms surrounding the management and use of savings accounts are strict and if they are not adhered to, penalties may apply.

For business customers with special buisness accounts, terms and conditions can often be negotiated with a special business advisor at the host institution who may be able to tailor a savings account to the specific needs of the business; generally it will depend on the expected or actual turnover of the business as to how much can be negotiated. Often business or corporate savings and investment accounts are designed and marketed separately to personal savings accounts due to the different terms and conditions for these types of account.

There is not usually a difference in terms between online and traditional accounts, especially with regard to your tax-free saving options which are managed according to government regulations. However, due to the reduced costs associated with online accounts, you may be offered better interest rates for your investment. For more details see Online Savings Account.