2. Savings Accounts: You might be familiar with savings accounts, as they are the simplest savings products you can understand easily. Savings accounts are a type of bank account that has a higher level of interest than your current account, where you deposit the cash to gain interest. Usually, you can deposit and withdraw cash without a penalty, sometimes you might have to pay an interest penalty if you withdraw. Always try to check this with the provider before you sign up. If you put a fixed amount in a regular saver account for a limited time and when this time expires, you get a high interest payment but you might not be able to withdraw cash from this account.

3. Bonds or term accounts: One of the most important aspects of a savings plan is about you knowing the fact that your money is secure. Bonds or term accounts are on the whole, savings plans that offer you the most competitive rates of interest, but you cannot access money from this account for a certain period, say one to five years. A penalty is incurred if you try to withdraw cash before the date of maturity. You can add money to your initial deposit once you open a bond or term account. Most of the bonds provide you with fixed interest rates from the time you open the account until its date of maturity.