In general, opening and maintaing a savings account incurs no charge; accessing your savings, transferring money between accounts and withdrawing money, provided the terms and conditions are met, is usually all free-of-charge.
There is very little in the way of limits on savings balances, and most institutions offer accounts which allow unlimited funds to be invested. It is however common for financial institutions to offer savings accounts that require minimum deposits each month in return for a generously higher interest rate. There is usually no limit to the amount of interest your savings can earn, although any interest earned will be subject to the usual income tax rates (see Interest Rates).
Certain financial institutions do set maximum balance limits on their savings accounts due to the unusually high level of interest that these accounts offer. They will however usually offer their customers alternative savings accounts which support unlimited balances. It is important that business or corporate account holders with large investments choose an account that is designed specifically for them, or can be adapted to their needs. Some accounts charge penalties for contravening their restrictions (see Negotiating Terms on a Savings Account).
In addition to a possible maximum limit, there is usually a minimum deposit required to open the savings account, usually around one pound. Some accounts also require minimum monthly deposits or a lump-sum minimum deposit. Often, banking institutions provide financial planning managers to help business and corporate customers find and choose an account that suits them. If you are uncertain of the limits and charges that your savings account imposes, ask a financial advisor at the bank or building society to explain the details of the account to you.
For more information on this topic see:
> Possible Fees and Charges
> Administrative and Trading Fees
> Further Specialist Services
> Avoidance of Charges
