Savings & Investment Account Types Explainer

Last updated: 9 July 2025

SAVINGS

Short-term, low-risk options to store your money — typically for use within 0-2 years. Good for emergency funds or planned upcoming expenses.

Long-term growth through assets like shares and funds — usually 3+ years. Higher risk, but potential for higher returns over time.

Earns interest, money can be withdrawn anytime without notice. Low risk, low return.

Higher interest for locking money away for a set term or giving notice (e.g. 32 days). Limited access.

Tax-deductible long-term investment for retirement. Access only from age 55 or on special conditions.

No tax on growth or withdrawals. Annual and lifetime contribution limits apply.

Flexible investments with no contribution or withdrawal limits. Returns are taxable.