savings account

He likened the global situation to a family overspending and drawing down their savings accounts.

Since last year it has been offering to match pound-for-pound the first £75 paid into one of its child savings accounts.

Premiums Bonds are a lottery-style, government-backed savings account where people can put money in and take it out when they want.

The former said lowering the cash Isa limit would encourage investment with billions of pounds languishing in savings accounts doing little for individuals and the economy.

However, instead of simply being held in an savings account, the money is invested in shares in companies, unit trusts, investment funds or bonds.