Manage Your Savings

Maximise your return by monitoring your savings & avoiding penalties

Purple pig coin & £ - cropped - wb

Monitor Savings Rates

With interest rates at an all-time low, it’s even more important for savers to stay on top of the situation and seek out the best available deals.

Regularly review interest rates and consider switching to a higher paying account (unless you are locked in for a fixed term and would incur transfer penalties).   This is particularly relevant to long-term savings, where the AER could become less competitive over time.

Switching Savings Accounts – Which?

Do check any old ISAs – most interest rates compare poorly to newer ISAs;  you could probably get a far better return if you transfer ISA funds to one of the current best buys.

Take advantage of introductory bonus rates, but do check what rate will apply once the bonus ends – consider switching if it is no longer competitive.

But be wary of exceptional interest rates – be sure to save safely.

Find out more:

Comparison websites are useful for checking out the latest deals:


Top Savings Accounts – Money Saving Expert
Savings need-to-knows & Best Buys


Compare Savings & ISAs – Which?`
Search for the best deals, based on quality of service as well as highest interest rates


Compare Savings Accounts – Money Supermarket


Savings Champion
Independent advice including Best Buys, plus health check & rate trackers for your savings accounts
Speak to a savings expert: 
0800 011 9705


Scrutinising - orange - wbAvoid Penalties

Read the small print!
Check the terms and conditions of your account, so you understand the cost of withdrawing cash.

Many accounts operate strict rules concerning when, how often or how much you can withdraw:

  • Some Fixed Rate Bonds don’t allow any withdrawals at all during the term.
  • Even Easy Access accounts might restrict the number of withdrawals you can make each year.
  • Some accounts pay NO interest in any month when a withdrawal is made, which can prove costly.
  • If you make an emergency withdrawal from a Notice Account, you could be penalised by a loss of interest equivalent to the whole notice period (usually 30-120 days).
  • If you are considering switching funds to a higher paying account, check that any transfer penalties would not outweigh the benefits of switching.


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