There’s a huge choice of savings products and providers, but they can be grouped into six main categories, which are outlined below. (For more information on each type, see the separate articles that follow).

• First think about what you need from a savings account (in addition to earning some money!) e.g. what you are saving for, how you want to save and whether you will need access to your cash.
  See Choosing Savings Accounts

• Then find out how the different types of accounts work, to see what might suit you best e.g. in terms of how often, or how much you can put in or take out etc.

• When you have identified the most appropriate type of savings, research relevant products; compare interest rates (AER) but also take note of the terms and conditions!   Make sure you understand all elements before signing up for any deal.

Overview of Savings Options

Cash ISA

A tax-efficient way to save

Find out more:  ISA – Tax-free Savings

Easy Access Account

Immediate access to your cash whenever you need it

Find out more:  Easy Access Account

Notice Account

Give notice to withdraw savings, to benefit from a higher interest rate

Find out more:  Notice Account

Regular Savings Account

Save a set slice of your monthly income and earn a slightly higher interest rate

Find out more:  Regular Savings / Monthly Savers Account

Fixed Term Account

Lock away money for a fixed term, to earn a guaranteed return

Find out more:   Fixed-Term Deposit Account / Fixed Rate Bonds

Index-Linked Account

Lock away money for a fixed term and get an interest rate that’s linked to inflation

Find out more:  Index-Linked Savings Account

Find out more:

Comparison websites are a good starting point for comparing savings accounts:

How to Start Saving – Money Saving Expert
How to choose the right type of account in the right order to maximise your interest: Explains the concept of a savings fountain – putting your cash into the best-paying account, then when that reaches its limit, go for the next best option and so on

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

 
Further information on the various ways to save:

ISA – Tax-free Savings

Easy Access Account

Notice Account

Regular Savings / Monthly Savers Account

Fixed-Term Deposit Account / Fixed Rate Bonds

Index-Linked Savings Account