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 ( ) 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
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
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
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
Further information on the various ways to save: