savings accounts

Our table shows the different types of savings accounts you can get online, over the phone or in branch.

You can also see exclusive savings accounts only open to some providers' existing customers. They can offer better incentives to save, such as a higher interest rate.

Find out how to choose the best savings account here

They keep your money in a bank or building society and do not put your funds at risk, such as on the stock market. These accounts include:

  • Instant access accounts: you can withdraw cash straight away

  • Easy access accounts: your withdrawals can take up to a week to process

  • Notice accounts: you need to give notice to withdraw, or incur a penalty

  • Regular saver accounts: you need to pay in each month

  • Fixed rate bonds: you tie your money up with no access until the end of the set term

Find out how each of these accounts works here

They let you save without paying tax on any interest you make, however you are restricted to how much you can pay in each tax year (6th April - 5th April). These accounts include:

  • Cash ISAs

  • Help to Buy ISAs

Find out more about ISAs here

They are designed specifically for children, but can usually be opened by a parent or guardian on behalf of your child. They include:

  • Junior ISAs

  • Junior Stocks and Shares ISAs (Junior Investment ISAs)

  • Young person's savings plans

  • Children's instant access accounts

  • Children's notice accounts

  • Children's fixed rate bonds

Here are the best ways to save for your child

They are specifically designed for businesses to save and earn interest on their spare cash. They include:

  • Business instant access accounts

  • Business fixed rate bonds

Here is how business savings accounts work

They put your money at risk, but give you the potential for a much larger return compared to savings accounts. They include:

  • Peer to peer (P2P)

  • Innovative finance ISAs (IFISAs)

  • Stocks and shares ISAs (Investment ISAs)

Find out more about savings accounts here

If you are a basic rate taxpayer you can earn up to £1,000 of interest from a savings account without paying tax, or up to £500 if you are a higher rate taxpayer. This is known as the Personal Savings Allowance.

This is in addition to the amount you can earn from an ISA, which is already tax free.

Here is more information on how tax affects your savings

A

Usually as much as you want, but some accounts restrict how much you can save. This guide explains how to manage each type of account.

Q

Can I take my money out whenever I want?

A

Yes, but only if the account allows withdrawals. Some do not let you take any money out without a penalty, find out more in this guide.

Q

Do I have to tie my money up to save?

A

No, you can choose how much access you have to your money by choosing the right savings account. This guide explains which accounts are available.

Q

Can I have more than one savings account?

Q

How do we make money from our comparison?

A

We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.

You do not pay any extra and the deal you get is not affected.


Category: Savings account

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