Savings Accounts

About Savings Accounts

Savings accounts are designed to help you build and grow your savings over time by paying you interest. The interest you earn on your savings is paid tax-free up to £1000 as a basic rate tax payer, or £500 for higher rate payers.

Getting the best rate

Most people end up choosing the savings account that is available to them from their current account provider (bank). This means you could be missing out on higher rates from other providers. Try our savings calculator to see if you could be earning more from your savings.

Types of Savings Accounts

The simplest type of savings account that allows you to withdraw whenever you like. The interest paid on these accounts is variable, which means the amount paid can go up or down.

These accounts have a notice period before you can withdraw (e.g 30 days from the point of requesting a withdrawal). The longer withdrawal time is usually compensated by a boost to the interest rate you receive.

These accounts lock your savings up for a specific time period at a guarenteed interest rate. Similar to notice accounts, you are usually compensated for locking your savings away by a higher interest rate.