Compare savings accounts

• Interest rate – for the most part, people want to earn as much interest as possible on savings. But this often has to be balanced with access to your money. For example, instant access usually means a lower interest, while fixed-term savings offer more.
• Access – some accounts give you instant access to your money whenever you need it, while others charge you a penalty if you withdraw money or not give you access at all before the set end date.
• Tax – there are various accounts that help you earn tax-free interest on your savings (ISAs) – but remember, your personal savings allowance means you won’t pay tax on the first £500 to £1,000 of interest earned anyway, depending on your tax band.
• Minimum and maximum deposit – some accounts can be opened with just £1, while others may need you to deposit much larger sums. Some savings accounts will also have a maximum balance too. A number of accounts offer tiered rates of interest, so the amount of money you have can affect your rate of interest.
• Protection – make sure your savings are protected by the Financial Services Compensation Scheme (FSCS) so you know you'll get your money back if the organisation fails. There's a limit of £85,000 per banking group. If you have more than £85,000 in savings and deposits, you should spread it around. Some international banks may be protected by their own country's scheme. You can check to see if your money will be protected by the FSCS.

Don't forget, if you've only got a small amount to save, some current accounts will pay higher rates of interest on balances up to a certain level – so may be worth considering. But you'll need to be disciplined and make sure you don't spend the cash that is sitting in your account. It might be worth switching anyway and opening a savings account too. 

The information below doesn’t cover all the options, but it should give you an idea of the main types of savings accounts out there.

Instant access savings account

• Pay in or take out money whenever you want.
• Interest rates are usually lower.
• Good for when you need cash savings in an emergency and short-term savings.
• Instant access.
• Interest taxed after personal savings allowance. 

Fixed rate savings account

• Leave your money for a fixed term (usually 1-5 years).
• If you want to access the money early you will usually pay a penalty; early access not possible for some accounts.
• Interest rates are usually higher than for instant access accounts.
• Good for medium-term savings.
• Access at the end of the fixed term.
• Interest taxed after personal savings allowance.

Regular savings account (You currently can't compare these with us)

• Save a set amount each month.
• Interest rates are usually higher than for instant access accounts.
• Typically, interest depends on you keeping up regular payments.
• Good for building up a savings pot.
• Access varies.
• Interest taxed after personal savings allowance.

Cash ISA

• You can pay in up to your ISA limit per year (£20,000 for the 2018-2019 tax year).
• There’s no tax to pay on any interest earned.
• Can be instant access or fixed term.
• Good for tax free savings.
• Access varies.

Junior ISA (You currently can't compare these with us)

• You can pay in up to the child’s ISA limit per year (£4,260 for the 2018-2019 tax year).
• There’s no tax to pay on any interest earned.
• The money belongs to the child.
• They can only access the money when they turn 18.
• Good for saving for your child’s future.

Lifetime ISA (You currently can't compare these with us)

• Available if you’re 18-39.
• Pay in up to £4,000 per year until the age of 50. The Government will add an extra 25%.
• There’s no tax to pay on any interest earned.
• If you withdraw money early you pay a 25% penalty.
• Good for saving for later life, retirement or your first home.
• Access at age 60, when you buy your first home or if you’re terminally ill.