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Saving accounts are not a qualifying product; however, compare savings accounts now and find the right one for you.
Times are hard for savers – currently a quarter of British adults have no savings at all. So, if you manage to put money aside, you’ll want to make the most of it by putting it in the right savings account. Here’s our guide on how to avoid pitfalls and compare savings account rates.
When choosing a savings account, you want to get a good interest rate – along with the features you need to manage your finances. With so many providers out there, you have a lot of options to choose from. At Compare the Market, we make it easy to compare the top savings account rates by gathering information from dozens of accounts in one place. You can see the rates available and also key information at a glance – including pros and cons, maximum and minimum balance, and the ways you can manage your account.
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. Compare current accounts.
You might see some savings accounts offering high interest rates as incentives for new customers – but once the introductory period is up, you can be left with an interest rate that’s much lower. It could be a good idea to stick around for the introductory rate, and then compare and switch again. Always check the terms of the introductory rate, as certain things can mean you lose it - for example, if you withdraw money before the end of the introductory period.
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
Fixed rate savings account
Regular savings account (You currently can't compare these with us)
Junior ISA(You currently can't compare these with us)
Lifetime ISA (You currently can't compare these with us)
Once you’re ready to apply for an account, you’ll need to have the basics to hand – your address, occupation and current bank details. You may need to prove your ID, particularly if you haven't banked with that provider before. If you want to open an ISA, you’ll need your National Insurance number. Some savings accounts require a minimum deposit to open.
Start comparing now to find a savings account that gives you the interest you want and the features you need. Compare savings accounts.