Home | Savings Accounts | ISAs | Savings Bonds | News
You are here: Home » Savings Accounts

Savings accounts

With the ‘perfect storm’ of low interest rates and high inflation, savers are having a tough time of it at the moment. That’s why it’s important to make your money work hard in the best savings account possible, to provide a decent return. If you’re trawling around the internet looking for the best savings rates, remember to look at the whole picture. Finding the right savings account is about more than the highest interest rate – there are all sorts of other important considerations - like how you want to manage your money, how much you plan to save, how regularly, and so on. When you understand a bit more about the various types of savings account on offer, you can compare apples with apples and find the best deal for you.

What is the best type of savings account?

There are thousands of different types of savings account available, and the best one for you boils down to your specific financial circumstances and individual needs. We’ve explained a bit more about the various types of savings account below.

Savings accounts with high interest rates

If you’re looking for the accounts paying the highest interest rates, fixed rate savings accounts may be a good choice. In return for locking your money up for a period of time, normally between 1 and 5 years, you can often secure a higher interest rate on your savings. The downsides to these are:-

Other high interest savings accounts available include regular savings accounts, which enable you to put away a regular portion of income each month, normally for up to a year, and pay some of the highest savings rates on the market. There are downsides, namely:-

Flexible savings accounts

It’s not just the highest rate savings accounts which can make sense – if you need the flexibility of being able to access your money immediately or at short notice, easy or instant access savings accounts can be a wise choice. Easy access savings tend to pay lower interest rates than fixed rate or regular savings accounts, but the advantage is that you don’t need to give the bank or building society notice when you want to access your savings. Many instant access accounts can be opened with as little as a pound, but there can be drawbacks, such as introductory bonuses which artificially inflate the interest rate for a short period before dropping to a less attractive rate.

Online savings accounts

One thing nearly all savings accounts have in common these days is that you can access and manage your money over the internet. Many different types of savings are covered under the umbrella of online savings accounts including offshore savings accounts and business savings accounts. If you do all your banking online already, then it’s likely you’ll want to compare the best internet savings accounts – something which we can help you do in minutes with our free comparison service.

Other types of savings accounts

There are savings accounts available designed specifically for children, which can be a useful way of building a nest egg towards university fees, a first car or a house deposit. Children’s savings accounts also provide a tax-efficient way of saving and are available in a variety of different guises, including fixed rate and easy access savings accounts.

Also very popular are National Savings Accounts (‘NS&I savings accounts’), which provide a totally secure way of investing, with savers’ funds backed 100% by the Treasury.

Compare savings accounts and find the top rates

Because your bank or building society may not offer the most competitive rates on savings accounts, it’s vital to consider where else you could put your money for the best possible return. We not only take you through the different types of savings account available, but our free service helps you compare rates before buying. Whether you’re looking for the top ten savings accounts with the highest interest rates, or prioritise other criteria such as easy access to your money, our comparison service can help you make the right decision.

Contact Us | Privacy Policy | Terms of Use