Savings Account

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Savings Account

Savings accounts are accounts that are used primarily for saving money. Whether this be for a new boiler, for your children's future or a new car - you'll want a good return on your savings.

Savings accounts are the low risk way to save for the future. There is a variety of accounts to suit differing needs.

Which product you choose should depend on several factors:

• the sum you have to invest,
• the amount of time you want to tie up money,
• your tax status,
• whether you need a monthly income,
• or whether you wish to save regularly or in one lump sum.

Interest rates can vary wildly, from a paltry 0.1 per cent at the bottom end, to around 6 per cent at the top. According to a recent survey 8.5 million people either have never reviewed their interest rate, or haven't done so for the past three years. Which means there are up to 8.5 million people out there with accounts paying dud interest rates.

What about the main banks?

The big four high street banks rarely appear in the savings best buy tables.

To get the best return on their money, savers should review their accounts regularly, and switch to better payers if necessary.

What about when the interest rate changes?

Especially in the current environment of increasing Bank of England interest rates.

Some banks and building societies are quick to pass on the benefits to savers, and raise their own rates in response, while others pocket part or all of the extra money in increased margins.

How many savings accounts are there?

There are over 1,500 different savings accounts in the UK. Which one is best for you? See our guides to the different types of accounts available and details of the companies who offer savings accounts or complete our Quick Enquiry Form for more details.