Cash savings at a glance
Choosing between savings options is easier than it looks. There are hundreds of accounts, but only a few types of account – some for easy access to emergency funds, some for saving regularly and some for growing your money. Take a look at the table to see which suits you best..
Cash savings accounts
||Types of cash savings account
|Instant and easy access accounts
||The place for your emergency savings. They might pay more interest than a normal current account, and the money is on hand when you need it.
|Regular savings accounts
||For saving a monthly chunk of your income. There are rules about how much you can put in and take out, but you get a slightly higher interest rate.
|Fixed-term deposit accounts
||For setting money aside for a set length of time. A fixed rate of interest is set in advance, so you know exactly how much you’ll end up with.
||Like fixed-term deposits, but the interest rate changes in line with inflation – you can’t be quite sure what you’ll get at the end of the term.
|Cash ISAs (tax-free)
||Tax-free savings. You get an annual allowance – so make the most of it! A Cash ISA is usually a simple savings or deposit account. You can get a Cash ISA from the age of 16, or a Junior ISA for under 18s.
Comparison websites are a good starting point for anyone trying to find a savings account tailored to their needs.
We recommend the following websites for comparing savings accounts:
- Comparison websites won’t all give you the same results, so make sure you use more than one site before making a decision.
- It is also important to do some research into the type of product and features you need before making a purchase or changing supplier.
- Find out more in our guide to comparison sites.
Not quite sure which to go for? Click on the account types in the table above to read more
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