Savings

What Are The Different Types of Savings Accounts?

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In a nutshell: There are no get rich quick schemes when it comes to saving. You are protecting, slowly growing and investing your money. Don’t forget that.

There are a few different types of Saving Accounts, and you should always think about what you are saving for and pick the right account for you!

Easy (Instant) Access Accounts

An Easy Access Savings Account is perfect if you want quick & hassle-free access to your money. You can put money in and take money out whenever you want. Easy, Easy…Easy.

Just keep in mind that all Easy Access Savings Accounts have an interest rate which changes every now & then. They call this a variable interest rate.

If you find the Interest Rate on your account dropping too low just switch to another bank.

Get the best deal for you & never leave money on the table!

What Are The Best Easy Access Savings Accounts?

Saga Easy Access Savings Account
Open With
£1
Interest Rate
1.4%
Protection Scheme
FSCS
Marcus by Goldman Sachs
Open With
£1
Interest Rate
1.35%
Protection Scheme
FSCS
Post Office Online Saver Account
Open With
£1
Interest Rate
1.32%
Protection Scheme
FSCS

Notice Savings Account

With a Notice Account you just need to give warning (notice) when you want to take your money out.

Usually you have to give 60 days warning to take your money out or you end up paying a penalty & losing a bit of money.

No no no! So plan ahead if you’re going to put your savings into a Notice Account.

What Are The Best Notice Savings Accounts?

Moneybox 95 Day Notice Savings Account
Withdrawal Notice
95 days
Open With
£1
Interest Rate
1.65% Variable
Protection Scheme
FSCS
ICICI HiSAVE Notice Savings Account
Withdrawal Notice
95 days
Open With
£1
Interest Rate
1.6% Variable
Protection Scheme
FSCS

Regular Saver Account

Using a Regular Saver Account is really easy. You just have to save a fixed amount each month, this is perfect if you don’t have a huge bag of cash to save straight away!

What Are The Best Regular Savings Accounts?

Marcus by Goldman Sachs
Open With
£1
Interest Rate
1.35%
Protection Scheme
FSCS
Post Office Online Saver Account
Open With
£1
Interest Rate
1.32%
Protection Scheme
FSCS
Saga Easy Access Savings Account
Open With
£1
Interest Rate
1.4%
Protection Scheme
FSCS

Fixed Rate Savings Account

With a Fixed Rate Account you save a single lump sum for a fixed amount of time. This could be 1 year, 5 years or even longer.

With a Fixed Rate Account, your interest rate stays the same.

This is perfect if you want some long term stability and security!

What Are The Best Fixed Rate Savings Accounts?

Smart Save 1 Year Fixed Rate Saver
Open With
£10000
Interest Rate
1.5%
Protection Scheme
FSCS
Atom Bank 1 Year Fixed Saver
Open With
£50
Interest Rate
1.6%
Protection Scheme
FSCS
Post Office 1 Year Online Bond
Open With
£500
Interest Rate
1.4%
Protection Scheme
FSCS

ISA (Individual Savings) Account

An ISA a.ka. Individual Savings Account is the perfect way for you to earn interest on your savings. Without paying any income tax! So your money grows and grows.

You can only put a set amount of money into your ISA every year. Now in the 2019/2020 tax year, you’re allowed to put up £20,000 into your ISA!

With Saving Accounts, the way the year runs is slightly different, it’s from April to April not January to December.

This is called the Financial Year. Otherwise known as the Tax Year.

What Are The Best Individual Savings Accounts (ISA)?

Aldermore 2 Year Fixed Rate Cash ISA
Term
2 Years
Open With
£1000
Interest Rate
1.8% Fixed
Protection Scheme
FSCS
Tesco Instant Access Cash ISA
Term
1 Years
Open With
£1
Interest Rate
1.45% Fixed
Protection Scheme
FSCS
Principality Building Society 5 Year Fixed Rate ISA
Term
5 Years
Open With
£500
Interest Rate
1.7% Fixed
Protection Scheme
FSCS
Ford Money Cash ISA
Term
1 Years
Open With
£1
Interest Rate
1.45% Variable
Protection Scheme
FSCS
Moneybox Lifetime ISA
Term
1 Years
Open With
£1
Interest Rate
1.4% Variable
Protection Scheme
FSCS

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