Best Fixed Rate Savings: Your Complete Guide

Savings accounts are just bank or building society accounts where you put money in, and earn interest on your savings. It's different from a current account because you can't do things like withdraw cash, spend on a debit card or pay bills. It's just a way to save your money, while getting a return on your savings. The higher the interest rate offered, the better it as this means you'll earn the most from your money.

Anyone who is 18 or over and is a UK resident can open a savings account can open a savings account. If you're 16 years old, you can open a cash ISA. 

Choosing the best savings account can be confusing. There are lots of different types to choose from. When you compare savings accounts you'll see some exclusive savings accounts. These are only open to banks' existing customers. They give better savings incentives, such as higher interest rates. 

Before you start looking for the best savings account for you, think about what type of savings account you'll need.

Deposit savings accounts. These keep your money in a bank or building society. They might not always give the best rates, but they don't put your funds at risk.

Tax free savings accounts. These let you save money, without paying tax on any interest you make.

Children's savings accounts. They can be opened by a parent or guardian on behalf of your child.

Business savings accounts. These are specifically designed for businesses, so they can save and earn interest on their spare cash.

Risk-based savings accounts. These put your money at risk. But they give you the chance of a much larger return compared to savings accounts.