Looking to Open a Savings Account?

Savings accounts are just bank or building society accounts where you put money in and earn interest on your savings. It is different from a current account because you cannot do things like withdraw cash, spend on a debit card or pay bills. It is 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 will 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 are 16 years old, you can open a cash ISA.

Deposit savings accounts. These keep your money in a bank or building society. They might not always give the best rates, but they do not put your funds at risk, because they do not invest your money in the stock market.

Tax free savings accounts. These let you save money, without paying tax on any interest you make. They will often offer you some of the best savings interest rates too. But remember that you are restricted on how much you can pay in each tax year (6 April - 5 April).

Children's savings accounts. These are designed specifically for children. 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.