When it comes to savings accounts the longer you save, the more you generally get back. Unlike a current account which can be used for bills and everyday purchases, a savings account let’s you safely put your money away, building interest for a big purchase or rainy day.
We analyse savings accounts from all major banks and building societies – Meaning you’ll have more options to choose from when you compare with QuoteSearch.
This type of account is suitable if you’re saving for a short period of time, or need to make withdrawals regularly. There is often a limit on the amount of withdrawals you can make in a year.
Get even more from your savings with an ISA. There are a few different types of ISA available, however they all offer the same tax-free interest payments on savings up to £20,000.
The rates on a notice account tend to be higher than those offered on an easy access account, but you will need to let your provider know in advance when you want to withdraw from your savings.
The different types of savings accounts have different rules about how quickly you can access your money. If you need the money to be readily available an easy access account may be better suited for you. However, if you plan to leave your savings for longer, a fixed rate or notice account could give you a better interest rate.
Yes, in fact the UK Government has setup the Help to Save scheme, which is designed to help people with low incomes save – Giving 50p for every £1 you save over 4 years.
To apply for a savings account in the UK you must be able to provide documents to prove your identity and address. A passport or driver’s license as well as a recent utility bill, bank statement or tenancy agreement are the most commonly requested.
Saving has never been safer. Should anything happen The Financial Services Compensation Scheme (FSCS) offers protection, up to £85,000 for each bank that you have a savings account with.
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