An account that lets you withdraw your savings at any time, or with very little notice. Because of this flexibility, the interest rate is typically low.
Everyone in the UK is encouraged to save by the government with a tax-free allowance, which in 2020/21 is £20,000. This means cash inside these accounts won’t incur any tax on the interest at all. You also have the flexibility to withdraw cash at short notice.
These accounts are similar to a Cash ISA – you get a tax-free allowance where you don’t pay tax on the interest, but with these accounts you agree to a fixed interest rate for a certain period of time and cannot withdraw your money. These are typically higher interest rates.
A savings account with normally higher interest rates, but you must plan and notify the bank of withdrawals in advance.
These are accounts where the money is almost completely locked away for a set period of time and with a fixed interest rate that’s guaranteed. More typical for large lump sums.
With a regular savings account you agree to pay in a certain amount each month, and will normally get a higher interest rate.
These are a great way to save for your children – it’s a tax-free allowance to set them up for the future. The current allowance is £9,000 per year.
There’s a fair bit of choice for savings accounts, and they are all suited to different needs. The good thing is you can get help making the right choice.
We’ve found the savings decision tree from MoneySuperMarket to be super helpful. It’s easy to use, give it a go here: find the right savings account for you.
In the UK, your savings are protected up to £85,000 should your bank not be able to pay you back, typically because they’ve gone bust (which very rarely happens). It’s called the FSCS – Financial Services Compensation Scheme, and is funded by the financial services industry and set up by parliament to guarantee your savings.
The scheme actually protects you from all financial services firms, not just banks, and protects mortgages, insurance and investments too.
Childcare costs in the UK are among the most expensive in the world. Find out if you are entitled to free childcare with this guide.
Rubbish at saving? These easy tips will flip your saving goal from daydream to reality.
These simple budgeting tips will make your money go further – without you having to give up on the good stuff.
If you care for another person, you may be entitled to benefits. Find out how you can get the support you may be entitled to.
You may be missing a trick by forgetting about non-cash benefits from work. Here’s our guide on what to claim.
Now we’re not saying budgets are boring (shhhh) but let’s be honest it’s hard to stick to. Here’s our tips on staying focused.
Undernourished bank balance? Just follow these easy pointers and watch as the pounds pile on – giving you a monthly figure to be proud of.
Unleash your inner accountant and become a budgeting pro with this simple go-to guide…
Did you know you could be paying too much council tax? Here’s how you can find out, and when to make a claim.
National insurance numbers? Tax codes? Net pay versus gross pay? Payslips can be confusing... so we've made it simple for you.
Having a baby is a stressful enough time as it is. Find out everything that you are eligible for before you go on maternity leave.