Our table shows the different types of savings accounts you can get online, over the phone or in branch.
You can also see exclusive savings accounts only open to some providers' existing customers. They can offer better incentives to save, such as a higher interest rate.
What types of savings accounts are there?
Deposit savings accounts
They keep your money in a bank or building society and do not put your funds at risk, such as on the stock market. These accounts include:
Instant access accounts: you can withdraw cash straight away
Easy access accounts: your withdrawals can take up to a week to process
Notice accounts: you need to give notice to withdraw, or incur a penalty
Regular saver accounts: you need to pay in each month
Fixed rate bonds: you tie your money up with no access until the end of the set term
Tax free savings accounts
They let you save without paying tax on any interest you make, however you are restricted to how much you can pay in each tax year (6th April - 5th April). These accounts include:
Help to Buy ISAs
They are designed specifically for children, but can usually be opened by a parent or guardian on behalf of your child. They include:
Junior Stocks and Shares ISAs (Junior Investment ISAs)
Young person's savings plans
Children's instant access accounts
Children's notice accounts
Children's fixed rate bonds
Business savings accounts
They are specifically designed for businesses to save and earn interest on their spare cash. They include:
Business instant access accounts
Business fixed rate bonds
Risk based accounts
They put your money at risk, but give you the potential for a much larger return compared to savings accounts. They include:
Do you pay tax on savings?
If you are a basic rate taxpayer you can earn up to £1,000 of interest from a savings account without paying tax, or up to £500 if you are a higher rate taxpayer. This is known as the Personal Savings Allowance.
This is in addition to the amount you can earn from an ISA, which is already tax free.
How much can I save?
Usually as much as you want, but some accounts restrict how much you can save. This guide explains how to manage each type of account.
Can I take my money out whenever I want?
Yes, but only if the account allows withdrawals. Some do not let you take any money out without a penalty, find out more in this guide.
Do I have to tie my money up to save?
No, you can choose how much access you have to your money by choosing the right savings account. This guide explains which accounts are available.
Can I have more than one savings account?
Yes, however you can only save into one ISA every tax year. Read this guide for more information on choosing the right savings account.
Can I have a savings account if I have bad credit?
Yes, your finances are not checked when you open a savings account. If you need help choosing the right savings account, read this guide.
About our savings accounts comparison
Who do we include in this comparison?
How do we make money from our comparison?
We have commercial agreements with some of the companies in this comparison and get paid commission if we help you take out one of their products or services. Find out more here.
You do not pay any extra and the deal you get is not affected.