How to manage your savings

Whether you have a savings account or an ISA, you need to manage them correctly or you could lose out on interest. Here is how each account works and how they can help your money grow.

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How much access do you get?

Each savings account or ISA operates differently, this table gives you an overview of when you can pay in, withdraw or close your account:

Updated 8 April 2020
Type of accountPay inWithdraw or close
Instant accessAny timeAny time
NoticeAny timeAfter notice is given, or incur penalty
Fixed termNot allowedIncur penalty on whole amount*
Stocks and sahresAny timeAny time

* Excluding maturity

    If you withdraw from an ISA you can only pay in up to your maximum ISA allowance until the end of the currency tax year.

    Read these guides to find out more about cash ISA's and stocks and shares ISA's.

    How to pay money in

    You can pay money into your savings account by using:

      Some accounts let you earn interest immediately on any money deposited as a cheque, but usually you will need to wait until the cheque has cleared before you earn any interest on it.

      You can add money to an instant access or notice account whenever you want, but a fixed term account only lets you pay in money at the time of opening.

      Once your fixed term account has matured it will become instant access, meaning you can add more money again.

      For example, if you invested in a three year fixed term bond on the 1st January 2019, your maturity date will be three years later on the 1st January 2022.

      Pay into your account in a branch

        Pay into your account online

        You can either transfer the funds from another account with the same provider, or transfer funds from another account elsewhere.

        If you pay a cheque into another account first you have to wait for it to clear before you can transfer the money across.

        Pay into your account through a bank transfer

        You can send money to your savings account through a bank transfer by quoting your account details. This can be from the same provider or another.

        Pay into your stocks and shares account

        You may be charged for adding more money to your stocks and shares account, so make sure you ask your provider before doing so.

        You can pay money in by:

          If you are not sure what your investment account details are, check your stocks and shares paperwork.

          If you still cannot find your account details, contact your provider for help.

          How to take money out

          Withdraw in a branch

          Go to your provider's cashier and ask to make a withdrawal.

          You will need your account passbook or certificate if one was issued when you opened the account.

            * For example; a passport or driving licence.

            If you are not sure what you need to take with you when you withdraw, call ahead and find out so you do not make a wasted trip.

            Withdraw online

            If you operate your savings account online, you can transfer money to another account with the same provider or to a nominated account elsewhere.

            You can then withdraw the funds in a branch (or an ATM if you transferred your money into a card account).

            Withdraw from your stock and shares account

            You need to contact your stocks and shares provider and ask to make a withdrawal.

            You can do this at any time, however you will need to give yourself enough time for the money to be transferred into your nominated account (up to 24 hours) before you can physically withdraw the money

            You will have chosen a nominated account when you first made an investment into your stocks and shares account.

            There should not be any charges to withdraw money from your stocks and shares account, but make sure you ask just in case.

            Closing your account

            You have to follow the same rules that apply to making a withdrawal from your savings account.

            Remember, if you put your money into a fixed term deal then you will be penalised for closing the account early.

            The same applies to notice accounts. Do not close your account before you have held it for at least the notice period or you could end up with less than you put in.

            Maximise the value of your savings by hunting down the best rates available.