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Save more with the most competitive fixed-rate savings accounts

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Personal Finance
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By Magdalen Luettgen

September 21, 2022

Savings accounts in banks and building societies are simply places where you deposit money to earn interest. You can’t withdraw cash from it, use a debit card or pay your bills like you can with a current account. Simply put, it’s a way to save money while getting a return on your investment. A higher interest rate means more money is earned from your savings, so it is best to get the highest rate possible.

A savings account can be opened by anyone who is over 18 years of age and a UK resident. ISAs can be opened by those who are 16 years old. 

There can be a lot of confusion when choosing a savings account as many different types are available. Comparing savings accounts allows you to see some exclusive accounts. These exclusive accounts are available only to bank customers who are already customers of this bank. Exclusive accounts often offer higher interest rates as a savings incentive. 


Think about what type of savings account you need before looking for the best one for you:

Deposit savings accounts: These allow you to deposit money in a bank or building society. Although they might not offer the best rates, they do not risk your funds.

Tax-free savings accounts: You can save money in tax-free accounts and earn interest without paying taxes on it.

Children’s savings accounts: You can open them on behalf of your child as a parent or guardian.

Business savings accounts: Specifically designed for businesses to save their spare cash and earn interest on it.

Risk-based savings accounts: This type of account involves a certain level of risk. However, you have a much greater chance of earning a higher return than you would with savings accounts.


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