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Bank accounts to keep and save your money

Choosing a safe place to keep your money  is easier than you might think. There are hundreds of accounts, but only a few types  – some accounts for easy access to emergency funds, some for saving regularly and some for growing your money.

Types of savings accounts

The place for your emergency savings. They might pay more interest than a normal current account, and the money is on hand when you need it.

For saving a monthly chunk of your income. There are rules about how much you can put in and take out, but you get a slightly higher interest rate.

Fixed-term deposit accounts

Sometimes called ‘bonds’, these are for putting money aside for a set length of time. A fixed rate of interest is set in advance, so you know exactly how much you’ll end up with.

Index-linked accounts

Like fixed-term deposits, but the interest rate changes in line with inflation – you can’t be quite sure what you’ll get at the end of the term.

Tax-free savings. You get an annual allowance – so make the most of it! A Cash ISA is usually a simple savings or deposit account. You can get a Cash ISA from the age of 16, or a Junior ISA for under 18s.

While most current accounts won’t pay interest on money you keep in the account, they’ll allow you to receive regular payments like wages, benefits or the state pension and set up payments out for things like bills. 

Comparison websites are a good starting point for anyone trying to find a bank account tailored to their needs.

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Comparison websites won’t all give you the same results, so it’s a good idea to use more than one site before deciding.

It’s also important to do some research into the type of product and features you need before making a purchase or changing provider.

Next steps

Not quite sure which to go for? Click on the account types in the table above to read more.

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Looking for us? Now, we’re MoneyHelper

MoneyHelper is the new, easy way to get clear, free,
impartial help for all your money and pension choices.
Whatever your circumstances or plans, move forward with MoneyHelper.

Continue to website
Looking for us? Now, we’re MoneyHelper

MoneyHelper is the new, easy way to get clear, free,
impartial help for all your money and pension choices.
Whatever your circumstances or plans, move forward with MoneyHelper.

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