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Savings accounts

Compare savings accounts

Confused.com offers a free and independent service so you can quickly and easily compare different types of savings accounts, from simple instant access accounts to tax free ISAs and fixed rate bonds.

You can currently save up to £11,880 in your ISA for the tax year 2014/15, and this will increase to £15,000 from the 1st of July. Remember- if you don't use your allowance, you lose it.

How to choose your account

Savings Pound Sign

With so many accounts to choose from, it can be overwhelming trying to find the right one for you.

Luckily, we've got loads of handy guides and tips to help you on your way, from ISAs to regular savings. Whether you have £1 to save or £1,000, there's an account out there for you.

Cash ISAs


  • Minimum
    opening balance
  • Interest rate
    (AER)
  • Manage your
    account
  • Interest
    paid
  • Transfers in
    accepted?
  • Unlimited free
    withdrawals?

Instant access accounts


  • Minimum
    opening balance
  • Interest rate
    (AER)
  • Manage your
    account
  • Interest
    paid
  • Unlimited free
    withdrawals?

Fixed rate bonds

Ranked in order of Interest Rate (AER)


  • Minimum
    opening balance
  • Interest rate
    (AER)
  • Manage your
    account
  • Withdrawals
    allowed
  • Term
  • Additional
    deposits

Notice accounts


  • Minimum
    opening balance
  • Interest rate
    (AER)
  • Manage your
    account
  • Interest
    paid
  • Notice

Savings FAQs

  • What does AER interest rate mean?
    Answer: Annual Equivalent Rate: this is shown as a percentage and tells you the rate of interest you will earn over the period of one year. If your interest is paid monthly then the AER may be slightly higher than the gross rate.
  • What is Basic Rate Tax and how does it apply?
    Answer: You can earn a certain amount each year without paying tax, known as your annual personal allowance. In the tax year 2014-15, the annual personal allowance for under 65s is £10,000, for those born between 6th April 1938 and 5th April 1948 it's £10,500, and £10,660 for those born before 6th April 1938. Basic rate tax will be applied at a rate of 20% to any income you earn above your allowance up to £32,010. You will pay tax on your interest earned on any savings account, except for ISAs, which are tax free.
  • Can I have more than one account?
    Answer: Yes you can open a number of accounts with various providers. The only exception is ISA accounts which are limited by the tax allowance each year.
  • What account features should I be looking for?
    Answer: This all depends on what you want to get from your savings. The larger the interest rate (AER) then the greater return you will get on your cash, however you should also consider other things like how you want to manage the account, and if you intend to make any withdrawals or future deposits.


News

Articles

  • The new ISA explained

    George Osborne gave savers a Budget-day boost by announcing significant reforms to the ISA system. We look at what the changes mean for you...

  • Act fast to snap up an early bird cash ISA

    With the new tax year getting underway, there's no time like the present to take action and make the most of...

  • Low rates dampen ISA enthusiasm

    Record low interest rates have turned this year's ISA season into a damp squib. But don't let poor returns put you off making the most of your tax-free savings...

Guides

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Understanding Savings Accounts

Are your savings safe?

You can save up to £85,000 and it’ll be fully protected under the Financial Services Compensation Scheme, provided it’s in a UK regulated bank or building society account. However, it’s important to remember that this limit is per institution, and often several banks can come under the same umbrella, so the amount that’s protected can vary.

For example, if you hold cash in an HSBC and a Santander account, your total protection will be £85,000 per account because they are two separate banks. However, if you hold money in separate accounts at HSBC and First Direct (an HSBC subsidiary), your overall protection will still be £85,000 because the two accounts come under the same banking licence.

Joint savings accounts get twice the protection, so they are covered up to £170,000.

If you are unclear about whether any of your account providers share a banking licence, you can check on the Financial Conduct Authority's website. If you have more than the protection limit in any account or banking group, think about spreading your cash among more institutions.