Compare Savings Accounts

If you are looking for a savings account, UKfinancemarket.co.uk can help you find the right savings account for you.  In this section you will find reviews of savings accounts featuring links to apply online.

Savings Account Reviews 

Types of Savings Account

In the UK there are three main types of savings accounts: bank and building society savings accounts, National Savings and Investments and cash Individual Savings Accounts (ISAs).  The right type of savings account for you will depend on your circumstances and your savings goals.

Generally speaking, saving money regularly is the best way of saving up for expensive things, like a car, holidays, clothes and furniture.

Savings accounts typically pay a higher amount of interest compared to current accounts.  Savings accounts, including cash ISAs, are generally low risk and should be used for short to medium term savings – this is typically any period less than five years.

Money put into savings accounts is usually guaranteed to be returned to you, plus any interest paid by the savings accounts provider.  If the savings provider collapses then you should be able to get compensation from the Financial Services Compensation Scheme (FSCS) so long as the savings provider is authorised and regulated by the Financial Services Authority – all savings accounts reviewed on UKfinancemarket.co.uk are authorised and regulated by the Financial Services Authority. 

The Financial Services Compensation Scheme compensation limit for savings and deposits is presently £50,000 for each depositor for the total of their deposits with each organisation.

Things to think about when opening a savings account

• Consider tax-free cash ISAs first because they are more likely to give you a better return than other types of savings accounts which will have tax deduced from any interest earned
• If you can manage the account online you could get a better interest rate
• Traditional high street savings accounts with a passbook may offer lower interest rates
• Will you need quick or instant access to the funds? – if so make sure you opt for an easy access savings  account
• If you are prepared and able to tie-up your savings opt for a fixed term savings account where the interest payable could be higher than an easy access account – check how much notice you have to give before getting access to your funds
• Regularly review your savings account(s) to make sure you are still getting a good deal and that you remain within the FSCS compensation limits – some providers offer attractive introductory rates which are removed after a specified period