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How to Guides
- Guide to savings accounts
Read our comprehensive guide to savings account and make your savings accounts work for you.
High Interest Savings Accounts
The highest interest savings accounts are Bonds/Term Accounts, Notice Accounts and ISAs. In return for more restriction on when and how you can access your money, the financial institution providing the account will offer you a higher interest rate.Read more...>
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Scottish Widows 5 Year Fixed Term Deposit AccountOpen to new and existing customers, minimum deposit is £10,000 |
4.7% | 5 years |
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Barclays Loyalty Reward ISAAvailable for Barclays customers who either have a Barclays current account or over £500 saved with Barclays |
3.05% | Instant |
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Nationwide eBondChoose from 6 month and 1 year |
2.8% | 6 month and 1 year |
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| ** To access this rate you will need to be a Nationwide current account holder ** | ||||
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Restrictions on High Interest Savings Accounts
Other restrictions will usually be in place to prevent you from adding to your deposit during the term. These accounts give the highest rates but are the least flexible. The rate that you agree to at the beginning will be fixed for the term and won't fluctuate with the Bank of England rate. That does mean that if the Bank of England rate increases substantially, you won't see the benefit but, by the same token, if the BoE rate falls your interest rate won't be affected.
As a more flexible, but still relatively high interest, savings option some banks offer Notice Accounts which require the customer to give a notice period before any withdrawal of money. Instant access from such accounts will usually result in a penalty charge. The notice period can vary from a week to six months but usually will be 1 to 2 months.
Unlike Bonds and Term Accounts, Notice Accounts have an interest rate that usually moves with the Bank of England rate and so it is not fixed throughout.
Top Tips for High Interest Savings Accounts
- Make sure that any money you commit to a Bond will not be needed - in most cases you will not be allowed access to it until the end of the term
- If you choose a Notice Account then be sure that you could manage for the notice period if you needed the money. Penalties can soon nullify any gains you've made through having the higher rate
- Check all the details such as maximum withdrawal, minimum deposit and whether you can add to your deposit
- If access to your money is not an issue then you can really compare the highest rates
Savings Accounts Blogs
- What ISA To Get In The New Tax Year? 26 Apr 2012 | Read More ›
- All good on the home front! 25 Feb 2012
- Customer Service at Premium Rates! 9 Feb 2012
- What does 2012 hold for UK personal finance? 18 Jan 2012
Did you know?
£56,058 was the average household debt (including mortgages) in February 2012.
Source: Credit Action (www.creditaction.org.uk)
Savings Accounts News
Use cash ISA allowance and avoid losing interest
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13-Mar-12
The April 5th ISA deadline is fast approaching.
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01-Feb-12
01-Feb-12
Child SIPPs can provide comfort in retirement.
Inflation taking its toll on older consumers
17-Jan-12
17-Jan-12
With inflation still biting, savings are becoming more important.
Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.
Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.