Bread Crumb Trail

Banking & Saving Savings Accounts

Compare Savings Accounts

Quickly understand the best deals available using our comprehensive savings tables. Choose from instant access savings accounts, tax free cash ISAs, fixed rate bonds and investment bonds.

information icon

Are you intending to deposit more than £50,000?
If you are, you should read our 'Top 10 Savings Accounts Tips' at the bottom of this page.

Provider Account AER Notice Interest Paid Min Bal Apply
Guaranteed rate of 2.75% AER for 12 months from account opening (2.72% gross p.a.). Interest paid monthly. No Withdrawal Restrictions.
2.75%
Instant
Monthly
£1
Rate includes 1.25% gross p.a./AER Bonus for the first 12 months. Minimum deposit £1 with NO withdrawal restrictions.
2.75%
Instant
Monthly
£1
NO withdrawal Penalties. Rate includes 2.25% gross p.a./AER Bonus for the first 12 months
2.75%
Instant
Monthly
£1
2.60% AER (variable rate) with no bonus period included! 1 withdrawal a year with no loss of interest.
2.60%
Instant
Annually
£1
2.60% AER flat rate with no bonus period included! Receive NO interest every month you make a withdrawal. Unlimited withdrawals (with no loss of interest) every April.
2.60%
Instant
Monthly
£1
2.60% AER (variable rate) with no bonus period included! 1 withdrawal a year with no loss of interest.
2.60%
Instant
Annually
£1
2.00% AER flat rate with no bonus period included! Lower rate of interest will occur if you make 3+ Withdrawals per Year
2%
Instant
Annually
£1
Rate includes 1.50% gross p.a./AER Bonus for the first 12 months. No Withdrawal Restrictions. YOU MUST BE AN EXISTING LLOYDS CUSTOMER
1.60%
Instant
Monthly
£1
Deposit £1 - £10K and get 1.0% AER. Deposit £10-£24K and get 1.10% AER. £25K-£50k = 1.20% AER. £50K+ = 1.50% AER. No withdrawal Penalties.
1.50%
Instant
Monthly
£1
Higher rate of 1.26% AER paid for months in which NO withdrawal is made. Rates include 0.75% gross p.a./AER Bonus for the first 12 months
1.26%
Instant
Monthly
£1
Minimum Deposit £1. NO withdrawal Penalties. 1.0% AER flat rate with No bonus included!
1%
Instant
Monthly
£1
£10 Minimum Deposit. No Withdrawal Restrictions. No Bonus Rate Included
0.25%
Instant
Annually
£10
Cash Card with your account. Minimum Deposit £10. NO withdrawal Penalties. 0.25% AER flat rate with No bonus included!
0.25%
Instant
Annually
£10
  • New ING Direct Savings Account customers can enjoy a guaranteed rate of 2.75% AER for 12 months from account opening (2.72% gross p.a.)
  • Interest paid monthly
  • After 12 months the rate will revert to our ING Direct Savings Account variable rate, currently 0.50% AER
  • Move your money when you like, with no penalties or restrictions
  • Start saving from £1, with no minimum or maximum monthly deposits required
  • Open an account in minutes
  • Award winning UK call centres
  • Access your savings 24/7/365
  • Apply online in less than 10 minutes
  • Instant account opening
  • Open a savings account with just £1
  • Rate applies to annual interest option and includes 1.25% gross/AER fixed interest bonus for the first 12 months
  • Monthly interest option also available
  • Great return of 2.75% gross/AER (variable), which includes a bonus of 2.25% gross/AER (variable) for the first 12 months from account opening.
  • Save from just £1
  • 24/7 access to your money without notice or penalty - Cash Card with every account!
  • Interest is calculated daily and paid Monthly
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • 2.60% AER on Balances £1 - No maximum balance
  • Withdrawals - 1 withdrawal a year with no loss of interest.
  • Further withdrawals available should you need them however these will suffer 30 days loss of interest on the amount you withdraw.
  • Access your money by transferring to another account online
  • Interest paid annually
  • You need to be a UK resident personal customers aged 11+
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Great rate of 2.60% AER variable
  • During April make unlimited withdrawals, or close your account, and still earn interest
  • Interest paid monthly into the account or to another account
  • Online application process to help make opening your e-Saver
  • Reward easy
  • 24-hour access to manage and view your account online
  • Open an account with as little as £1
  • 2.60% AER on Balances £1 - No maximum balance
  • Withdrawals - 1 withdrawal a year with no loss of interest.
  • Further withdrawals available should you need them however these will suffer 30 days loss of interest on the amount you withdraw.
  • Access your money by transferring to another account online
  • Interest paid annually
  • You need to be a UK resident personal customers aged 11+
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Get 2.00% gross p.a./AER providing you don't make more than 3 withdrawals per year (more than this will result in a lower rate of interest).
  • Save from £1 to £500,000
  • If you ARE a Nationwide FlexAccount holder, you can set up a high interest internet savings account online
  • If you are NOT a Nationwide FlexAccount holder, you WILL need to open a FlexAccount Online at the same time as opening your e-Savings Plus.
  • A variable rate of interest, currently 1.60% AER/Gross.
  • This rate includes a fixed introductory bonus of 1.50% AER for the first 12 months.
  • On balances of £1 or more we agree to pay a gross annual interest rate which tracks at 1.5% below the Bank of England Base Rate until 31 December 2010 (but the rate will never be less than 0.10%).
  • Open from as little as £1.
  • Interest paid annually.
  • Instant access - the convenience of Internet Banking or PhoneBank® means you can access your savings when it suits you.
  • No limits on how much you can save.
  • The options to have a standing order payment into your account, so you know your savings are always growing.
  • Optional Cashpoint® card for easy access on the move.
  • you will earn the following rate of interest:
  • £0 - £9,999 = 1.00% AER
  • £10,000 - £24,999 = 1.10% AER
  • £25,000 - £49,999 = 1.20% AER
  • £50,000+ = 1.50% AER
  • Instant access to your funds with no penalties
  • Monthly tax-free interest – RBS can pay the interest into your Direct Saver or another RBS account.
  • Manage your ISA by Phone, post, in branch and online
  • Interest paid monthly
  • If you make NO Withdrawals in a month you get 1.26% AER (1.25% gross pa*)
  • If you make a withdrawal you get 0.85% AER (0.85% gross pa)for that month
  • Rates include a 12 month introductory bonus of 0.75% gross, payable from the date you open your account with a minimum of £1
  • If your a Barclays customer you get easy transfer between your Barclays current and savings accounts
  • Maximum balance of £2million
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Get 1.0% AER Flat rate – the interest rate stays the same, no matter how much you save
  • No penalties – we don't charge you for withdrawing your money
  • Start saving with £1 - and there's no minimum balance
  • Monthly interest – paid directly into your account
  • No need for an existing NatWest account – although if you have one, it's quick and easy to move money between e-Savings and your other NatWest accounts
  • Get the savings habit – we can set up a regular transfer from another NatWest account
  • Set up and track your own personal savings goals - through Online Banking
  • Minimum opening balance - £1
  • No maximum balance
  • Interest paid annually
  • Unlimited withdrawals and deposits
  • Manage your savings - Transfer money, view recent transactions and check your balance online 24/7 with this internet savings account
  • Applying is easy - it only takes 5 minutes to apply online now
  • You need to be a UK resident personal customers aged 11+
  • An instant access, easy to manage online savings account with a cash card.
  • Minimum opening balance - £10
  • No maximum balance
  • Unlimited withdrawals and deposits
  • Manage your savings - use your cash card to make withdrawals, print a mini-statement or check your balance 24/7 at Halifax and Bank of Scotland cash machines. Transfer money, view recent transactions and check your balance online 24/7

Provider Account Income Yield Interest Paid Capital Protected ISA Option Apply
The Morgan Stanley FTSE Income Plan 3 is a six year investment where investors receive a regular annual income of 6.75%, regardless of the performance of the FTSE 100 Index.
6.75% each year
Quarterly
No
Yes
5 year structured investment plan with 2 income options: Option 1 will return an annual income of 6.50%, while Option 2 will return a monthly income of 0.52% each month, both regardless of the performance of the FTSE 100. MINIMUM £20,000 INVESTMENT
6.50% each year
Annually
No
Yes
5 Year Capital Protected Structured Investment Plan with an annual yield of 4.50% or a monthly yield of 0.36%
4.50% each year
Annually
Yes
Yes
  • **Special Offer** Invest £20,000 or over and Get 1% Cash Back on the amount you invest into this bond.
  • For example, if you deposit £20,000 you will get a cheque for £200 one month after the date of your investment.
  • The Morgan Stanley FTSE Income Plan 3 is a six year investment where investors receive a regular annual income of 6.75%, regardless of the performance of the FTSE 100 Index.
  • This is a structured investment plan.
  • Annual Income - 6.75% gross (in arrears)
  • Capital at Risk Investment*
  • Investment Term - 6 Years
  • Minimum Single Investment - £3,000
  • Within your individual ISA limit - Up to £10,200
  • ISA Transfer Deadline - 4 October 2010
  • ISA Deadline - 11 October 2010
  • Direct Investment Deadline - 11 October 2010
  • *The return of your capital depends on the performance of the FTSE 100 Index and the ability of the counterparty (Morgan Stanley) to repay the monies.
  • The Investec FTSE 100 Bonus Income Plan 10 is a 5 year structured investment plan with two income options.
  • Option 1 will return an annual income of 6.50%, while Option 2 will return a monthly income of 0.52% each month, both regardless of the performance of the FTSE 100. Both options have the potential for additional bonus payments (Option 1 = 0.50% gross per year, Option 2 = 0.04% gross per month) dependent on the performance of the FTSE 100 Index.
  • Plan Details:
  • * Option 1 - Annual Income of 6.50%, with a potential annual gross bonus of 0.50%
  • * Option 2 - Monthly Income of 0.52%, with a potential monthly gross bonus of 0.04%
  • Capital At Risk Investment*
  • Investment Term - 5 Years
  • Minimum Single Investment - £20,000
  • ISA Transfer Deadline - 17 September 2010
  • Direct Investment Deadline - 1 October 2010
  • ISA Deadline - 1 October 2010
  • *The return of your capital depends on the performance of the FTSE 100 Index and the ability of the counterparty (Investec Bank Plc) to repay the monies.
  • **Special Offer** Invest £20,000 or over and Get 1% Cash Back on the amount you invest into this bond.
  • For example, if you deposit £20,000 you will get a cheque for £200 one month after the date of your investment.
  • The Investec 5 Year FTSE 100 Income Deposit Plan 12 Option 2 aims to provide regular income payments while protecting your initial deposit when the Plan matures. The Plan has two income options; annual and monthly.
  • The Plan will return a fixed income of 4.50% annually or 0.36% monthly, provided the FTSE 100 Index remains at or above 50% of its initial level. If the Plan falls below 50% of its initial level then income payments will cease. However, if the Index recovers to its starting level on any subsequent payment date, then the missed payments will be paid out and income payments will restart.
  • Your initial capital will still be returned in full at maturity regardless of the performance of the FTSE 100 Index.
  • This is a structured investment plan.
  • Annual Income Option - 4.50% gross or
  • Monthly Income Option - 0.36% gross
  • Covered by the Financial Services Compensation Scheme up to £50,000 for an individual or up to £100,000 for a joint deposit account *
  • Capital Protected Product **
  • Investment Term - 5 Years
  • Minimum Single Investment - £1,500
  • Within your individual ISA limit - Up to £5,100
  • Maximum Direct Investment - £1,000,000
  • Available as a Cash ISA, Cash ISA Transfer and for Direct Investment.
  • This Plan is not the same as a bank or building society deposit account and you may not receive your initial deposit in full if your capital is withdrawn early
  • ISA Transfer Deadline - 17 September 2010
  • ISA Deadline - 1 October 2010
  • Direct Investment Deadline - 1 October 2010
  • *Subject to the Scheme's eligibility criteria - see brochure for details.
  • **The return of your capital depends on the ability of the counterparty (Investec Bank plc) to repay your money.

Provider Account Maximum Growth Return* Capital Protected ISA Option Apply
5 year structured investment plan that aims to provide a full repayment of capital at the end of the five year term, plus 100% of any growth in the FTSE 100 after 5 years.
50% after 5 years
Yes
Yes
5 year structured investment plan benefiting from an early maturity feature. The plan offers the potential to return 10% for every year that the plan has been in force, if it matures early
10% each year
Yes
Yes
This capital protected plan offers a maximum return of 32.5% at maturity.
32.5% after 5 years
Yes
Yes
This capital protected plan offers a maximum return of 15% at maturity.
15% after 3 years
Yes
Yes
1/3 of your money is invested in a 5.0% AER 1 Year Fixed Rate Bond. 2/3 invested into a FTSE 100 Index Linked Bond which returns 100% of any positive growth up to a maximum return of 50%.
50% after 5 1/2 years
Yes
No
  • **Special Offer** Invest £20,000 or over and Get 1% Cash Back on the amount you invest into this bond.
  • For example, if you deposit £20,000 you will get a cheque for £200 one month after the date of your investment.
  • The Investec 5 Year FTSE 100 Income Deposit Growth Plan 3 aims to provide a full repayment of capital at maturity, plus 100% of any growth in the FTSE 100 Index after 5 years. The Plan has two options; the Investec version and the RBS version.
  • The Plan will return 100% of any growth in the FTSE 100 Index after 5 years, subject to a maximum of 50% (Investec version) or 38% (RBS version).
  • Any growth in the index is measured by comparing the Final Index Level to the Initial Index Level.
  • This is a structured investment plan.
  • Investec version - maximum return 50%
  • RBS version - maximum return 38%
  • Covered by the Financial Services Compensation Scheme up to £50,000 for an individual or up to £100,000 for a joint deposit account *
  • Capital Protected Product**
  • Investment Term - 5 Years
  • Minimum Single Investment - £1,500
  • Within your individual ISA limit - Up to £5,100
  • Maximum Direct Investment - £1,000,000
  • Available as a Cash ISA, Cash ISA Transfer and for Direct Investment.
  • This Plan is not the same as a bank or building society deposit account and you may not receive your initial deposit in full if your capital is withdrawn early
  • ISA Transfer Deadline - 17 September 2010
  • ISA Deadline - 1 October 2010
  • Direct Investment Deadline - 1 October 2010
  • *Subject to the Scheme's eligibility criteria - see brochure for details.
  • **The return of your capital depends on the ability of the counterparty, Investec Bank plc or RBS, to repay your money.
  • The Royal Deposit Plan aims to provide regular fixed income with full capital return provided the Plan is held to maturity. The 3 year Plan offers a fixed annual 3.50% interest payment for the entire investment term.
  • The Plan is covered by the Financial Services Compensation Scheme and is available as a 2010/2011 Cash ISA, Cash ISA Transfer, SIPP and SSAS Investments and Direct Investment.
  • Annual Interest - 3.50% gross
  • Covered by Financial Services Compensation Scheme up to £50,000 for an individual or up to £100,000 for a joint deposit account *
  • Capital Protected Product **
  • Investment Term - 3 Years
  • Minimum Single Investment - £3,600
  • Maximum Within your individual 2010/2011 ISA limit - £5,100
  • No Maximum Direct Investment
  • Deposit Taker: Ulster Bank, wholly owned subsidiary of RBS
  • This Plan is not the same as a bank or building society deposit account and an early exit fee will apply if your capital is withdrawn early
  • ISA Transfer Deadline - 1 October 2010
  • ISA Investment Deadline - 15 October 2010
  • Direct Investment Deadline - 15 October 2010
  • * Subject to the Scheme's eligibility criteria - see brochure for details.
  • ** The return of your capital depends on the ability of the counterparty (Ulster Bank, a wholly owned subsidiary of RBS) to repay the monies.
  • **Special Offer** Invest £20,000 or over and Get 1% Cash Back on the amount you invest into this bond.
  • For example, if you deposit £20,000 you will get a cheque for £200 one month after the date of your investment.
  • The Investec FTSE 100 5 Year Deposit Plan 19 aims to provide a higher return than is available through other deposit accounts, whilst returning your initial deposit in full if the plan is held to maturity. The 5 year plan offers a target return of up to 32.5%, dependent on the performance of the FTSE 100 Index.
  • At the end of the investment term you will receive the target return as long as the final level of the FTSE 100 Index is higher than the starting level. If the final Index level is the same as or below the starting level you will still receive your initial investment.
  • Investec Bank plc, as the Plan Manager, offers a choice of deposit taker, either Investec Bank plc or RBS.
  • This is a structured investment plan.
  • Investec Version Potential Fixed Return - 32.5% gross
  • RBS Version Potential Fixed Return - 26.75% gross
  • The difference in returns payable is an indicator of the deposit taker's credit rating
  • Both deposit takers are covered by the Financial Services Compensation Scheme up to £50,000 for an individual or up to £100,000 for a joint deposit account *
  • Capital Protected Product**
  • Investment Term - 5 Years
  • Minimum Single Investment - £1,500
  • Within your individual ISA limit - Up to £5,100
  • Maximum Direct Investment - £1,000,000
  • Available as a Cash ISA, Cash ISA Transfer and for Direct Investment.
  • This Plan is not the same as a bank or building society deposit account and you may not receive your initial deposit in full if your capital is withdrawn early
  • ISA Transfer Deadline - 17 September 2010
  • ISA Deadline - 1 October 2010
  • Direct Investment Deadline - 1 October 2010
  • *Subject to the Scheme's eligibility criteria - see brochure for details.
  • **The return of your capital depends on the ability of the deposit taker (Investec Bank plc or RBS) to repay the monies.
  • **Special Offer** Invest £20,000 or over and Get 1% Cash Back on the amount you invest into this bond.
  • For example, if you deposit £20,000 you will get a cheque for £200 one month after the date of your investment.
  • The Investec FTSE 100 3 Year Deposit Plan 19 - Option 1 aims to provide a higher return than is available through other deposit accounts, over its 3 year investment term. The plan ensures that your initial deposit is returned in full if the plan is held to maturity. A fixed return of 15% is possible at maturity, dependent on the final level of the FTSE 100 Index.
  • At the end of the investment term you will receive the fixed return as long as the final level of the FTSE 100 Index is higher than the the starting level. If the final Index level is the same as or below the starting level you will still receive your initial investment.
  • This is a structured investment plan.
  • Potential Fixed Return - 15% Gross
  • Covered by Financial Services Compensation Scheme up to £50,000 for an individual or up to £100,000 for a joint deposit account *
  • Capital Protected Product**
  • Investment Term - 3 Years
  • Minimum Single Investment - £1,500
  • Within your individual ISA limit - Up to £5,100
  • Maximum Direct Investment - £1,000,000
  • Available as a Cash ISA, Cash ISA Transfer and for Direct Investment.
  • This Plan is not the same as a bank or building society deposit account and you may not receive your initial deposit in full if your capital is withdrawn early
  • ISA Transfer Deadline - 17 September 2010
  • ISA Deadline - 1 October 2010
  • Direct Investment Deadline - 1 October 2010
  • *Subject to the Scheme's eligibility criteria - see brochure for details.
  • **The return of your capital depends on the ability of the counterparty (Investec Bank plc) to repay the monies.
  • **Special Offer** Invest £20,000 or over and Get 1% Cash Back on the amount you invest into this bond.
  • For example, if you deposit £20,000 you will get a cheque for £200 one month after the date of your investment.
  • If you like the idea of a return linked to FTSE 100 growth, but are concerned by the unpredictablity of the markets, the Skipton Capital Protected Double Asset Bond may offer you a solution. In simple terms it is a building society account, so your capital is protected. However you could benefit from a return linked to the FTSE 100.
  • One third of your investment is invested in a 1 Year Fixed Rate Bond with a guaranteed rate of 5% Gross pa/AER until 22 September 2011.
  • Two thirds of your investment is invested into an Index Linked Bond which offers a return of 100% of any positive growth in the FTSE 100 index over the 5 ½ year investment term.
  • Maximum growth you can receive is 50%.
  • Covered by the Financial Services Compensation Scheme up to £50,000 for an individual investor*
  • Capital Protected Investment**
  • Fixed Rate Bond Investment Term - 1 Year
  • Index Linked Bond Investment Term - 5 ½ Years
  • Minimum Investment - £3,000
  • Maximum Investment - £250,000
  • You may withdraw up to 50% of your initial investment from the 1 Year Fixed Rate Bond during the 1 year term.
  • No Capital Gains Tax Liability
  • 100% of your investment is held by Skipton Building Society
  • Deadline: 7 September 2010
  • *Subject to the Scheme's eligibility criteria - see brochure for details.
  • ** The capital protected feature is provided by Skipton Building Society and this depends on the ability of Skipton Building Society to repay the monies.

*Returns are not guaranteed – See Product details

Structured Investment Products promoted by Fair Investment Company Limited, Fair Investment Company Limited is Authorised and Regulated by the Financial Services Authority.

Please remember the value of your investments and the income from them can go down as well as up. You may not get back the full amount you have invested. If you're in any doubt you should consult an appropriate Financial Adviser.

Disclaimer (Please Read)

Provider Account AER Duration Interest Paid Min Bal Apply
4.10%
Fixed term for 3 years
Monthly/Annually
£1
4.00%
Fixed term for 5 years
Annually
£10,000
3.75%
Fixed term for 3 years
Monthly/Annually
£2,000
3.75%
Fixed term for 2 years
On Maturity
£25,000
3.55%
Fixed term for 2 years
Monthly/Annually
£5,000
3.35%
Fixed term for 23 months
Monthly/Annually
£1
3%
Fixed term for 2 years
On Maturity
£1
3.00%
Fixed term for 18 months
On Maturity
£10,000
2.80%
Fixed term for 1 year
Monthly/Annually
£5,000
2.75%
Fixed term for 1 year
On Maturity
£10,000
2.75%
Fixed term for 18 months
On Maturity
£1
2.60%
Fixed term for 1 year
On Maturity
£1
  • The Scottish Widows 5 Year Fixed Rate Bond is a fixed interest rate account offering a competitive AER over a period of five years. The account is available to new and existing Scottish Widows Bank customers and is not linked to any investment products.
  • Fixed Annual Rate 4.00% AER*
  • Fixed Quarterly Rate 3.94% Gross
  • Fixed Monthly Rate 3.93% Gross
  • Deposit Term - 5 years
  • Minimum Deposit - £10,000
  • Maximum Deposit - £5,000,000
  • Covered by the Financial Services Compensation Scheme Up to £50,000 per individual**
  • No partial withdrawals permitted during deposit term.
  • Deadline: 19 August 2010
  • *Stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
  • Save for 3 years,
  • Fixed interest rates of 3.75% AER/Gross*.
  • View eBond interest rates.
  • Choose when your interest is paid - monthly to supplement your income or yearly as a lump sum - it's up to you.
  • Nominate where your Interest is paid – this can be a current account or an eligible savings account (excluding Monthly Saver, Term Deposits, Child Trust Fund, and ISA products.)
  • Save from £2,000 up to £1,000,000
  • No withdrawals are allowed.
  • You can make additional deposits to the product whilst the issue is on sale. This is a limited issue product however so once the issue is full no further deposits can be made.
  • Rate is fixed for the term of the deposit.
  • Manage your account through a dedicated eBond Savings Team. The account cannot be serviced through PhoneBank, branches or Internet Banking.
  • This offer is only available online
  • Get a fixed rate of interest on your savings for 3 years.
  • Earn either a return annually at a rate of 4.10% AER or a regular monthly income at 4.10% AER.
  • Invest from £1 up to £5 million in your savings account.
  • Benefit from secure password protection.
  • Interest is calculated daily and credited to the account annually on the anniversary date of the first deposit, or on the first day of each month for the monthly interest option.
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Invest £1 to £9,999 and receive 3.00% gross/AER
  • Invest £10,000 to £24,999 and receive 3.25% gross/AER
  • Invest £25,000+ and receive 3.75% gross/AER
  • Get a great fixed rate for the next two years
  • Pay in anything from £1 up to a maximum of £2,000,000
  • Available to new and existing Santander customers
  • You can't add to your bond once it's open so put in as much as you can at the start
  • No withdrawals allowed until maturity
  • This is a limited offer and subject to availability. Apply today as this product can be withdrawn at any time.
  • Invest £1 to £9,999 and receive 2.75% gross/AER
  • Invest £10,000 up to £24,999 and receive 3.0% gross/AER
  • Invest £25,000+ and receive 3.25% gross/AER
  • Get a great fixed rate on your savings for one year
  • Pay in anything from £1 up to a maximum of £2,000,000
  • Available to new and existing Santander customers
  • You can't add to your bond once it's open so put in as much as you can at the start
  • This is a limited offer and subject to availability. Apply today as this product can be withdrawn at any time
  • No withdrawals allowed until maturity
  • Get a great fixed rate for the next two years
  • Invest £1 to £9,999 and receive 3.00% gross/AER
  • Invest £10,000 to £2,000,000 and receive 3.50% gross/AER
  • Available to new and existing Santander customers
  • You can't add to your bond once it's open so put in as much as you can at the start
  • Accessing your money during the term can only be done by closing the account, which is subject to 120 days loss of net interest.
  • Invest £1 to £9,999 and receive 2.75% gross/AER
  • Invest £10,000 up to £24,999 and receive 3.0% gross/AER
  • Invest £25,000+ and receive 3.25% gross/AER
  • Get a great fixed rate on your savings for one year
  • Pay in anything from £1 up to a maximum of £2,000,000
  • Available to new and existing Santander customers
  • You can't add to your bond once it's open so put in as much as you can at the start
  • No withdrawals allowed until maturity
  • This is a limited offer and subject to availability. Apply today as this product can be withdrawn at any time
  • This offer is only available online
  • Get a fixed rate of interest on your savings for 23 months.
  • Earn either a return at the end of the 23-month term at a rate of 3.35% or a regular monthly income at 3.35% AER.
  • Invest from £1 up to £5 million in your savings account.
  • Benefit from secure password protection.
  • Interest is calculated daily and credited to the account annually on the anniversary date of the first deposit, or on the first day of each month for the monthly interest option.
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Save £1 to £9,999 and receive 2.60% gross/AER fixed
  • Save £10,000 up to £2,000,000 and receive 2.75% gross/AER fixed
  • Get a great fixed rate on your savings for one year
  • Pay in anything from £1 up to a maximum of £2,000,000
  • Available to new and existing Santander customers
  • You can't add to your bond once it's open so put in as much as you can at the start
  • No withdrawals allowed until maturity
  • Save £1 to £9,999 and receive 2.60% gross/AER fixed
  • Save £10,000 up to £2,000,000 and receive 2.75% gross/AER fixed
  • Get a great fixed rate on your savings for one year
  • Pay in anything from £1 up to a maximum of £2,000,000
  • Available to new and existing Santander customers
  • You can't add to your bond once it's open so put in as much as you can at the start
  • No withdrawals allowed until maturity
  • 2 year fixed rate of 3.55% AER/gross p.a. (3.55% gross p.a. monthly)
  • Make one deposit between £5,000 and £50,000
  • A good return on your savings with no withdrawals permitted
  • Interest is paid annually or monthly directly into your nominated account
  • Easy to apply and manage online
  • The Sainsbury's Fixed Rate Saver Account is a limited offer and may be withdrawn at anytime.
  • 2 year fixed rate of 2.80% AER/gross p.a. (2.80% gross p.a. monthly)
  • Make one deposit between £5,000 and £50,000
  • A good return on your savings with no withdrawals permitted
  • Interest is paid annually or monthly directly into your nominated account
  • Easy to apply and manage online
  • The Sainsbury's Fixed Rate Saver Account is a limited offer and may be withdrawn at anytime.

Provider Account AER Notice Deposit Per Year Apply
Min Max
No withdrawals allowed. Transfer your existing ISA balances to this ISA and get 4.25% AER. Minimum deposit £500.
4.25%
Instant
£500 £3,600
No withdrawals allowed. Transfer your existing ISA balances to this ISA and get 3.35% AER. Minimum deposit £500.
3.35%
Instant
£500 £3,600
No withdrawals allowed. Transfer your existing ISA balances to this ISA and get 3.0% AER. Minimum deposit £500.
3.00%
Instant
£500 £3,600
Rate includes a 1% bonus until 30/06/2011. Transfer your existing ISA balances to this ISA. NO withdrawal Restrictions. YOU MUST HAVE (OR OPEN) AN NATIONWIDE CURRENT ACCOUNT TO APPLY FOR THIS ISA
2.75%
Instant
£1 £5,100
Deposit £1k - £9k and get 2.0% AER for 12 months. Deposit £9K+ and get 2.75% AER for 12 months. Transfer your existing ISA balances to this ISA. NO withdrawal Restrictions
2.75%
Instant
£9,000 £150,000
Up to 4 withdrawals allowed per year without effecting rate. Transfer your existing ISA balances to this ISA and get 2.60% AER
2.60%
Instant
£1,000 £5,100
Deposit £1 - £10K and get 2.0% AER. Deposit £10-£30K and get 2.25% AER. £30K+ = 2.50% AER. No withdrawal Penalties. You CAN transfer your existing ISA balances to this ISA
2.50%
Instant
£1 £5,100
Tax free variable interest rate of 2.08% AER. Min deposit £1. No withdrawal Penalties. You can NOT transfer your existing ISA balances to this ISA
2.08%
Instant
£1 £5,100
Deposit £1k - £9k and get 2.0% AER for 12 months. Deposit £9K+ and get 2.75% AER for 12 months. Transfer your existing ISA balances to this ISA. NO withdrawal Restrictions
2%
Instant
£1 £9,000
Earn up to 2% AER depending your deposit. Interest Paid Monthly. No withdrawal Penalties. Transfer your existing ISA balances to this ISA
2%
Instant
£1 £5,100
  • Get 4.25% AER Fixed for 4 Years
  • Minimum opening balance - £500
  • Maximum balance - up to £3,600 (£5,100 for those aged 50 or above on or before 5 April 2010) in any one tax year
  • No withdrawals
  • No additional deposits - after account opening. However, if you are aged 50 or above on or before 5 April 2010 and you have funded your fixed rate ISA with current year funds you can make a one-off extra payment into your account before 6 April 2010 so you can take advantage of the new ISA limit of £5,100.
  • Manage your savings - In branch, by phone or view your balance online 24/7
  • Britain's No 1 for ISAs*
  • Number of accounts - you can only fund one cash ISA during any one tax year. If you already have an ISA with another provider and want to take advantage of our cash ISA interest rate, ask to transfer your ISA today
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Get 3.35% AER Fixed for 3 Years
  • Minimum opening balance - £500
  • Maximum balance - up to £3,600 (£5,100 for those aged 50 or above on or before 5 April 2010) in any one tax year
  • No withdrawals
  • No additional deposits - after account opening. However, if you are aged 50 or above on or before 5 April 2010 and you have funded your fixed rate ISA with current year funds you can make a one-off extra payment into your account before 6 April 2010 so you can take advantage of the new ISA limit of £5,100.
  • Manage your savings - In branch, by phone or view your balance online 24/7
  • Britain's No 1 for ISAs*
  • Number of accounts - you can only fund one cash ISA during any one tax year. If you already have an ISA with another provider and want to take advantage of our cash ISA interest rate, ask to transfer your ISA today
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Get 3.00% AER Fixed for 2 Years
  • Minimum opening balance - £500
  • Maximum balance - up to £3,600 (£5,100 for those aged 50 or above on or before 5 April 2010) in any one tax year
  • No withdrawals
  • No additional deposits - after account opening. However, if you are aged 50 or above on or before 5 April 2010 and you have funded your fixed rate ISA with current year funds you can make a one-off extra payment into your account before 6 April 2010 so you can take advantage of the new ISA limit of £5,100.
  • Manage your savings - In branch, by phone or view your balance online 24/7
  • Britain's No 1 for ISAs*
  • Number of accounts - you can only fund one cash ISA during any one tax year. If you already have an ISA with another provider and want to take advantage of our cash ISA interest rate, ask to transfer your ISA today
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Save up to £5,100 in the 2010/11 tax year without paying any tax on the interest
  • Transfer/Deposit £1 - £9,000 & get 2.0% AER (includes a 12 month variable rate bonus of 1.50% gross/AER)
  • Transfer/Deposit £9,000+ & get 3.0% AER (includes a 12 month variable rate bonus of 2.00% gross/AER)
  • After 12 month intro rate reduces to:
  • £1 - £9,000 = 0.5%AER
  • £9,000 + 1.00%AER
  • Pay-in/Withdraw via Abbey Branch, Online, and Telephone
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Save from £1 and save up to £5,100 per tax year
  • If you wish to transfer your existing ISAs balances to this ISA you will earn the following rate of interest:
  • £0 - £9,999 = 2.00% AER
  • £10,000 - £29,900 = 2.25% AER
  • £30,000+ = 2.50% AER
  • Instant access to your funds with no penalties
  • Monthly tax-free interest – Natwest can pay the interest into your Cash ISA Plus or another NatWest account.
  • Manage your ISA by Phone, post, in branch and online
  • Minimum balance - £1,000 up to a maximum balance of £5,100 each tax year
  • Up to 4 withdrawals within the first 12 months - £10 or more.
  • Unlimited deposits - up to £5,100 each tax year
  • Remember, you can also add additional funds by transferring any ISA funds held elsewhere
  • Manage your savings online or by telephone
  • Number of cash ISAs - you can only fund one cash ISA during any one tax year
  • Transfer your existing ISA - if you already have an ISA with another provider and want to take advantage of our Halifax ISA Direct Reward interest rate, transfer your ISA today free of charge
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Save up to £5,100 in the 20010/11 tax year without paying any tax on the interest
  • Transfer/Deposit £1 - £9,000 & get 2.0% AER (includes a 12 month variable rate bonus of 1.50% gross/AER)
  • Transfer/Deposit £9,000+ & get 3.0% AER (includes a 12 month variable rate bonus of 2.00% gross/AER)
  • After 12 month intro rate reduces to:
  • £1 - £9,000 = 0.5%AER
  • £9,000 + 1.00%AER
  • Pay-in/Withdraw via Abbey Branch, Online, and Telephone
  • YOUR SAVINGS ARE PROTECTED UP TO £50,000 BY THE FSCS - Financial Services Compensation Scheme
  • Save from £1 and save up to £5,100 per tax year
  • Earn 0.50% AER to 2% AER depending on deposit:
  • £50,000+ = 2.00% AER
  • £27,000 - £49,999 = 1.75% AER
  • £22,000 - £26,999 = 1.10% AER
  • £15,000 - £21,999 = 0.95% AER
  • £9,000 - £14,999 = 0.75% AER
  • £1 - £8,999 = 0.50% AER
  • Instant access to your funds with no penalties
  • Monthly tax-free interest – Natwest can pay the interest into your Cash ISA Plus or another NatWest account.
  • Manage your ISA by Phone, post, in branch and online
  • Get 2.75% AER Tax Free on your savings
  • Open and manage your account online
  • Have instant access to your funds: no withdrawal limits or penalties
  • Pay into your account as many times as you want to, up to your annual cash ISA limit
  • Transfer in from existing cash ISAs held with Nationwide or other providers
  • In order to apply for and operate an e-ISA you must have a Nationwide current account
  • Golden ISA - Issue 2 is a cash ISA that pays 2.08% AER /2.06% tax-free pa1 - Interest rate is variable and interest paid monthly
  • The above rate includes a fixed rate bonus of 1.00% gross. The bonus is payable for 12 months from the date you open your account, after which time the rate will reduce accordingly
  • Transfers-in of funds from another ISA are not allowed and you can only invest a maximum of £5,100 in the 2010/2011 tax year, regardless of any withdrawals made.
  • Earn interest on your savings tax-free
  • Open from £1
  • Save up to £5,100 in the 2010/11 tax year
  • Barclays current account customers can manage their account online or by phone. Branch access also available
  • Account can be included within an offset mortgage arrangement if you have a Woolwich Offset Mortgage

Provider Account AER Deposit Interest Paid Apply
Min Max
2.50% AER on Business Savings for 12 months
2.50%
£50,000 £2,000,000
On Maturity
2% AER (variable) on Business Savings if you make no withdrawals in 12 months, or 1.84% AER (Variable) if you make 1 withdrawal.
1.84%
£30,000 £2,000,000
Monthly/Annually
  • **Call 0800 121 4472 to find out more**
  • Enjoy the certainty of a guaranteed rate of interest on your surplus cash
  • 2.50% gross/AER (fixed) on business savings for the 12 month term
  • Gross/AER based on funds deposited on 1st September 2010
  • Minimum deposit of £50,000 required
  • Interest is paid on the day of maturity, which is 1st September 2011
  • For the fixed term period no withdrawals or early closures are allowed.
  • **Call 0800 218 2351 to find out more..**
  • 1.84% gross/AER (variable) when you make one withdrawal in the first 12 months
  • 2.00% gross/AER (variable) when you make no withdrawals in the first 12 months
  • These rates include a 1% gross/AER variable rate bonus for the first 12 months. A reduced rate of 0.10% gross/AER will be paid on the full balance on the account for the month in which a withdrawal is made.
  • A rate of 0.10% gross/AER applies when the balance is less than £30,000.
  • Choose interest to be paid monthly or annually
  • Minimum Deposit = £30,000
  • Maximum Deposit = £2million
  • Instant access via internet, phone and ATM network
  • Authorise others to operate the account on your behalf

Latest Savings Account News RSS Feed

New savings bond introduced by Santander
Santander has launched two new savings bonds packages. Savings bonds being offered by Santander are to be re-issued with different rates from tomorrow (September 2nd), the lender has ...
Read More >
Wed 1st Sep, 2010
Savings accounts 'are a better funding option than credit cards'
An expert has advised people to raid savings rather than take out credit cards to make ends meet. People looking to compare savings to help make ends meet may be better off dipping into ...
Read More >
Fri 27th Aug, 2010
Post Office expands savings accounts range
The Post Office has launched a new savings account deal. Anyone looking to compare savings on Post Office savings accounts ...
Read More >
Thu 26th Aug, 2010
Research: 99% of businesses unhappy with savings account rate
Research has found that nearly all businesses are unsatisfied with their current savings account rate. Nearly all businesses in the UK are unhappy with the rate they are currently ...
Read More >
Tue 17th Aug, 2010
Skipton Building Society reveals new savings accounts
Skipton Building Society has today (August 16th) announced the launch of several new savings account packages to its range of products. Skipton Building Society has today (August 16th) ...
Read More >
Mon 16th Aug, 2010
Spending cuts 'should encourage people to put money into savings accounts'
An expert has stated that people should put more money into their savings accounts. Consumers could use this time of uncertainty over government spending cuts to put more money into ...
Read More >
Wed 11th Aug, 2010
Leeds Building Society introduces new savings account
Leeds Building Society has announced the launch of a new savings account to its range. Anyone currently considering taking on one of the Leeds Building Society savings accounts on offer ...
Read More >
Wed 4th Aug, 2010

Top Ten Savings Tips!

  1. Only £50,000 is covered per person per financial institution

    Any bank trading in the UK has to be a member of the Financial Services Authority by law. All FSA members are covered by the Financial Services Compensation Scheme.

    However under European law, any banks offering a higher level of protection in their state of incorporation are not permitted to be part of the UK FSCS.

    This means that should the bank go out of business, compensation will be paid to all its depositors for up to 100% of the first £50,000 of a depositor's total deposits with the bank. Where two depositors hold a joint account, each depositor will receive a maximum of £50,000 compensation in respect of the claim, providing a total of £100,000 protection.

    Therefore, if you have more than £50k and wish to be 100% covered, we suggest you open multiple savings accounts with different providers, and deposit no more than £50k with each. In fact if you want to protect your future interest as well as your capital, you should consider aiming below the maximum limit to make sure your returns are also covered, for example, only investing a £47,500 with any one institution so that £2,500 in possible accrued interest could be included in your £50k compensation claim.

    It is important to remember that many of the banks you may think are UK owned, are infact owned by other countries, and may run a separate compensation scheme with different levels of protection, so you must check out the level of compensation offered before investing large deposits with any bank. For example, ING Direct is owned by the Netherlands, which is covered by a scheme that offers protection on the first €100,000 on its accounts, while the Bank of Cyprus will only protect the first €20,000.

    However, non-uk banks offering separate compensation schemes are generally backed by the UK's FSCS, so the remainder of the amount up to £50,000 (if applicable) would be covered.

    This means that if the Bank of Cyprus were to fail, UK customers could claim from the Central Bank of Cyprus Deposit Protection Scheme for up to 90% of their deposit to a maximum of €20,000. The remainder of their deposit up to £50,000 could then be claimed from the UK's FSCS. Neither scheme is responsible for covering any shortfall in the other scheme.

    Use our tables to distinguish which banks have separate Financial Services Compensation Scheme (FSCS) registrations and which fall under the same institution.

    Independent Banks

    The banks listed in the table below each hold independent FSCS registrations - or state equivalent, so if your cash is spread across multiple bank accounts shown in the table, £50,000 (or more if held with some non-uk banks) will be compensated for each account if the bank were to collapse.

    Alliance & Leicester (See note below)

    AK Bank (Passport Scheme)

    Allied Irish

    Anglo Irish (Passport Scheme)

    Bank of Cyprus (Passport Scheme)

    Britannia BS – see note

    Buckinghamshire BS

    Cambridge BS

    Cater Allen

    Chelsea BS

    Chesham BS

    Citibank

    Close Brothers

    Coutts

    Coventry BS

    Credit Unions (all separate)

    Cumberland BS

    Dunbar Bank

    Ecology BS

    Egg

    First Trust

    Firstsave

    Furness BS

    Hanley BS

    Harpenden BS

    Hinkley and Rugby BS

    ICICI

    Investec

    Ipswich BS

    Julian Hodge Bank

    Kent Reliance BS

    Leeds BS

    Leek BS

    Liverpool Victoria

    London Scottish Bank

    Loughborough BS

    Manchester BS

    Mansfield BS

    Market Harborough BS

    Marks & Spencer

    Marsden BS

    Melton Mowbray BS

    Monmouthshire BS

    Norwich & Peterborough BS

    National Counties BS

    Natwest

    Newbury BS

    Northern Bank

    Nottingham BS

    Principality BS

    Progressive BS

    Raphael Bank

    Rothschild

    Saffron BS

    Sainsburys

    Scottish BS

    Scottish Widows

    Standard Life

    Stroud & Swindon BS

    Teachers BS

    Tesco Bank

    Tridos (Passport Scheme)

    Ulster Bank

    United Trust

    West Bromwich

    Whiteaway Laidlaw

    You may notice that some of the banks shown above do fall under the same institution, however, they have separate registrations so as far as protection is concerned they are treated as a separate entity.

    Alliance & Leicester currently counts as a separate entity in terms of protection, so you can effectively get £50,000 cover from A&L, and another £50,000 from the rest of the banks within this institution (Santander, Bradford & Bingley & Asda). However, this is set to change once the rebranding of Alliance & Leicester has been completed - expected in May 2010, after which time the whole group will hold a single FSCS membership and therefore offering up to £50,000 between the group.

    Accounts will remain separate until the rebranding has been completed, so if you hold more than £50,000 between the two banks you may wish to start looking for a new home for some of your savings.

    The Co-op & Britannia merged in 2009, but for the time being they will continue to offer separate protection for existing savers until 31 December 2010.

    So, if you have funds stored in both Co-op and Britannia, you will have £50,000 worth of protection in both (£100,000 in total) until the cut-off date.

    Passport Scheme

    Banks marked 'Passport Scheme' offer different levels of protection as they are European-owned. For more on this see the Non-UK Compensation Schemes section below.

    Grouped Banks

    The table below shows which banks/building societies hold joint memberships to the FSCS, therefore only protecting up to £50,000 per person between multiple accounts within the same institution. The banks are also numbered 1-9 to aid colour blind readers. If you have multiple savings accounts that fall within the same colour/number, you will only be covered for up to the level of compensation offered for all accounts. You can still hold multiple accounts with different colours, the key is to mix them, spreading your money across several savings accounts.

    BMW Savings - 1

    Newcastle BS - 1

    Cheltenham & Gloucester - 2

    Lloyds TSB - 2

    Clydesdale Bank - 3

    Yorkshire Bank - 3

    Direct Line - 4

    Royal Bank of Scotland - 4

    Virgin Money - 4

    First Direct - 5

    HSBC - 5

    Barclays - 6

    Woolwich - 6

    Smile - 7

    The Co-op - 7

    AA - 8

    Bank of Scotland - 8

    Birmingham Midshires - 8

    Halifax - 8

    Intelligent Finance - 8

    Saga - 8

    Santander - 9

    Bradford & Bingley -9

    Asda - 9

    Cahoot - 9

    Bank of Ireland-10 (Passport Scheme)

    Post Office-10 (Passport Scheme)

    Kaupthing Edge – 11 (Passport Scheme)

    ING Direct – 11 (Passport Scheme)

    Heritable Bank - 11

    Nationwide - 12

    Cheshire BS - 12

    Derbyshire BS - 12

    Dunfermline BS - 12

    Yorkshire BS - 13

    Barnsley BS - 13

    Skipton BS - 14

    Scarborough BS - 14

    Capital One/Castle Money - 14

    Aldermore - 15

    Ruffler Bank - 15


    Lloyds and HBOS - on 19 January 2009, Lloyds TSB Group plc was renamed as Lloyds Banking Group, after the acquisition of HBOS plc. The FSCS licences will remain the same, so are still treated as two are separate institutions, covering up to £50,000 across each.

    However, you have to remember that the core parts of former HBOS (Halifax, Bank of Scotland, B'ham Midshires, Intelligent Finance, The AA and Saga) still hold a single registration, so if you have multiple accounts across more than one of these providers, you will only be liable to receive £50,000 cover overall (£100,000 for joint accounts).

    Non-UK compensation schemes

    Below is a list of the level of compensation offered by non UK banks. These schemes work in much the same way as the UK schemes, whereby savers are only protected per institution. For example, accounts held across Abbey, Asda and Bradford & Bingley would only provide £50,000 compensation between them as they all fall under the Santander group.

    Bank Name

    Level of compensation

    Santander

    Covered by the UK's FSCS - £50,000

    Alliance & Leicester

    Covered by the UK's FSCS - £50,000

    Asda

    Covered by the UK's FSCS - £50,000

    Bradford & Bingley

    Covered by the UK's FSCS - £50,000

    Citibank

    Covered by the UK's FSCS - £50,000

    Clydesdale Bank

    Covered by the UK's FSCS - £50,000

    Egg

    Covered by the UK's FSCS - £50,000

    Firstsave

    Covered by the UK's FSCS - £50,000

    ICICI

    Covered by the UK's FSCS - £50,000

    Yorkshire Bank

    Covered by the UK's FSCS - £50,000

    Akbank

    100,000 (Netherlands)

    Anglo-Irish Bank

    All deposits until September 2010 (Ireland)

    Bank of Cyprus

    20,000 (Cyprus)

    Bank of Ireland

    All deposits until Sep 2010 (Ireland)

    ING Direct

    100,000 (Netherlands)

    Kaupthing Edge - Now part of ING Direct

    100,000 (Netherlands)

    Post Office

    All deposits until Sep 2010 (Ireland)

    Triodos Bank

    100,000 (Netherlands)

    Disclaimer: This information was updated on the 24th March 2010. At Which4u we do our best to keep up with market changes, however the sheer pace of change in ownership of banks in the wake of the financial crisis means that our information in some cases may be slightly out of date. We therefore do not take any responsibility for this information being incorrect, but will continue to monitor the situation daily to make sure that this is avoided where possible.

  2. Protect yourself from inflation by keeping your funds in a high interest savings account

    You may not think it possible but it is actually the case that you can now lose money in a savings account! But how, surely your money is safe? The answer is yes, of course your money is physically save (providing you stick to the £50k maximum). The loss actually occurs in a far less obvious way.

    It’s all to do with the current rate of inflation. According to the Bank of England, in May 2009 the rate of inflation stood at 2.3%. But this simply meant that something costing £100 this year will cost £102.30 next year. Therefore when you take into account the falling value of money, and the taxation you pay on your interest, your savings rates can look a lot less attractive. In some cases you are actually going backwards.

    For example if the rate of inflation remained at 2.3% for a whole year and you invested £1000 into a savings account at 2.5% for this period your interest at the end of the year would be £25 gross. Minus 20% for a basic rate tax payer (or even 40% if your a higher rate tax payer) and your net final figure would be £20. Meanwhile, if you compare how much your savings would fall in value during the year due to inflation - £23, you would find that your account has actually lost you money.

    This effectively means that after saving £1000 for a whole year at 2.5% you will have actually lost £3! It is therefore vitally important that your savings are a savings account that pays above the rate of inflation, otherwise you could end up losing money. If you have any funds that are in account earning less than this you will be losing money.

    The good news is that the inflation rate (CPI) has now fallen to 1.1% (as at October 2009), which means that in order to make a profit you need to find an account paying 1.3% or more.

  3. Make use of your £10,200 annual tax free ISA allowance

    It may surprise you to find that if you're a basic tax rate payer (those earning over £2,440), 20% of any interest you receive on your savings actually goes to the tax man. If you are a higher rate tax payer (earning anything over £37,400), this will be 40%, and for anyone earning over £150,000 the rate is 50%. The only tax relief you get on your savings are when they are invested into Cash/Investment ISAs.

    In the 2009 budget report, Chancellor Alistair Darling announced details of a further increase to the ISA limit to £10,200 either split between Cash and investment ISAs (max. £5,100 into a cash ISA). These changes came into affect on 6 October 2009 for those aged 50 or over, and on 6 April 2010 for everyone else.

    Please remember, you can only open one ISA per financial year and you are only allowed to add funds to one ISA during each financial year.

    For example you can either open up a new cash ISA and deposit up to £5,100 into it, or you can add up to £5,100 to an existing ISA. However, you can have up to 2 ISAs when making use of both investment/stocks and shares and cash ISAs.

    It is also important to note that any unused allowance will not be rolled over from one year to the next. This means that if you don't use your full tax-free ISA allowance, you lose it. For more information on ISAs please see our ISA section.

    The main incentive in using ISAs is that you don't have to pay any tax on the income you receive from your ISA savings and investments. This includes dividends, interest and bonuses.

  4. Deposit chunks of cash into fixed rate bond accounts

    Fixed rate bond savings accounts offer savers a higher rate of interest in exchange for giving up access to their savings for a set period of time. Typically, the longer period of the bond, the higher the interest rate on offer. This however is not always the case as some fixed rate bonds can offer a higher rate of interest for 1 year than 3 years. If you find that you have 'cushion' of cash built up in your current account (£1000+) and feel that you would not need to access this for 6 months to a year then we would suggest that you deposit these funds into a fixed rate savings accounts. By giving up access to your cash for a certain period of time it is possible to earn rates higher then the best instant access savings account.

  5. Investment Bonds

    Investment bonds are an exciting concept of saving, allowing people to potentially earn much higher returns on their investment. There is an element of risk involved with this kind of savings tool, but this is how they can offer greater returns, so this can be a very attractive offer, especially when banks are paying low interest rates on regular savings accounts.

    The risk involved can be on the investment you make, or simply on the potential returns on your  investment. By choosing your account carefully you can protect your main investment by what is known as Capital Protection, allowing you to expose yourself to some great returns, while having peace of mind in knowing your money is safe.

    Another great way to incorporate your ISA allowance into investment bonds is by investing up to £10,200 per year into investment bonds, allowing you to gain the full amount of your returns without having to pay any tax. This can be a very affective way of making some fantastic earnings, as there is no limit on how much you can earn per year.

    For a full list of our investment products, check out our Investment Bonds page.
  6. Treat instant access savings accounts as current accounts

    This does take some money management skill, but if you can keep as much of your day-to-day money in an instant access savings account, rather than a current account then you can capitalise on the better interest rate. A standard current account only pays around 0.1% AER interest. The top instant access savings account will pay around 3.30% AER (as at October 2009), making you 3.29% AER better off. All you do is make sure there is enough money in your current account to cover direct debits and general spending, by topping up your current account with funds from your instant access savings account as and when required. This can be done very easily with online banking. A new faster version of the APACS system now allows internet transfers to take hours rather than the standard 3 days, helping you to manage your cash requirements.

  7. Have your salary paid into an high interest instant access savings account

    This may not be suitable for everyone; however it is a great way of earning a high level of interest on your salary as soon as it is in your possession. You can then move funds to your current account as and when required.

  8. Set up Internet banking

    All the instant access savings account listed on www.which4u.co.uk come with online banking facilities. Once you have applied for one of these accounts you will be able to set this up, giving you 24/7 access to your savings account. This will enable you to view your funds, see your interest being applied, and move your funds to other accounts.

  9. Set yourself savings goals or 'targets'

    You can save more effectively when you have a goal or a target in mind. E.g. I'd like to save £4,000 for a holiday, or I'd like to aim to save a £10k chunk of capital for investment. Saving is effected by your state of mind, as it helps you control your spending on items that are not really important to you. It helps you think about ways at which you can do things more efficiently, or make more money to achieve your savings goal quicker. Some savings accounts actually allow you to set up 'virtual pots'. These are great way to split your money up within your savings accounts and assign purposes e.g. 'car', 'holiday', etc.

  10. If you are self employed move your business funds to a high interest account

    If you are self-employed you have the opportunity to apply the same savings mentality you apply to your personal savings account, to your business. Most business bank accounts actually charge for depositing funds, paying cheques and transferring money. Not only do they charge, but they can also offer very poor levels of interest on positive balances. The best course of action is to therefore shop around. Which4u has business bank account providers that offer FREE banking for life and offer up to 6% credit interest! Savings money in your business naturally means that greater profits can be made and passed on to yourself.