Your savings account options

Savings accounts typically avoid the investment risk that comes with investing in stocks and shares, so they can be great if you want peace of mind. You’ll usually get back everything you’ve put in, plus any interest. That can make them perfect for things like an emergency fund, a holiday, or a home improvement project.

When deciding what type of savings account to open, it really comes down to your goals and how soon you’ll need the money. Easy-access savings accounts tend to have some of the lowest interest rates but give you the freedom to dip in and out whenever you like.

If you can lock your money away for a bit, fixed-rate savings accounts often pay higher interest. Just remember you may be charged if you withdraw early, so only tie up money you know you won’t need straight away.

What’s your reason for saving?

Whether you have short-term goals or want to build a safety net for the longer-term, the savings account can help you stay on track.

Starter savings

Save a little each month and watch your money grow steadily.

Goal-focused savings

Lock in a rate and grow your funds for a holiday, home deposit or special purchase.

Flexibility

Keep funds accessible for unexpected costs or short-term goals.

Shared goals

Save with someone else for shared short and long-term goals.

Build an emergency fund

Have money set aside for unexpected bills or urgent costs.

Future nest egg

Grow your money over time to build the future you want.

What type of savings accounts are right for you?

Explore different savings accounts to find one that suits your goals.

Why compare savings accounts?

Deciding what type of savings account to open starts with getting clear on your short, medium and long-term goals. Are you building an emergency fund, saving for a big purchase, or growing a nest egg? Knowing your priorities helps you choose whether you need easy access to your money or are happy to save for the longer-term.

With so many options available, there will be products available that fit your goals. Regular savings accounts help build good habits, while joint savings accounts let you save with someone else. Fixed-rate savings accounts work well for longer-term saving, whereas easy-access savings accounts give you flexibility when you need it.

Do take time to compare what’s out there. Look at interest rates, access restrictions and fees. The right choice keeps your money working for you while staying aligned with your goals and lifestyle.

Can I have multiple savings accounts?

You can mix and match different savings accounts to suit your needs. In fact, having more than one can be a smart way to spread your money and make sure you’re ready for whatever life throws at you.

For example, you might keep some money in an easy-access savings account for day-to-day expenses or unexpected bills, while putting the rest into a fixed-rate account for a better return. This way, you have quick access to cash when you need it, without losing out on potential growth.

You can also look beyond savings accounts and explore investments if you’re thinking long term. Combining regular savings with options like stocks and shares ISAs could help you reach bigger goals like buying a house or boosting your retirement savings.

Savings account guides

Answering your questions about savings accounts

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Page updated on 4th September 2025, Reviewed by Richard Groom