SAVINGS ACCOUNTS

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Putting money aside for the future – perhaps for retirement, a wedding or a large purchase such as a house – is something which many people choose to do. It makes good financial sense to prepare for the future and the unexpected as you never know when you might need access to some emergency funds. By placing that money into a savings account where it can earn interest, you aim for growth and accumulation over time. Savings accounts are viewed as a much 'safer' way to increase capital than through direct investment (such as share dealing). It is important that you take the time to research the market so use the table below to search and compare different savings accounts. The right account for you will depend on you and your particular savings needs. You have a variety of options as the features of savings accounts vary widely. Always make sure you fully aware of how the account can work for you and whether there are any fees involved.

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If you wish to speak to someone: Contact Us or Enquiry Line: +44 (0) 207 386 5300

PROVIDERACCOUNT

ACCOUNT

Account name

TYPE

TYPE

Account type

INTEREST AER

INTEREST AER

Annual Equivalent Rate

INTEREST GROSS

INTEREST GROSS

Gross interest is the annual rate of interest which is paid without the deduction of lower rate tax to eligible individuals and certain organisations

PAID

PAID

When the account pays out

ACCESS

ACCESS

How account can be accessed

MIN INCOME

MIN INCOME

Minimum amount in account

CONDITIONS

CONDITIONS

Conditions for investor

WITHDRAWAL ACCESS

WITHDRAWAL ACCESS

Where you can withdraw money from

FEATURES

FEATURES

Account features

MORE INFO

RBS Instant Saver
RBS Instant Saver

RBS Instant SaverSavings Account0.75%0.75%YearlyTel, Branch£0Over the age of 16Instant AccessFeatures

Features

Free Banking: Yes
Debit Card: No
Cheque Guarantee Card: No
Standing Orders: No
Direct Debit: No
Overdraft Facility: No
Account Manager: No

Branch or Telephone access

RBS Instant Saver
The RBS Instant Saver is perfect for you if you need a bit of extra help to reach your savings goals. With instant access to your month you can make a withdrawal whenever you choose. There are no withdrawal penalties, so you can take money out whenever you want. Watch your savings grow – interest is calculated daily and paid annually directly into your account. Take advantage of the online tools to help you set and reach your savings goals. DETAIL INFORMATION >>Services

Services

Access your money instantly - there are no withdrawal penalties, so you can take money out whenever you want


Advantages

Advantages

1. Access your money instantly - there are no withdrawal penalties, so you can take money out whenever you want
2. Watch your savings grow - interest is calculated daily and paid annually directly into your account
3. Manage your account your way! - online, in branch or by phone
4. Online tools - to help you set and reach your savings goals


Disadvantages

Disadvantages

1. The interest rate is variable, so it can go up as well as down 

Shepherds Friendly University Savings Plan
Shepherds Friendly University Savings Plan

University Savings PlanSavings AccountSee websiteSee websiteYearlyOnline£0When child is between 18 - 21 years oldWhen child is between 18 - 21 years oldFeatures

Features

Free Banking: Yes
Debit Card: No
Cheque Guarantee Card: No
Standing Orders: No
Direct Debit: No
Overdraft Facility: No
Account Manager: No

Your savings will be tax-exempt, and your child’s final lump sum(s) will be tax-free

Shepherds Friendly University Savings Plan
The Shepherds Friendly University Savings Plan premiums start at £100 per month, aiming to cover tuition costs and more. Your savings will be tax-exempt, and your child’s final lump sums) will be tax-free. Your child can take the money in one lump sum, or in multiple lump sums between the ages of 18 and 21. Applying for the University Savings Plan is quick and easy, and the whole process can be completed online. DETAIL INFORMATION >>Services

Services

Shepherds Friendly University Savings Plan offers you the chance to save for your child’s future on a monthly basis, tax-exempt. The plan is specifically designed to save enough to cover the costs of a university education and living expenses, and offers a unique withdrawal process when you child is aged between 18 and 21. If your child decides not to go to university, then the fund can be used to give your child a real head start, by providing them with a tax-free lump sum to get them on their way.


Advantages

Advantages

1. Our University Savings Plan premiums start at £100 per month, aiming to cover tuition costs and more
2. Your child can take the money in one lump sum, or in multiple lump sums between the ages of 18 and 21
3. Your savings will be tax-exempt, and your child’s final lump sum(s) will be tax-free
4. Applying for the University Savings Plan is quick and easy, and the whole process can be completed online
5. Your savings will be invested primarily in stocks and shares to increase the long-term growth potential
6. You can start a University Savings Plan for any child, regardless of other savings plans they might already have


Disadvantages

Disadvantages

1. How the investment performs may vary during the term of the Plan. Because of this the child could receive a higher or lower sum than you expect at the end of the plan and may not get back as much as you have paid in.
2. The amount of bonus paid each year is related to the investment performance of Shepherds Friendly’s funds and the total amount of sickness benefit paid out to all  customers who have this type of Plan. Therefore the bonus may fluctuate from year to year throughout the term of the Plan.
3. In poor investment conditions we may apply a Market Value Reduction (MVR). This could mean you get back less than you have paid in.
4. If the Plan is stopped and money is taken out at any time before the end of the Plan you will have to pay to do so. This cost could be more or less than the examples in this leaflet.
5. The tax treatment of these Plans could change in the future

Aldermore Notice Savings Account
Aldermore Notice Savings Account

Notice Savings AccountSavings Account1.30% (30 Day Notice)1.30% (30 Day Notice)DailyInternet, Phone, Post£018 years and over30, 60, 90 or 120 daysFeatures

Features

Free Banking: Yes
Debit Card: No
Cheque Guarantee Card: No
Standing Orders: No
Direct Debit: No
Overdraft Facility: No
Account Manager: No

1. 30 Day Notice - AER* 2.90% 

2. 60 Day Notice - AER* 2.98% 
3. 90 Day Notice - AER* 3.10% 
4. 120 Day Notice - AER* 3.20%

Aldermore Notice Savings Account
Want a great interest rate and added flexibility? Our Notice Savings Account gives you exactly that. Provided you stick to the notice period for withdrawing cash, you can make as many deposits and withdrawals as you like. Before you decide to invest take the time to make sure that htis is the savings account for you. Aldermore are very reliable but they do have different savings account options. Always read the terms and conditions in order to make sure that you fully understand how you are investing your money. DETAIL INFORMATION >>Services

Services

1. High interest Savings Account


Advantages

Advantages

1. Reassurance - the interest rate on our Notice Accounts are guaranteed to be at least 1.65% above Base Rate** until 1 March 2013 

2. Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers 
3. Fast and easy setup - open an account, complete identity checks and move your money in minutes 
4. Accessible - open an account with just £1,000 
5. Flexible - add to your savings whenever you want 
6. Access - unlimited withdrawals, subject to notice and without loss of interest 
7. Easy to manage - do it online, by phone or by post


Disadvantages

Disadvantages

1. Minimum initial deposit of £1000 

2. Maximum number of account holders is 2 
3. Maximum deposit of £1 million

Natwest Instant Saver
Natwest Instant Saver

Instant SaverSavings Account0.50% - 0.75%0.50% - 0.75%MonthlyBranch, Telephone or Internet£0.00Minimum age 16 YearsInstant AccessFeatures

Features

Free Banking: Yes
Debit Card: No
Cheque Guarantee Card: No
Standing Orders: No
Direct Debit: No
Overdraft Facility: No
Account Manager: No

Online tools - to assist you in budgeting so you can save, set, and reach your savings goals

Natwest Instant Saver
The Natwest Instant Saver is an easy access account which allows you to access your money with no notice period. There is a variable interest rate and you receive your monthly interest paid into your account. You will need to deposit a minimum of £1 to open an account and there is no maximum balance. This is perfect if you want to start saving but also want the flexibility to withdraw your funds when you need to. DETAIL INFORMATION >>Services

Services

Whether you are saving for a holiday or a rainy day our online Savings Goal Tool can help you set up a goal, track it and achieve it.


Advantages

Advantages

1. Access your money instantly - there are no withdrawal penalties, so you can take money out whenever you want
2. Watch your savings grow - interest is calculated daily and paid monthly into your account
3. Manage your account your way! - online, in branch or by phone
4. Online tools - to assist you in budgeting so you can save, set, and reach your savings goals


Disadvantages

Disadvantages

1. The interest rate is variable, so it can go up as well as down

If you wish to speak to someone: Contact Us or Enquiry Line: +44 (0) 207 386 5300

Compare Savings Bank Accounts

What is a Savings Account?

Standard savings accounts are a really good method of saving for the future or preparing for any unexpected emergencies, but you want to make sure that you are getting the most out of your savings. In some circumstances the money you save builds up interest and the interest rates will be the main focus when considering a savings account. Savings accounts are designed to hold the money that you do not need immediate access to; these accounts will have higher interest rates.

You should make sure that you understand the restrictions of the account. In terms of disadvantages you may be charged for withdrawing money but in most cases you can withdraw money from a standard savings account at any time.

Information Regarding Easy Access Savings Accounts

There are also easy access savings accounts, also referred to as instant access accounts are ideal for those who want to put money aside but want to have direct access to their savings. As the name suggests these accounts permit you to access your money without notice or penalty. However, this instant access to your funds does reduce the interest in comparison to other savings accounts.

Some banks will offer good interest rates for these accounts to gain new customers, but will lower the rate shortly after so it could work in your favour if you are willing to move your money around in return for the best interest rates available. Consider whether the interest rate is fixed or variable before you open the account.

What is an Internet E-Savings Account?

If you are happy to manage your account online then you should consider an internet savings account which allows you to manage your savings online. The advantage of these accounts is that they are flexible and convenient; you can manage your account and make transfers whenever you like and you are always in control of your savings. In some cases they offer more competitive interest rates because of the lower administration costs involved but interest rates are variable so it will be worth your while to compare different accounts. There are often different advantages on internet accounts such as instant access or fixed rates so you should compare different services to find the best account for you. Please note that in order to withdraw cash you will have to transfer money into your current account but some may provide a cash card.

What are Fixed Rate Savings Accounts?

With a fixed rate savings account the interest rate is fixed for a set period and you cannot obtain your money during the set time; often the longer the set time the higher the interest rate. These accounts are a method of saving for the future because you will know exactly how much interest the money will earn. You also don’t need to concern yourself about the interest rate being reduced which is particularly comforting considering today’s economic climate. In some instances you may be able to make a withdrawal but if you do you risk losing some of the interest. Fixed rate accounts are designed for those who will not need access to their money for a few years.

However, although your interest rate will not drop you could miss out on any increase in interest rates. This means that there is a certain level of risk involved so it pays to search around to find the account with the best interest rate. Many fixed rate accounts will require a minimum deposit which can be high.

What are Term Deposit Savings Accounts?

Term Deposit Savings Accounts are designed for those who want to know exactly how much interest they are going to earn and for those who do not need access to the money during the term of the account. The interest rate is guaranteed and will not change throughout the term of the investment. Most term deposit accounts allow you to consider whether you want the interest paid monthly or annually and also how you want to have your interest paid. These accounts are flexible because you can chose the time period which is best for you which can be anything from one month to five years and you are also offered a variety of reinvestment options. In most circumstances withdrawals or additional deposits will not be permitted but you can hold more than one term deposit at anytime. Try to avoid accessing your money as you could lose the high interest rate. Usually, the longer the term set the higher the interest rate, so for short term investments these types of savings accounts may not be the best option.

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