With so many savings accounts on the market, it can be hard to know which ones will suit you best. Here’s a few pointers to help you pick one that’s right for you.
Check how much you’ve got available to start with
Most savings accounts have a minimum amount you need to put in at the start. So make sure you know exactly how much you’ve got to spare, to get things up and running.
How long can you save for?
If you think you’ll need that money in a tight spot, then choose an Easy Access account. You’ll typically be able to add and take your money within a business day, with no penalty. Can you afford to put your money away for a short time? Then a notice account could be for you. With a notice account, you have to give the bank or building society advance notice before you can withdraw money, usually between 35 and 95 days. However, you're more likely to get greater rates than instant or easy-access accounts.
Can you afford to put your money away for a longer or set time? Another option to consider is a Fixed-term Account. Bear in mind, you can't withdraw your money before the end of the fixed period. It's best to check the account terms and conditions before opening the account to see what options are available.
If you’re willing to wait a little longer and opt for a Notice or Fixed-term Account, you’ll usually be offered better interest rates.
Can you afford to top up every month?
With some savings accounts, you’ll need to put a certain amount of money into them every month. If you don’t, the account could close, and you’ll lose your interest.
You can save for your children, too
You can open and put money into special savings accounts for your children. They can offer better interest than usual savings accounts, but there’s an age cut-off limit – usually 18 years old.
Compare your options
Now you’ve got a better idea of what you’re looking for, start off browsing the carefully selected range of savings accounts on Aviva Save.
You can also check comparison websites, like Money Super Market and Compare the Market.
You can take a look at how our Aviva Save platform works here.