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 Instant Access account. You’ll be able to take your money straight away, with no penalty.
Can you afford to wait a few months? Then go for a Notice Account. You’ll have to let the bank know beforehand if you plan to withdraw – often by giving 90 days’ notice.
If you can wait at least a year or more, then choose a Fixed-term Account. Bear in mind, if you do want to withdraw your money before the end of the fixed period you might not be able to – even if you can, you'll probably lose some or all of the interest you've built up. It's best to check the terms and conditions before you open 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.