When you’re choosing a savings account, having a goal in mind can help you decide what type of account is right for you. For example, if it’s an emergency fund you need easy access to your money, but with a long term target in mind you might go for something that rewards you for leaving your money alone.

Our savings calculator is a great tool if you’re thinking about saving. If you tell us your savings goal, how much you can put away each month and what the interest rate of your savings account is, we’ll tell you how long you’ll need to save to reach your target.

Accounts often come with restrictions on how you manage them, such as in-branch, over the phone, online or through the post.

If you already have a current account with a certain provider, it’s always worth checking if you can get preferential interest rates or other benefits on a savings account with them.

Under the Financial Services Compensation Scheme, the first £85,000 you have with an authorised bank or building society is protected – this rises to £170,000 for joint accounts. If you’re in the happy position of having more than £85,000, you might want to spread it around other savings account providers. Remember, the protection applies £85,000 per institution, not per account, so multiple accounts with the same institution will not be protected.

A savings account is a bank or building society account that pays interest on your money. It’s a good way to make your cash work harder than it might do in a current account, Some current accounts pay attractive rates of interest but usually have conditions attached, such as having to pay in a certain amount each month and running direct debits.

You can switch accounts to earn a higher rate of interest, but make sure you are familiar with any notice period on your present account and any restrictions on the new one. It’s worth keeping an eye on savings rates and moving to a better-paying account to take advantage.

The minimum age for a normal savings account is usually 18, although a 16-year-old may open a cash ISA. There are accounts aimed at children and teenagers.

Most banks and building societies will let you open a savings account online, by phone, or in-branch, however not all financial institutions offer all the same options. You’ll also likely have to bring ID and proof of address – for example, your passport, driver’s licence, and a recent utility bill – though if you’re opening the account online you might be asked to send the documents by post or email. Your ID is used by the bank as part of their fraud checks to ensure you are who you say you are, but many banks also use databases and other sources of information.

To close your savings account, contact your bank in the required way - in-branch, online, etc. You may have to give a certain amount of notice. If you want your money sooner, you may lose some or all of your interest.

If you’re switching ISAs, you’ll have to fill out a transfer form with the new provider, which can often be done online. However, if you’re swapping normal savings accounts this will depend on your provider – some allow BACS transfers, some may require you to move the money to a current account, and some can even carry out a direct debit.

With a standard savings account, you should receive a cheque or an online credit with which to open your new account. Your new account provider should be able to advise if you need help. If you want to switch an ISA, never close the account. Tell your new provider that you want to make the transfer and they should take care of the paperwork. Closing the account would sacrifice that year’s tax privileges.

Most savings accounts can be operated on a joint basis.

AER is the Annual Equivalent Rate, which shows you how much interest you earn on your savings.

Simple interest is when the interest is calculated based on the original deposit, while compound means the interest is paid on the original sum plus any interest previously paid on the sum.

You can compare savings accounts using a number of factors. These include the interest rates they offer as well as how long the rate will last, the amount you might need to deposit in order to open the account, and how you can access the account. Once you’ve decided which account you want, simply click through and you’ll be taken to the provider’s website.

Not sure what type of account to go for? Our Savings Decision Tree can help you decide.

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