What is a high interest savings account?
A high-interest savings account makes your money work harder and pays a higher return than a standard savings account. Here’s how to compare accounts and make the most of your money.
Savings - Guide Index
Our guides to savings
Saving makes sense. Whether you salt away a lump sum, put aside something each month, or simply add to your reserves when you have cash to spare, it’s a key part of managing your family finances. Clearly, it makes sense to choose the best home for your money, so check out our guides on the range of accounts at your disposal
Our top 4 guides and articles
Our guide to saving a lump sum
Investing a lump sum wisely can make a big difference to your future finances and where you put it can have a direct impact on its value.
Savings Interest Calculator
Our helpful savings calculator will show you how much interest you could accrue on your lump sum or monthly savings, and how long it might take to save towards a specific financial goal
What is a cash ISA?
Cash ISAs are a tax-free way of saving and you can open as many as you like. Here we look at how cash ISAs work, their pros and cons and how to find one that works for you.
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News & Guides
- How to choose the best savings account for your child Opening a savings account can be a great way to get kids into the habit of putting money away. There’s a huge range of accounts to choose from, here we look at how they work to help you decide which is best.
- Savings bonds: A complete guide Saving bonds pay you interest, simply for putting your money away for a set period of time. They allow you to passively boost your income, and some are even tax free. Here’s everything you need to know.
- Savings Protection You’ve worked hard to earn your money, so you want to be certain it'll be safe wherever you choose to put it
- What are challenger banks?
- Everything you need to know about National Savings & Investments (NS&I) National Savings & Investments (NS&I) is backed by the UK government and offers competitive interest rates. It has a range of products – from premium bonds to fixed rate accounts – which we take a look at here.
- Offshore savings accounts explained Offshore accounts aren’t just for the very wealthy. They’re ideal if you want to save in different currencies. Our guide explains all you need to know about offshore accounts and international banking.
- Lifetime ISAs Lifetime ISAs are tax-efficient long-term savings accounts that come with a government bonus. Read our guide to find out how to choose the best lifetime ISA for your savings goal
- What is an ISA, and how do they work? ISAs allow you to save without paying tax – up to an annual limit – and there are lots of accounts to choose from. From fixed rate accounts to easy access, here we look at the different types of ISA and explain the key things you need to know.
- All you need to know about switching your ISA funds Transferring an ISA isn’t complicated, but you do have to take the correct steps to avoid losing the tax free benefit
- What are UK gilts and how can I buy them? Our guide explains what a gilt is, how they work, and the ways you can buy them. Learn about interest, yields, and how to take advantage of government-backed investing.
- What is the Universal Credit savings limit? If you’re in receipt of Universal Credit, you’ll also want to know how much you can save before it affects your payments. Our guide explains
- What’s the best way to save for my child? Explore practical ways to save for your child, comparing accounts, Junior ISAs, and other tax-efficient options. Saving for your children early can give them a valuable financial head start in life. Whether it’s helping with education, their first home, or unexpected costs, building savings over time means you can support their future without sudden financial strain.
- Who owns who? UK banking groups and building societies
- Notice Savings Accounts Looking for a high paying savings account but don’t need immediate access to your money? A notice account might suit you. Find out more...
- Saving for Retirement Pensions, investments or savings could all have a role to play as you prepare your finances for the future
- Everything you need to know about NS&I’s green savings bonds If investing your money in projects that benefit the environment is a top priority for you, NS&I’s green savings bonds could be an option.
- What is the personal savings allowance? The personal savings allowance (PSA) allows most savers to earn up to £1,000 in interest through their savings account without paying any tax. Here’s how it works...
- How do regular savings accounts work? A regular savings account is a great way to start a savings habit, as you can put small amounts away each month and in return earn a competitive rate of interest.
- Should I have a savings account or pension? The earlier you start planning for your retirement, the more money you can save. Pensions come with generous tax breaks but they’re not as flexible as savings accounts. Here we look at which might be best for your nest egg.
- Dormant bank accounts: A complete guide Billions of pounds lies in dormant bank and savings accounts which have been lost or forgotten about, but it’s free and easy to locate this money and claim it back. Here we explain how you can recover a dormant account in just a few steps.
- What savings accounts should I have? From easy access accounts where you can take your money out at any point to fixed rate savings accounts where your cash is locked away, there are lots of savings accounts to choose from. Here we look at how to pick the right account for your savings goals.
- Saving bonds for children Children’s Bonds were part of a government savings scheme to help save for your child’s future. They are no longer on sale, but if you had one of these accounts, you can ask NS&I for the money back.
- How do joint savings accounts work? You may be thinking about combining your savings with a partner, friend, or family member. Here we look at how joint savings accounts work, what the benefits are, and how to maximise the interest you can earn.
- How changing interest rates affect your savings Interest rates affect what you can earn on your savings accounts – and it could be good news when they are on the rise. Our guide explains more about how they work
- Help to Buy ISA If you have a Help to Buy ISA it can be a great way to save up a deposit. But how is the bonus paid and when can you use the money?