When trying to save it is important to first find the right savings account for your needs, there are many ways to make saving simple.

There are many options for savings accounts, below you can find out how each type can help you save.

Easy Access

You will be able to draw your money out whenever you like, this type of account allows you the freedom to know your money Is there whenever you need it.

Close Brothers

  • 12% rate, this is a variable rate so the provider can change this but will give you
  • You can claim interest annually
  • A Minimum deposit of £10,000 and a maximum of £2m

Virgin Money

  • 11% rate
  • A maximum of 3 withdrawals a year before financial fees.
  • You are able to claim interest monthly or annually
  • There is a maximum deposit of £250,000 and a minimum of £1

Fixed term

You will decide a term length, either 2 or more years and you will not be able to withdraw your money until the term is over. This is a great option if you are saving for something big and know when you will need the money. A fixed term account also means you will not be able to give in to temptation and spend any of this money.

Barclays

  • 65% rate
  • A one year fixed rate
  • Available from a minimum of £500

Smartsave bank

  • One year fixed term deal at 5.28%
  • Requires a minimum deposit of £10,000 with the ability to save £85,000
  • Open the account online and make deposits within the first 14 days
  • Interest is claimed at maturity.

Notice accounts

You will have access to you money but only when you give a notice to the provider of when you will need the money. You will need to prepare in advance and tell them in 6 months you will need to withdraw X amount of money from your account. This is a great option if you want to keep your money from being spent regularly and if you know when you will need money.

The West Brom

  • A variable interest rate of 5.25% rate
  • 60 day notice period
  • Make deposits at any time
  • Claim interest annually or monthly

Regular Savings accounts

Setting up a regular saving account means you could earn a higher interest rate however you may need to set up a current account with the provider before you are able to have a savings account. Regular savings account often have a maximum monthly deposit meaning you can only put small amount in at a time. These are a great way to save smaller amounts and will work well if you are just starting your savings journey. This is also a good option if you are thinking of setting up a junior account for your child.

First Direct

  • 7% fixed for one year
  • £300 maximum monthly deposit
  • If you save £300 every month for 12 months and qualify for the 7.00% AER/Gross p.a. interest rate, you'll earn approximately £136.50 interest (gross).
  • Only available if you already have a fixed Direct account