Investment ISAs put your capital at risk, and you may get back less than you originally invested.

All Savings Accounts

Yorkshire Bank Cash ISA Fixed Rate Bond (Issue 42)

Account type
Cash ISA
Deposit
Min £2k, Max £20k
Interest rate
1.5% AER fixed until 31 Jul 2020

Fixed Rate of 1.5% tax-free p.a./AERMinimum deposit £2,000. Withdrawal before maturity date incurs a charge. Interest is calculated daily and credited to the account annually and at maturity on Issue 42.

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Leeds Building Society 2 Year Fixed Rate ISA Issue 93

Account type
Cash ISA
Deposit
Min £100, Max £20k
Interest rate
1.50% AER fixed until 30 Sep 2019

Interest paid: annually on 1 December (commencing 1 December 2018) and on maturity (1 December 2019). Minimum operating balance £100. Maximum balance: The maximum you can deposit in the 2017/18 tax year is £20,000 (less any amount invested in a Stocks and Shares ISA and/or an Innovative Finance ISA and/or Lifetime ISA in the same tax year). Withdrawals: withdrawals/transfers of your capital investment prior to maturity (1 December 2019) are permitted, although they will be subject to 150 days' loss of interest or an equivalent amount on the amount withdrawn/transferred. Rates: fixed for a two year period. Further deposits: not permitted in future tax years.

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Ulster Bank eSavings

Account type
Easy access
Deposit
£1
Interest rate
1.25% AER variable

You'll earn 1.25% AER/Gross p.a. (variable) Instant access once you've set up internet and telephone banking and have a card and card reader. Manage your account online, by telephone banking or via Ulster Bank's mobile app. It only takes a few minutes to apply. You'll need to be 18 or over and a UK resident. Daily withdrawal limits apply (see section 5 below).

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AA Easy Saver Issue 4

Account type
Easy access
Deposit
Min £100, Max £2m
Interest rate
1.01% AER variable inc. 0.81% fixed bonus for 12 months

All deposits must come from your linked bank account. Minimum balance of £100 required to remain open. Any withdrawals taking this below £100, the account must be closed. All withdrawals will be sent to your linked bank account. Free withdrawals with no penalties or notice periods online (Up to £50,000 per day over the phone).

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What type of savings account do I need? 

There are many things to take into consideration when it comes to choosing a savings account. As the market is flooded with different types of accounts, you need to think about how much access you need to your money, whether or not you’re prepared to lock it away, and if you want to avoid paying tax on the interest. 

Instant access savings accounts are a good starting point for new savers. They allow you to withdraw your money quickly and easily so it can be dipped into in case of emergency. 

Another type of account that lets you retain access to your money is a Cash ISA. The added benefit to this is that you can earn tax-free interest up to the limit set by the government each year.

If you are comfortable to give advance notice before withdrawing your money, a notice savings account may be a good option. They usually have a higher rate of interest but you will need to give 30, 60 or 90 days’ notice before being able to touch your savings.

For those who are happy to lock your cash away for a period of time, fixed-rate bonds often come with higher interest rates than other types of savings accounts. Generally, the longer you’re prepared to leave your money untouched, the higher your return will be.

FAQs about savings accounts

How much money will I need to deposit to open a savings account?

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Will I be charged for taking money out of a savings account?

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Which type of savings account will give me the highest instant rate?

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Can I have more than one savings account?

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Can I have a savings account if I don’t want to tie my money up?

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When will interest be paid?

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Do I need to hold a current account with the same provider before I can open a savings account?

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Can I open a savings account if I have bad credit?

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What will happen to my money if the bank goes bust?

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