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This does not constitute advice and advice should be sought in all instances before acting on it.
Creating a solid savings plan and continuing to contribute as much as feasibly possible over the course of your life is one of the smartest financial decisions you can make. But there are so many different options, it makes it hard to choose the right savings account that will help you reach your savings goals. We’ve compiled the top rates across the various account types to help you find one that works for you.
Remember to conduct your own research into the suggested accounts because they all come with different terms and conditions that could affect your final decision. Here are five great accounts that will help you save:
- Online accounts/easy access
Rates for these types of accounts vary based on your tax bracket and are divided into bonus accounts (which pay a bonus for the first year or more and are included in the rate) and accounts without bonuses.
- Best Bonus Account – Coventry BS Limited Access Saver
- 0% tax- 1.4%
- 20% tax- 1.12%
- 40% tax- 0.84%
- Best Non-Bonus Account – AA Member Saver Issue
- 0% tax- 1.37%
- 20% tax- 1.10%
- 40% tax- 0.82%
2. Branch based/instant access
These accounts are also split between bonus and non-bonus accounts and will also differ based on your tax bracket.
- Best Bonus Account – Post Office Instant Saver Issue 11
- 0% tax- 0.75%
- 20% tax- 0.60%
- 40% tax- 0.45%
- Best Non-Bonus Account – Newbury BS Welcome to Newbury
- 0% tax- 1.5%
- 20% tax- 1.2%
- 40% tax- 0.90%
3. Cash ISAs
Also split between bonus and non-bonus accounts.
- Best Bonus Account – Tesco Bank Instant Access Cash ISA
- Tax free rate – 1.23%
- Best Non-Bonus Account – Virgin Money Double Take E ISA 1
- Tax free rate – 1.35%
4. Offshore
These accounts require a minimum deposit and may or may not include bonuses. They also differ based on tax brackets.
- Skipton National Investor
- 0% tax- 1.0%
- 20% tax- 0.80%
- 40% tax- 0.60%
5. Junior Cash ISAs
These accounts boast some of the best rates for savers under 18.
- Coventry BS
- 3.60%
If you need help narrowing down the vast amount of options, we’re here to help! Get in touch with us today so you can start saving toward your future.