Understanding savings

• If you need to get hold of your money quickly, then an instant or easy access account may be the one to choose. Easy access accounts are also great for setting up a pot of money for emergencies.
• If you are prepared to invest for a fixed period without needing to access your money, you could choose a fixed term bond to receive a higher return.
• If you’re happy to give notice to withdraw your money, notice accounts generally pay higher rates of interest than an easy access account.

Remember to check whether the account you choose limits the number of withdrawals you can make.

Whether you want to manage your accounts online, in branch or by post, we have accounts to suit you

Most regular savings accounts need you to deposit money every month and have minimum and maximum deposit amounts. So it’s important that you decide how much you can afford to save every month.

We offer regular savings bonds with minimum initial deposits as little as £20, so even if you don’t have much money to spare, you can still take advantage of a great rate and get into the habit of saving regularly.

Lump sum saving

If you have a lump sum to invest, the first thing to do is make sure that you have used your annual ISA allowance. Interest on your Cash ISA is tax-free, so this is always a good place to start.

Assuming you’ve used your ISA allowance, before you decide where to invest your lump sum, think about whether:

• You want easy access to your money or can leave it alone in a longer-term investment for higher returns
• You would like your interest paid monthly or annually
• You want a fixed or variable interest rate

Regular savings

Saving regularly by setting up a monthly standing order that comes out of your bank account is often the easiest way. Alternatively, you could move over any spare money you have at the end of the month to your savings account.

Interest rates on regular savings accounts are typically higher than those on instant access or notice accounts, though you must meet all the conditions to achieve the higher interest rate.