Jasmine Birtles
Your money-making expert. Financial journalist, TV and radio personality.
Reading Time: 2 minutesMoneyMagpie editor Vicky Parry is passionate about helping readers make their money go further. That’s why she’s the perfect person to guide you through UK Savings Week, a national campaign highlighting the importance of putting money aside.Even switching an account with just £1,000 to one paying 4.3% instead of 2% adds an extra £23 a year — for doing nothing more than moving your money. You can compare Easy Access Saving Accounts here.
A friendly guide to the main types of savings, the best current deals, and what’s trending this UK Savings Week.
Saving isn’t just about building a nest egg — it protects you from life’s curveballs. An emergency fund can prevent high-interest borrowing, while long-term saving helps achieve bigger goals.
You don’t need to start big; putting away £25 a month in the right account can grow surprisingly quickly.
Types of savings accounts
- Easy-access savings: Best for emergency funds. Example: Cynergy Bank ~4.30% AER.
- Fixed-rate savings bonds: Best for locking money away. Example: Aldermore 1-year ~4.45% AER.
- Cash ISAs: Tax-free saving. Example: Santander 1-year fixed ~4.37% AER.
- Regular savings accounts: Habit-building. Example: First Direct Regular Saver ~7.00% AER (up to £300/month).
- Notice accounts: Middle ground. Example: Shawbrook 120-day notice ~4.70% AER.
- Children’s & Lifetime ISAs: Long-term goals. Example: Skipton Lifetime ISA ~3.80% AER + 25% gov bonus.
Trends shaping how we save
- The ISA rush: £103bn flowed into ISAs last year, mostly cash ISAs.
- Rate-chasing: Inflation ~3.8% drives savers to hunt for higher accounts.
- Zombie accounts: Millions leave money in accounts paying under 2%.
- Locking in now: Some fixed rates are dipping, encouraging early action.
Left-field savings options
- Premium Bonds (NS&I): No interest but chance to win; average return ~4.4%.
- Peer-to-peer lending: 5%+ returns possible, but higher risk and not FSCS protected.
- High-interest current accounts: Linked savings available with conditions.
- Stocks & Shares ISAs: Investment-based, potential growth, money at risk.
Quick tips for Savings Week
- Check if your bank pays under 2% while others pay 4%+.
- Don’t keep more than £85,000 with one bank unless FSCS protected.
- Mix it up: emergency cash in easy access, long-term money in fixed, goals in ISAs.
- Use a comparison tool to find the best account for your needs.
I have 4 children aged 15, 13, 10 and 6. I would like to set up saving accounts for them for when they need it be it leaving home or to help if they get pregnant etc I don’t want them to have access to it until then but I want to be able to put money in it when I want to and how much I want to. Can you recommend any accounts. Thank you