With so many different types of savings accounts, it’s difficult to know the right account for you.
This will depend on your individual needs and requirements, including how frequently you can put money away and whether you are likely to want access to your savings.
Here’s a quick explanation of the main types of savings accounts we provide:
A Cash ISA is simply a savings accounts where you don’t pay tax on your interest. Anyone over the age of 16 can put up to a maximum of £20,000 into a Cash ISA during the tax year which starts in April (allowance set for 2018/19).
So if you’re looking to house your cash, then a Cash ISA is often the first place to deposit your savings as your interest won’t get taxed.
However it’s worth noting that while your interest is tax-free the rate you get on ISAs might not always be the best on the market, you might get better rates on regular savings accounts.
Take a look at our range of ISA accounts
Instant access savings accounts
As the title would suggest, instant access savings accounts allow you to withdraw your money quickly and easily. You can put money into these accounts when you please, and similarly you can take you money out whenever you choose. So if you think you may need to withdraw some of your savings then an instant access savings account is ideal.
Find out more about our instant access savings accounts.
Limited access or notice savings accounts
Instead of having instant access to your savings, with limited access accounts you usually have a set number of withdrawals a year and have to give us notice before withdrawal.
This can be 30, 60 or 90 days notice, so these accounts are ideal if you can plan when you will need your money If you do make an emergency withdrawal from a notice savings account, you’re likely to lose some interest.
Find out more about our limited access savings accounts
Fixed rate savings accounts
If you can afford to lock your cash away for a set period of time then a fixed-rate savings account can offer you better return on your money. Fixed-rate accounts will often pay higher interest rates, increasing the longer the term. The interest rate is fixed at the time you open your account, so you have a guaranteed return. But you can’t usually access your cash during this time, and if you do the penalties can be high.
Note: There’s no guarantee that the current difference between our fixed-rates and general rates will continue. General interest rates may fall below or rise above the fixed-rate.
Learn more about our fixed rate savings accounts
Regular savings accounts
This savings account is for those who can regularly put away cash on a monthly basis. The maximum amount you can save each month varies from £100 to £500 and withdrawals may be limited, but as a result regular savings accounts may provide higher interest rates.
While regular savings accounts may offer impressive rates, it’s important to remember that because your money will be building up gradually, your overall return might be more modest. This means that if you have a large amount of money to put away a regular savings account might not be the best choice for you.
Learn more about our regular savings accounts
Children’s savings accounts
Children’s savings accounts are a great way of encouraging young ones to save from an early age or for parents, grandparents, guardians or friends to save for their future. With our Robin Hood Young Saver account, children can get a series of moneyboxes as they save more, as well as a goodie bag full of items to help them track their savings.
Find out more about our children's savings accounts