How do we rate savings accounts?
With such a large number of savings accounts available in the UK now, we explain how we decide our top picks.
Updated
What factors do we take into account to compare savings accounts?
To come up with our expert summaries and top picks, we assess savings account providers across several key areas:
- Range of savings accounts on offer. We take a look at what type of savings accounts providers are offering in comparison to their peers and if they operate a full range, which includes instant access savings accounts, fixed term savings accounts, and more specialist accounts such as children’s savings options.
- Ease of account opening and management. Some providers ask you to open a savings account in-branch or by post, while others will let you apply online. Once the account is open we also assess how easy it is to manage – so whether you can quickly check your balance or add more money to the account through online banking or a mobile app.
- Customer service. This is also measured in relation to similar accounts on the market. We base this on our own experts’ use of the product, user feedback, press reports, customer reviews and forum discussions.
- Penalties and fees. While savings accounts don’t usually come with a monthly fee, some do have fees if your balance drops below a certain point, or they may charge a penalty if you withdraw money before your agreed fixed term ends or without giving enough days’ notice. While these penalties are part of the account conditions that savers sign up to, we look at how the size of these penalties compares to similar accounts.
- Interest rates. This is one of the most important factors that customers bear in mind when choosing a savings account, particularly if they want to grow their money as well as set it aside. Some providers offer a large number of different savings accounts with interest rates that may change at any given point. We take an overview of how a provider compares against its counterparts in the market, and whether it usually offers inflation-beating rates. (And remember, the tables on our savings account review pages are updated daily, so you’ll always be able to see the current interest rates available.)
More guides on Finder
-
Business bank accounts for non-UK residents
We’ve put together some tips and information on how to open a business bank account in the UK as a non-resident.
-
Revolut Plus review
Revolut Plus is the latest current account to be offered by digital banking brand Revolut – we take a look at its features and fees.
-
Bank accounts for charities
Opening a bank account is one of the very first things you need to do when setting up a charity. Here we look at how to go about finding the right account, from comparing different options to saving on fees.
-
Types of bank accounts
Should you get a current account, a savings account, or both? What about joint accounts and premium accounts? Banking can be messy if you don’t know the jargon. This guide looks at the main types of bank accounts and what services they offer to help you figure out what you need exactly.
-
Online business accounts
Opening a business bank account can seem like a stressful process, but in fact there are now a number of banks and providers that will let you do it quickly and easily online. Here’s where to look and what to expect.
-
Premium bank accounts
Premium bank accounts offer additional perks for people who hold significant sums with the bank providing them, and can be good value for money. We take a look at how they work, what features they offer and what the eligibility criteria can look like.
-
Compare the best equity release rates
If you’ve decided to release some of the equity in your home, we explain how to find the best providers and rates.
-
Best bank accounts
Discover how to find the best bank account for your needs.
-
How does life insurance work?
Find out how life insurance works and what policy is right for you.
-
How to set up a business bank account
Need a bank account for your business but unsure of where to start? This guide covers all the basics, from why it’s a good idea to open one to the documents you will need.
Ask an Expert