{"id":472930,"date":"2023-01-09T14:34:02","date_gmt":"2023-01-09T14:34:02","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=472930"},"modified":"2026-02-11T03:12:47","modified_gmt":"2026-02-11T03:12:47","slug":"how-to-open-a-new-savings-account","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/savings-accounts\/how-to-open-a-new-savings-account","title":{"rendered":"How to open a new savings account"},"content":{"rendered":"<p>If you\u2019ve got some spare cash you want to tuck away into a savings account, here\u2019s everything you need to know about opening an account.<\/p><div class=\"keyTakeaways\">\n  <div class=\"keyTakeaways__header\">\n          <svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"32\" height=\"21\" viewbox=\"0 0 314.16 201.03\" fill=\"none\">\n  <path d=\"M212.32,190.62c-19.66,0-38.8-6.44-54.42-18.24-15.63,11.79-34.77,18.24-54.42,18.24-49.84,0-90.39-40.55-90.39-90.39V9.83h199.24c49.84,0,90.39,40.55,90.39,90.39s-40.55,90.39-90.39,90.39Z\" fill=\"white\"><\/path>\n  <path d=\"M212.32,15.9c46.57,0,84.33,37.75,84.33,84.33h0c0,46.57-37.75,84.33-84.33,84.33h0c-20.75,0-39.74-7.51-54.42-19.94-14.69,12.43-33.68,19.94-54.42,19.94h0c-46.57,0-84.33-37.75-84.33-84.33V15.9h193.18M212.32,3.76H7.01v96.46c0,53.19,43.27,96.46,96.46,96.46,19.47,0,38.46-5.92,54.43-16.84,15.96,10.91,34.95,16.84,54.42,16.84,53.19,0,96.46-43.27,96.46-96.46S265.51,3.76,212.32,3.76h0Z\" fill=\"#232320\"><\/path>\n  <path d=\"M216.34,90.21c.19-1.69,1.76-2.87,3.43-2.6,11.91,1.94,22.41-7.31,20.93-20.1-.45-3.93-2.28-6.56-4.43-9.31-1.05-1.35-.74-3.34.71-4.26,15.6-9.82,31.64-1.91,40.78,13.29,11.21,18.64,11.54,47.15.53,65.94-15.41,26.3-42.91,23.48-56.04-3.04-6.09-12.29-7.47-26.4-5.92-39.93Z\" fill=\"#232320\"><\/path>\n  <path d=\"M105.92,90.21c.19-1.69,1.76-2.87,3.43-2.6,11.91,1.94,22.41-7.31,20.93-20.1-.45-3.93-2.28-6.56-4.43-9.31-1.05-1.35-.74-3.34.71-4.26,15.6-9.82,31.64-1.91,40.78,13.29,11.21,18.64,11.54,47.15.53,65.94-15.41,26.3-42.91,23.48-56.04-3.04-6.09-12.29-7.47-26.4-5.92-39.93Z\" fill=\"#232320\"><\/path>\n<\/svg>        <h3 data-toc=\"false\">Key takeaways<\/h3>\n  <\/div>\n\n    <ul>\n          <li>There are lots of different types of savings accounts, so make sure you open the right one for you.<\/li>\n          <li>ISAs are a tax-free savings account, which means you get to keep all of your interest.<\/li>\n          <li>You can compare all the different types of <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/\">savings account options in our guide<\/a>.<\/li>\n      <\/ul>\n\n  \n  <\/div>\n<h3>What type of account do you want to open?<\/h3><p>Before opening a savings account, it\u2019s crucial to consider what type of account you want to open. There are several types of accounts to choose from and they all work slightly differently, so it\u2019s important to think about what is best for you. Below is a quick outline of the different types of savings accounts:<\/p><ul><li><strong><a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/easy-access-savings\">Easy access savings accounts.<\/a><\/strong> Allows you to top up your funds and access them whenever you need to. You\u2019ll also receive interest on your balance.<\/li><li><strong><a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/fixed-rate-bonds\">Fixed rate bonds.<\/a><\/strong> You\u2019ll need to lock away your funds for a set term of between 6 months and 5 years. In return, you\u2019ll earn a higher rate of interest. You can\u2019t usually top up your savings during the term, so bonds are best suited for those with a lump sum to invest.<\/li><li><strong><a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/notice-savings-accounts\">Notice accounts.<\/a><\/strong> You can access your money provided you give a certain number of days\u2019 notice. The amount of notice required will depend on the account. You will usually earn a better rate of interest compared to an easy access account.<\/li><li><strong><a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/best-regular-savings-accounts\">Regular savings accounts.<\/a><\/strong> You will be required to pay in a set amount each month, typically for 12 months. You usually won\u2019t be able to access your money during this time, but this varies depending on the account.<\/li><li><strong><a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/cash-isas\">Cash ISAs.<\/a><\/strong> You won\u2019t pay any tax on the interest you earn in this account. You can typically choose from easy access and fixed rate cash ISAs.<\/li><\/ul>\n    <div id=\"signpost\" class=\"u-rounded--lg has-padding-small has-margin-top-small has-margin-bottom-small u-bg--lime-500\">\n<div class=\"u-grid u-grid--alignMiddle\">\n<div class=\"u-grid__col u-1\/4@s u-1\/5@m text-center has-margin-top-xxsmall has-margin-bottom-xxsmall\">\n<img decoding=\"async\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/apps.png\" alt=\"Savings apps\" style=\"width: 100%; max-width: 320px;\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/apps.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/apps.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/apps.png?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/apps.png?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/apps.png?fit=960 960w\" sizes=\"(max-width: 960px) 100vw, 960px\" loading=\"lazy\">\n<\/div>\n<div class=\"u-grid__col u-3\/4@s u-4\/5@l\">\n<div class=\"u-grid u-grid--alignMiddle\">\n<div class=\"u-grid__col u-3\/4@l has-margin-top-xxsmall has-margin-bottom-xxsmall\">\n<div class=\"u-italic has-margin-bottom-xxsmall\" style=\"font-size:1.2em; line-height: 1.2; letter-spacing: -0.2px;\">Save smarter with a high-interest saving app<\/div>\n<p style=\"font-size: 16px; line-height: 22px;\">Open an account in less than 5 minutes, then track it from your phone. Plus explore a range of features like round-ups, auto-saving, pots, goals and more.<\/p><\/div> \n<div class=\"u-grid__col u-1\/4@l has-margin-top-xxsmall has-margin-bottom-xxsmall\">\n<a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/best-mobile-savings-apps\" class=\"luna-button luna-button--fluid luna-button--primary\">Explore apps<\/a>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n<h3>How to open a savings account<\/h3><p>You can usually open a savings account in branch, online, via post, over the phone or by using the provider\u2019s app. Exactly where you can open your chosen account will depend on the savings provider and the type of account. When comparing accounts, it\u2019s important to check this. After all, there\u2019s no point picking an account only to discover it must be opened in branch and there are no branches in your area. There are also <a href=\"https:\/\/www.finder.com\/uk\/digital-banking\/best-savings-apps\">app-only savings accounts<\/a> that can only be opened and managed via the app.<\/p><p>In most cases, you\u2019ll be required to fill in a short application form. This might be online or you might be required to send it by post. Alternatively, someone might be able to help you fill it in over the phone or in branch. You will usually be required to provide your full name, date of birth, address history and contact number. <\/p><h3>Which documents are required?<\/h3><p>As well as providing personal details, you will usually be required to provide proof of ID and proof of address, unless you\u2019re already a customer with that particular bank\/building society.<\/p><p>For proof of ID, you will usually be asked to provide a valid UK passport or driving licence. For proof of address, you will usually need to provide a utility bill, council tax bill, bank statement or mortgage statement. If you\u2019re applying online, some accounts will accept your documents electronically. Otherwise, you might have to pop into your local branch with them.<\/p><h3>How to open a joint savings account<\/h3><p>Joint savings accounts can be opened in much the same way as individual savings accounts, but you will usually need to provide proof of ID and address for both of you. <\/p><p>Note that not all savings accounts can be opened on a joint basis. But if you are planning to open one, it\u2019s important to be sure you completely trust your partner. That\u2019s because both of you will be able to access the funds in the account. If you\u2019re concerned about this, some accounts will let you set them up so that you both need to authorise any transactions, which means both of you will need to agree before any withdrawals can be made. Learn more and <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/best-joint-savings-accounts\">compare joint savings accounts here<\/a>.<\/p><div class=\"newsletter-wrapper\"><\/div>\n<div class=\"newsletter-signup sticky-mode theme-green\" data-accountcreateflow=\"newsletter\" data-displaydelay=\"0\" data-showformembers=\"1\">\n    <div class=\"signup-grid\">\n                                <div class=\"signup-image\">\n                <img decoding=\"async\" src=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png\" alt=\"newsletter-image\" class=\"signup-image-img\" srcset=\"https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=180 180w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=360 360w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=600 600w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=900 900w, https:\/\/www.finder.com\/finder-us\/wp-uploads\/sites\/3\/2024\/08\/george4.png?fit=1200 1200w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" loading=\"lazy\">\n            <\/div>\n                        <div class=\"signup-content\">\n                <div class=\"signup-content-left\">\n                    <h2 class=\"signup-header\">Be first to know about new deals<\/h2>\n                                        <p class=\"signup-text\">Sign up to receive the latest deals, tips and a chance to <strong>win \u00a3400!<\/strong> (T&amp;Cs)\n                                            <\/p>\n                                    <\/div>\n                <div class=\"signup-content-right\">\n                    <div class=\"form\">\n                        <div class=\"email-group \">\n                            <label for=\"email-default\" class=\"sr-only\">Email address:<\/label>\n                            <input class=\"email-input\" id=\"email-default\" type=\"email\" placeholder=\"Enter your email\" name=\"email\" data-prefill=\"me.notes.createAccountEmail\">\n                            <button class=\"email-btn\">\n                                <span class=\"btn-text\">Sign up<\/span>\n                                <span class=\"loading-spinner\"><\/span>\n                            <\/button>\n                        <\/div>\n                        <p class=\"error-msg\"><span class=\"error-msg-text\">Error placeholder<\/span> <span class=\"error-msg-sign-in\"> Click <a class=\"error-msg-sign-in-link\" href=\"https:\/\/www.finder.com\/uk\/user-profile\/sign-in?returnTo=https%3A%2F%2Fwww.finder.com%2Fuk%2Fuk%2Fwp-json%2Fwp%2Fv2%2Fposts%2F472930\">here<\/a> to sign in<\/span><\/p>\n                    <\/div>\n                    <div class=\"links\">\n                                                    <a href=\"https:\/\/finder.com\/uk\/about-us\/competition-winners\">Winners<\/a> |                                                    <a href=\"https:\/\/www.finder.com\/uk\/about-us\/example-email#savings\">Emails<\/a> |                                                    <a href=\"https:\/\/www.finder.com\/uk\/communication-preferences\">Unsubscribe<\/a> |                                                    <a href=\"https:\/\/www.finder.com\/uk\/privacy-policy\">Privacy<\/a>                                             <\/div>\n                <\/div>\n            <\/div>\n                <div class=\"hide-btn\">\n            Hide\n            <svg class=\"luna-icon luna-icon--xsmall has-margin-top-xxsmall\">\n                <use xlink:href=\"#chevron-down\"><\/use>\n            <\/svg>\n        <\/div>\n    <\/div>\n<\/div>\n\n<h3>Pros and cons of opening a savings account<\/h3><div class=\"fin-pros-cons\">\n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Pros<\/h4>\n            <ul class=\"icon-list icon-list--check-circle\">\n                                    <li>Interest helps your savings grow<\/li>\n                                    <li>Range of accounts to suit different requirements<\/li>\n                                    <li>Many savings accounts can be opened with as little as \u00a31<\/li>\n                            <\/ul>\n        <\/div>\n    \n            <div class=\"fin-pros-cons__section\">\n            <h4 class=\"fin-pros-cons__heading\">Cons<\/h4>\n            <ul class=\"icon-list icon-list--x-circle\">\n                                    <li>The best interest rates usually apply to accounts that require you to tie up your money<\/li>\n                                    <li>Some accounts have variable interest rates, meaning your rate can go up or down<\/li>\n                                    <li>You may need to meet certain eligibility criteria to open one<\/li>\n                            <\/ul>\n        <\/div>\n    <\/div>\n<h3>Bottom line<\/h3><p>Opening a savings account is usually pretty straightforward. You can use a savings account to put money aside for emergency expenses, to save for the future or for a particular purchase such as a new car or holiday. Just be sure to research your options carefully so that you choose the right type of savings account for you. You can <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\">compare a range of savings accounts here<\/a>.<\/p><h3>Frequently asked questions<\/h3><ul class=\"luna-accordionGroup accordionGroup\">\n\t<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000000\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000000\">\n                <span class=\"luna-accordion__title\">Is my money safe in a savings account?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000000\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Yes, as long as the bank or building society you're considering is authorised by the Financial Conduct Authority (FCA) or the Prudential Regulation Authority (PRA), it must protect customer deposits under the <a href=\"https:\/\/www.finder.com\/uk\/banking\/what-is-the-fscs\">Financial Services Compensation Scheme<\/a> (FSCS).<\/p><p>This means that up to \u00a3120,000 per person, per banking institution, will be covered in the event the bank went bust. <\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000001\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000001\">\n                <span class=\"luna-accordion__title\">How much money do I need to open a savings account?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000001\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Many savings accounts (particularly easy access accounts) can be opened with as little as \u00a31. However, some accounts will require a larger deposit, potentially a few hundred or a few thousand pounds, so make sure you check first.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000002\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000002\">\n                <span class=\"luna-accordion__title\">Do I pay tax on my savings interest?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000002\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>Thanks to the personal savings allowance, basic rate taxpayers can earn up to \u00a31,000 in savings interest without paying tax, while higher rate taxpayers can earn up to \u00a3500. Additional rate taxpayers do not receive a personal savings allowance. <\/p><p>Note that interest on cash in an ISA is completely tax-free. Learn more about <a href=\"https:\/\/www.finder.com\/uk\/savings-accounts\/tax-savings-account\">paying tax on interest from a savings account here<\/a>.<\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n<li class=\"luna-accordion\" data-accordion=\"accordion\">\n    <div class=\"luna-accordion__summary\">\n        <h4 class=\"luna-accordion__heading\">\n            <button class=\"luna-accordion__action collapsed\" aria-expanded=\"false\" aria-controls=\"faq-builder-0000000003\" data-toggle=\"collapse\" data-target=\"#faq-builder-0000000003\">\n                <span class=\"luna-accordion__title\">How many savings accounts can I have?<\/span>\n                <svg class=\"luna-icon\" aria-hidden=\"true\">\n                    <use xlink:href=\"#chevron-down\" data-accordion-icon=\"show\"><\/use>\n                    <use xlink:href=\"#chevron-up\" data-accordion-icon=\"hide\" class=\"is-hidden\"><\/use>\n                <\/svg>\n            <\/button>\n        <\/h4>\n    <\/div>\n    <div class=\"luna-accordion__details collapse\" aria-hidden=\"true\" id=\"faq-builder-0000000003\" data-accordion=\"details\">\n        <div class=\"accordionContent\">\n            <div>\n                <p>You can open as many savings accounts as you like, meaning you can have different accounts for different purposes. <\/p>\n            <\/div>\n        <\/div>\n    <\/div>\n<\/li>\n\n<\/ul>\n<article class=\"luna-card luna-card--alt\"><div class=\"luna-card__block has-padding-small\">We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms \"best\", \"top\", \"cheap\" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our <a href=\"https:\/\/www.finder.com\/uk\/terms-of-use\" class=\"fin-text-navy\">terms of use<\/a>. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.<\/div><\/article>","protected":false},"excerpt":{"rendered":"<p>Learn more about opening a savings account with our guide.<\/p>\n","protected":false},"author":1047,"featured_media":472935,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_cover_media_provider":"image","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_cover_video_id":0,"apple_news_cover_video_url":"","apple_news_cover_embedwebvideo_url":"","apple_news_is_hidden":"","apple_news_is_paid":"","apple_news_is_preview":"","apple_news_is_sponsored":"","apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[1181],"tags":[],"asset_tag":[],"class_list":["post-472930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-savings-accounts"],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - 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