Saving accounts may not sound like the sexiest thing, but trust me, they can be a game-changer! With the UK inflation rate hitting 3% last year (and possibly even higher in reality), having a savings account with 0 interest means losing 3% of your savings’ value. Don’t let that happen to you!

We’ve compared the interest rates of a few high street and challenger bank instant cash savings accounts for you. (All with free accounts, no upgrades needed, and rates updated as of May 12th, 2023).

What’s AER? An article from Halifax: (https://www.halifax.co.uk/savings/help-guidance/saving-explained/whats-aer.html)
Sophia’s tip: When switching to a new bank, it can be scary to move your money around. This is how I usually do it:
- 1. Research whether your current bank has FSCS protection. If they do, you are covered for up to £85,000 per eligible person, per bank, building society, or credit union. You can read more about FSCS here: https://www.fscs.org.uk/what-we-cover/
- 2. Compare your current bank’s interest rate with other banks to see if you can get a better rate. Look for banks that also offer FSCS protection.
- 3. Research your ideal bank to see if they offer FSCS protection and what their interest rates are.
- 4. Start by moving a small amount of money to your new account to test the waters. Once you see the interest money going back into your account, gradually move more of your money over.
- 5. Enjoy the excitement of seeing your interest money adding back to your account at the end of each month!
What’s your favourite savings account?
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