Here is some guidance and considerations to help you consider and evaluate your different savings options considering your personal circumstances:
Interest rates-Some accounts offer higher interest rates at first which can then drop these are called variable interest rates.
Tax-There are accounts with tax free incentives to save currently called Individual Savings Accounts (ISAs).
Notice periods-Some savings accounts require a notice period typically 30-90 days before withdrawal.
Time period-With certain accounts you have to store your savings for a certain period of time to access higher interest rates.
How interest is paid- Interest might be paid annually or monthly.
Minimum Deposits- Your account may have certain deposit conditions for example a minimum amount or minimum number of deposits.
Additional bonuses- For example some accounts offer bonuses for every month you don’t withdraw money. Check the conditions of these in terms of when/if the bonus period ends.
You can find out more information here:
https://themoneycharity.org.uk/advice-information/tips-choosing-savings-account/
