Where could I save my money? | NatWest

 

 

 

Where could I save my money?

Gone are the days of stashing cash under your mattress - today, there are lots of effective ways to save your money and get into good habits. Better still, with the arrival of the Personal Savings Allowance in April 2016, you may be entitled to tax-free interest.

Savings accounts

Instant Access savings accounts let you save as much or as little as you want, can pay interest on your savings, and still gives you quick access to money if you need it.

 

Our Savings Builder rewards you with bonus interest when you grow your savings by at least £100 a month. You must be 16 or over to open a Savings Builder and you can hold a maximum of 2 Savings Builder accounts - one in your sole name, and one in joint names with another person.

 

Compare savings accounts

ISAs

An ISA (Individual Savings Account) lets you save money without paying any tax on the interest you earn - provided you don't go over the annual ISA allowance. 

 

To open an ISA you must be aged 16 or over, be a UK resident for tax purposes and have not subscribed to another cash ISA in the same tax year.

 

As of April 2017 you're able to save up to £20,000 tax free.  Of this allowance, you can either opt to use all of it in one ISA, or split it amongst two or three types. If you're married, you can each have your own ISA and will both receive the full yearly allowance.

 

There are different types of ISAs to choose from, so have a read of our ISA guide for more information:

Explore the ISA guide

Fixed Term Savings Account

A Fixed Term savings account can offer certainty of return for a fixed time period, which can mean you know what you’re getting whatever happens to interest rates elsewhere. The longer the term you choose, the higher the interest will be.

 

However, although you might know in advance what you could be earning on interest, anything you do save is tied up for the duration of your agreed set term, which can be 1 or 2 years. So it's best to make sure you're happy to keep that money in the account for the time frame.

 

Usually you can't take any money out during a fixed term, and if you close the account early you might get a charge - so make sure you're clear on the terms and conditions before you apply.

Learn more about Fixed Term savings accounts

 

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