Saving the most money for your future
Keeping your cash savings active

Unbiased, whole-of-market cash management

How to make the most interest on your savings

Being active with your cash management is a simple, but effective way to attract the best interest rates on your savings account and to help you mitigate the effect of inflation.

By staying on top of your savings account, you will see the greatest rewards by maximising how much interest you can earn.

How much interest can you earn from a savings account?

It does depend on the type of account you choose but as a general rule, easy access accounts will pay less than fixed term accounts which do not allow access to your money until maturity And the longer the term the better the rate.

Interest rates are very low at the moment, but that doesn’t mean that you should settle for any account. Some providers are far more competitive than others, so shop around and perhaps try a provider you are less familiar with.  This includes Sharia accounts, as these providers often have the best rates on the market and apply ethical principles - so the money isn’t used to invest in businesses that engage in ‘unethical activities’ such as alcohol, tobacco, gambling or pornography.

If you leave your cash to languish in your high street bank, you could earn virtually nothing. For example, HSBC’s Flexible Saver and Lloyds Bank’s Easy Saver are both paying just 0.10% gross/AER, whereas the Marcus Online Savings Account is paying 1.35% AER. On a balance of £50,000 that is the difference of earning £50 a year (before tax) or £675.
 

Who is Savings Champion?

One of the UK’s leading independent experts of cash-based savings

Our exclusive access to Savings Champion’s research and expertise allows us to provide whole-of-market, unbiased savings advice.

 

More about Savings Champion
More about Savings Champion

Discover how Savings Champion create market-leading savings research.

Which type of savings account is right for me?

Choosing the right type of savings account isn’t always straightforward. There are a number of different types of accounts available, the most popular we’ve featured here:

  1. National Savings & Investments (NS&I)
  2. ISAs
  3. Fixed Rate Bonds
  4. Easy Access Accounts
  5. Cash Savings Platforms

What is the best way to save cash? 

Regular savings accounts can be really useful as they often pay some of the best rates available, although the very best ones are normally linked to holding a current account with the same provider.

They also often come with a raft of terms and conditions that need to be adhered to in order to earn the headline rate. But these rules can discourage skipping deposits and making withdrawals – therefore instilling the savings habit. 

But most importantly, choose the best accounts from the whole market – don’t assume your bank will reward your loyalty, is as we call it stay active.
 

 Stay active
Stay active

Finding the best savings rates doesn’t have to be a challenge

How to make the most interest on your savings 

The most important thing to know is that your high street bank is likely to pay the worst savings rates available, so it’s vital to shop around.

You may need to choose a provider that you are less familiar with but as long as they are part of the Financial Services Compensation Scheme, there is no reason why you shouldn’t consider them. Savings Champion’s best buy tables only include providers that are part of this scheme, or a European Equivalent.

 What protection is in place for savers?
What protection is in place for savers?

There is a limit to how much of your deposits are protected by the FSCS.

Our awards

Leading expert advice

  • Rectangle-copy_1.png

    Independent Financial Advice award at the Gold Standard Awards Ceremony in the House of Commons

    The Gold Standard Awards acknowledge those who strive to deliver excellence to their customers as well as building confidence within the financial services sector.

  • Rectangle-copy_0.png

    The Financial Times Top 100 Financial Advisers Award

    The awards identify firms based on a range of different areas, the best investment advice firms assisting clients in the market, and those who demonstrate that savers can be certain their money is being managed by the best people.

  • TPO signpost indentity

    Rated 4.8 stars of 5 at Vouchedfor

    1,437 reviews for 45 advisers

Meet our expert team

View all our experts .

People Block

Kirsty Stone

Kirsty Stone

Senior Financial Adviser - Chartered Financial Planner, APFS

Rated 4.5 out of 5

Top Rated Adviser 2022

Kirsty is a Chartered Financial Planner and expert in cash flow forecasting and advises in all aspects of financial and strategic planning

Photo of Julian Frere

Julian Frere

Partner - Chartered Financial Planner, APFS

4.8 out of 5

Top Rated Adviser 2022

Julian advises on pension reviews, retirement planning, investment management, tax efficient structuring, life insurance and succession planning.

Susan Tait - Chartered Financial Planner at The Private Office

Susan Tait

Partner - Chartered Financial Planner, APFS

4.8 out of 5

Top Rated Adviser 2022

Susan has a broad range of experiences dealing with high net worth clients who pose complex financial circumstances.

Arrange a free consultation

We are committed to helping all of our clients create, sustain, protect and grow wealth for them and their families.

To ensure we are a good fit for your needs, please provide your details below and we will contact you to ask a few simple questions.

Our relationship step by step

  1. Discovery

    A short phone call with some simple questions to ensure we’re a good fit. Initial meeting, without charge or obligation, with a qualified financial advisor to get to know you and your financial position.

  2. How can we help

    Formulation and agreement of your bespoke service and fees.

  3. Solutions and advice

    Detailed financial plan based on market research and financial modelling.

  4. Implementation and ongoing review and service

    Plan execution, ongoing portfolio review, valuations and service assessment.

Provide your details below and we will contact you

Contact us today to see how we can help you manage your wealth.

Name
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.

By submitting this form, I agree the terms set out in TPO’s Privacy Policy and consent to TPO processing and holding my data for marketing purposes. You can opt out of marketing at any point by contacting marketing@theprivateoffice.com.

 

Or if you prefer , you can start the conversation

Call us on:

0333 323 9065