The best savings accounts for you depend on your goals and when you’re likely to need to withdraw funds. To help, we’ve broken down the main types of savings accounts to choose from:

Notice Savers
Notice savings accounts enable you to save money long-term by locking your savings away. However, you can still withdraw money from a notice account proving you give an agreed amount of notice.

Fixed-Rate Savers
A fixed-rate savings account offers a guaranteed interest rate in exchange for locking your money away over a fixed term. This means that you cannot withdraw any funds until the end of the agreed term.

Easy-Access Savers
Easy-access savings accounts allow you to deposit and withdraw money whenever you want. There isn’t normally a minimum or maximum account you can deposit and withdrawals are usually unlimited.

Regular Savers
A regular savings account enables you to deposit a fixed amount each month, helping you to build savings over time. Withdrawals are allowed with this account type, but they are usually limited (e.g. one withdrawal per term).

Base rate rises can have some impact on the interest rates of savings accounts. So, yes interest rates may go up on savings accounts in 2023. Although, it’s important to note that with variable-rate accounts the interest rate can also go down.