The Best Savings Rate.

Getting the best savings rate for your circumstances means weighing up your priorities. Do you need instant access or are you happy to lock away your money? Do you want a guaranteed return or can you take a risk?

Generally, you can get a better savings rate if:

• You deposit a large lump sum to begin with.
• You agree to lock your money away for a set period of time.
• You choose a product that involves some risk.

You should also think about:

• Which currency you want to save in.
• Whether you need a guaranteed return.
• Whether to pay off your debts or mortgage.

Most savings accounts have a minimum deposit — so the larger your lump sum, the more options you have. Many accounts will ask for a deposit of £10,000 or even more — these usually reward you with a high savings rate or other benefits like flexibility or a choice of currencies.

To get the best savings interest rate, you might have to agree not to access your money for a fixed term. Try to work out how much money you can set aside, then investigate accounts that will lock it away.

Remember to check whether early withdrawal is allowed, and what the penalties are.

Our Fixed Term Deposit Contracts pay a competitive rate of interest if you agree not to withdraw your deposit before the end of the fixed term.

If you don't want to lock away some of your money, look for instant access accounts that offer high interest. Our Bonus Saver Account offers an introductory interest rate bonus.

Some accounts don't have a rate of interest — instead, the return you get is structured around the behaviour of the stock market. For example, you might receive a 5% return every year, provided a market indicator stays above a set limit.

These products offer the chance of very high returns — but they involve an element of risk. If you're unlucky with the markets you might get a small return, or none at all.

Our Structured Deposits offer high potential returns, and offer 100% capital protection*, provided you don't need to withdraw your money early.

If you receive your income in a foreign currency, you need to think about when to exchange your savings — and you might be better off with a savings account in the currency you earn in. To find out more, see Why save in other currencies?

All our savings accounts are available in sterling. Many, like our Money Market Call Account, come in euros, US dollars and other major currencies.

Need to plan ahead? You might want a savings product with a fixed interest rate. With our Fixed Term Deposits you know exactly how much money you'll have at the end of the deposit term. You won't be affected by interest rate fluctuations or market behaviour.

Generally products with fixed interest rates offer competitive returns, but you probably won't have instant access to your money. For example, with our Fixed Term Deposit Contracts you can only access the capital and the interest at the end of your chosen term.

This guide is designed to help you think through your finances — but when you're saving for the future, expert advice is invaluable.

We recommend that all our customers seek independent personal tax and financial advice from a suitable professional.

If you want to save for a rainy day, it can be a good idea to repay your debts first — often even with the best savings rate, especially if the interest you're paying is higher than the interest you'd make on your savings account.

If you need money for a specific purchase, you might choose to keep repaying your mortgage or debts on your current plan. Then you'll know just how much extra you can put aside.