There’s a wide range of savings accounts on the market, from those that give you instant access to your money, to those where you can lock away your money for a fixed period in return for a better rate of interest. The best type of account for you will depend on your own spending needs and savings goals.
Before you open any other sort of savings account, it's a good idea to make the most of this tax efficient option. For instance, with a cash ISA, any interest you earn on your savings is protected from tax.
For more information see: ISAs explained.
Your employer may offer a workplace pension scheme to help employees save for retirement. If you join, a percentage of your pay will be put into the scheme automatically.
Some of workplace schemes operate on a salary sacrifice basis where you receive a lower salary in return for your pension contributions. This can be advantageous to employers as they pay less in National Insurance contributions, but it may not be right for you, so make sure you understand the implications before you agree to it.
All employees aged over 22 and under the state pension age, and who are earning more than £9,440 a year will be automatically enrolled into workplace pension schemes by 2018.