Understanding savings accounts

It can be difficult finding the right account for you, especially when there are so many different types available. We can help you understand what the differences are and help you start saving with confidence.

Types of savings accounts

There are a range of different types of savings accounts designed for different needs. Take a look below to get a quick explanation of the main types.

Cash ISAs

Cash ISAs are Individual Savings Accounts where your interest is not subject to tax. Your total annual ISA allowance for this year is £20,000 (2019/2020), which you can split as you wish between cash ISAs, stocks and shares ISAs, innovative finance ISAs and lifetime ISAs (up to £4,000). Nationwide doesn’t offer the innovative Finance ISA or the lifetime ISA. You can only save with one manager for each type of ISA in the same tax year. With Nationwide you can split your cash ISA allowance between our full range of cash ISAs.

Savings accounts

The type of savings account you choose will depend on your goals. Generally, the longer you’re prepared to lock your money away, the more interest you can get. However, you might suffer a loss of interest if you withdraw from a long-term savings account at short notice and may incur an early access charge, so it’s worth considering how much flexibility you need.

Children's accounts

Get them off to a great start. Whether you're saving for your child's future or you're a young person ready to take control of your money, we have an account for you.

View our range of accounts for young people

Business savings accounts

Savings accounts designed for small to medium sized businesses, clubs, societies and charities.

View our range of Business accounts

Types of access to your money

Some savings accounts give you instant access to your money, others may limit how quickly you can get hold of your cash.

Generally, the longer you're prepared to lock your money away, the more interest you can get. However, you might have to pay a penalty if you withdraw from a long-term savings account at short notice, so it’s worth considering how much flexibility you need.

Instant access

If you need to get your money anytime then these accounts, with unlimited instant access, give you the highest level of flexibility. You can deposit or withdraw your money whenever you need to. This usually means you should expect to receive a lower rate of interest than in limited access accounts or those with fixed terms.

View our range of Instant access accounts

Limited access

If you don’t need unlimited instant access to your savings then these accounts could provide a higher rate of interest, however you will be limited to a fixed number of withdrawals per year. If you do need to withdraw from one of these accounts more often than the limit set, you will receive a lower level of interest.

View our range of Limited access accounts

Fixed term

If you’re saving for a long-term goal, you can lock your money away in a fixed term account and benefit from higher rates of interest. You won’t be able to access your money for the duration of the account term, which can be anything from 6 months to 5 years, and closing the account before the end of the term will lead to a loss of interest.

View our range of Fixed term accounts

Helping you make the most of your savings

Sometimes it's difficult to know how best to grow your savings.

Our impartial savings guides may help you understand your savings options a little more, while our tools, services and support will help make saving easier. Explore the guides and support articles below to get the most out of your Nationwide savings accounts.

You can also check interest rates, and manage your savings account details by logging into the Internet Bank, or by using our savings rates table. If you are not registered for the Internet Bank why not register now?

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Savings accounts explained

Understanding savings accounts

Types of savings accounts

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Types of access to your money

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