How to open a savings account

Opening a Savings Account

Opening a savings account is really straightforward.  First you decide which type of account best suits your needs from the choices available; then, once you have done that, take a look at some of the top savings accounts in a savings comparison table.

To open the account you will need proof of identity and of course have access to the savings you wish to open the account with.

Is your money safe?
When you invest up to £85,000 in a UK financial institution, for most of us, that’s a bank or building society, or £170,000 in a joint account, your money is protected by the government’s Financial Services Compensation Scheme (FSCS).  This means that if anything untoward were to happen, you would get all your savings back!

If you have more than £85,000 in savings, take time to check that the financial institutions you invest in aren’t part of the same group, as you will only be protected for your first £85,000.  For example, the Halifax, Bank of Scotland, and Birmingham Midshires are all part of the same group.

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