UK Savings Week: Which savings account is right for you?

We all want to make our money work as hard as possible, but with so many savings options out there, how do you choose the one that’s right for you?

Choosing the right type of account depends on what you’re saving for, how often you’ll need to access your money, and what matters most to you, for example flexibility, interest rates or access to your money. And it doesn’t have to be one size fits all. You can choose to spread your savings across different types of accounts, depending on what’s best for you.

Whether you want to earn a great rate of interest on money you need access to, or you’re in a position to lock your savings away for a fixed period of time, the good news is Chetwood Bank has got you covered.

To help you decide which type of account suits your financial goals, we’ve taken a closer look at our Easy Access and Fixed Rate savings accounts.

Easy Access

Easy Access savings accounts do exactly what they say – giving you next working day access to your savings, all while earning a great rate of interest. It’s a simple and flexible way to save, and gives you the peace of mind of knowing your money is there when you need it.

The interest rate you earn will be variable, which means it can go up or down over time, but you’ll be notified in advance of any reduction to your interest rate.

Your interest will be paid monthly, so you can see your savings grow. You can add to your savings or take money out whenever you like, although you can only make one withdrawal per day.

Fixed Rate

Fixed Rate savings accounts are a great choice if you’re looking for a great interest rate over a fixed period of time. They’re an ideal choice if you know you won’t need access to your money during the term of the account.

At Chetwood Bank, your money is FSCS protected up to £85,000 collectively across the Chetwood Bank and SmartSave brands. You can find out more about FSCS at https://www.fscs.org.uk/.

If you’d like to find out more about our savings accounts, including how to transfer money between them, visit https://chetwoodbank.co.uk/savings.