Which Savings Account is Right for You?

Savings accounts don’t come in one size fits all. Each account serves a purpose and choosing which one is right for you depends on your personal savings goals and individual requirements.

It’s important you understand your needs before choosing an account, so consider asking yourself the following questions: How often will I need access to my money? What am I saving for? How much do I plan to save? Once you know the answers, you can begin to consider the type of account that’s right for you.

Easy Access Savings Accounts give you straightforward, simple access to your savings. This means your savings are available whatever life throws at you.  Some of our easy access accounts also provide limited access, so you’ll be able to save without temptation.

Regular Savings Accounts allow you to save an agreed amount of money each month. You receive interest on your money and have access to withdraw your money when you need it, or up to four times a year. Saving in this way is a great choice for anyone who is new to saving, or who already knows the benefits of saving a little often.

Individual Savings Accounts (ISAs) are ideal for when you want to earn tax-free interest on your savings up to your annual personal allowance. ISA’s can be opened with as little as £1 and often come with an attractive rate of interest, which is tax-free and paid once a year. Tax Free means that interest payable is exempt from income tax. You can choose between fixed rate, lump-sum and instant access ISA’s.

Children’s Savings Accounts will help your child or grandchild to learn about saving. Whether you add their pocket money, or they pay in their birthday money or earnings from a part-time job. The child can watch the amount grow, and with your help and guidance they learn how saving a little bit today allows them to buy something they want tomorrow.

Notice Savings Accounts are for those who do not need immediate access to their savings, for when you are happy to lock away your savings and give us a certain amount of notice to take out your money. This could be for you, if you have a lump sum to invest or are wanting to save a larger amount. Each account offers a different notice period, ranging from seven days to ninety days.

Fixed Rate Bonds are for those who would like to invest a lump sum that pays the same level of interest for a set length of time. If you take comfort in knowing exactly how much interest you will earn, our Bonds could be for you.

For full details on all our available savings accounts, you can visit our website here.

If you’d like to discuss which savings account is right for you, or if you simply want to start your savings journey with Darlington Building Society, you can pop into your local branch or visit our website for more information.