This comparison simply includes all savings accounts.
Savings Accounts For Family
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Compare Family Savings Accounts
When putting your money into a savings account, you need to consider how long you intend to save for and how much of a return you would like to see. You can then compare the different types of savings accounts available to see which ones best match you saving goals.
If you are looking for family savings accounts options see the table above.
Savings accounts that can be opened with more than two names are extremely rare. In the event that you find a bank or building society prepared to offer a joint account for more than two people, the interest is likely to be very low. It is likely that banks will give you the option to have a joint account between two members of your family and junior accounts for any member of your family under 18.
Below is a breakdown of the different accounts that you may want consider for a joint savings account; however, bear in mind that the features of each account will vary depending on the bank.
Current Accounts
Current accounts generally offer the best rates of interest for smaller sums of money. However, if you go over your account’s interest limit, your remaining balance will likely earn you nothing.
To get the best deal, you may have to shop around and be willing to transfer your current account to a new provider. It’s also worth bearing in mind that some current accounts offer a better interest rate during an introductory period which then drops dramatically once that period is over.
Instant Access Savings Accounts
This type of account allows you to earn interest on your savings while still giving quick access to your money when necessary. Some instant access accounts come with a card that lets you draw money out at cash points, others require you to take money out in branch or transfer it to a current account online or by phone.
Please be aware there may be a limit on how many withdrawals you can make per year without losing some of your interest.
Easy Access Savings Accounts
Essentially the same as instant access accounts, except there may be a few days' delay when you wish to take money out. This is to allow withdrawal and transfer requests to be processed.
Some providers also refer to their instant access accounts as easy access accounts.
Notice Savings Accounts
These are similar to easy access and instant access savings accounts, except you have to give a certain amount of notice before removing funds. Common notice periods range from 40-95 days. The longer the notice period you are willing to give, the higher the interest rate you will usually receive.
Regular Savings Accounts
If you want to put away a little bit of money each month over a longer period, a regular savings account is likely to be the best choice. This kind of account usually requires you to deposit a minimum amount each month and will normally specify a maximum you can put in each month as well. There may also be a limit on how many withdrawals you can make each year.
Regular savings accounts often offer very attractive rates of interest, but it is important to note that, because you are only slowly building up capital, your initial yearly returns may be modest. This means that, while they can be used for short term savings, regular savings accounts are usually a better choice for longer term savings.
The majority of banks offer junior savings accounts that differ slightly from their regular savings accounts. It should be noted that no bank or building society on the high street will offer a joint junior savings account.
Fixed Rate Bonds
Fixed rate bonds tend to offer attractive rates of interest which will be guaranteed for the life of the bond (typically 1-5 years). The caveat here is that you cannot usually take money out of the bond until it matures (i.e. reaches the end of the fixed interest period).
This means most fixed rate bonds are not ideal for short term savings, although some providers do offer fixed rate bonds with terms as short as 3 months which may be worth considering.
Cash ISAs
UK tax payers normally have to pay tax on any interest they earn on their savings. However, a cash ISA allows you to earn interest, tax-free, on deposits up to an agreed yearly limit. For the 2017/18 tax year that amount is £20,000.
There are two main types of cash ISAs – instant access and fixed-term. Instant access cash ISAs allow you to withdraw money whenever you need without paying a penalty, making them ideal for short term saving. Fixed-term cash ISAs have similar conditions to fixed rate bonds, so you may be unable to withdraw money until they reach the end of their term or have to pay a penalty in order to do so.
Cash ISAs do not always offer the best interest rates, so you will need to assess whether any tax savings will outweigh the benefits of the higher interest rates provides by other types of accounts.
Although joint cash ISAs are not widely offered, if you want an ISA for your family, there is always the option to open up an individual ISA for each member of the family. This would allow your family to benefit from the ISA allowance.
For members of your family under 18, you could explore the Junior ISA option. The majority of high street banks and building societies offer a Junior ISA. Unlike a cash ISA, the maximum you can deposit is £4,128 for the 2017/18 tax year.
Any capital deposited in a Junior ISA is locked away until the child turns 18, by which point it will turn into a normal adult cash ISA.
As with cash ISAs, there are two different types of Junior ISAs: Junior cash ISAs and Junior stocks and shares ISAs. It should be noted that it is only possible to have one of each ISA at a time and the ISA allowance must be split between the two.
In addition, those between the ages of 16 and 18 can open a Junior ISA as well as a cash ISA, this may be beneficial to reach your family’s savings goals.
Find the best short term savings account for you
With so many different brands and products on the market, it can be hard to figure out which offer the best deals for you. The comparison table at the top of this page is regularly updated with the most attractive deals on short term savings accounts from across the industry. This makes it easy for you to contrast the features of different accounts and find the right one for your saving needs.
