Cash ISAs are a type of savings account that offer tax-free^ interest on your savings within the account. However, you can only invest a set amount in any given tax year and the maximum is currently £20,000. You now also need to be over the age of 18 to open a Cash ISA account.

^Tax free means you don’t pay UK tax on any income or capital gains your ISA makes.

Learn more about cash ISAs in our Guide to Cash ISAs >

A children’s savings account can vary and can work in the same way that adult accounts do. You can put money aside for a child or regularly save on their behalf for the child to access when they reach 18 years old, or you can get them into the savings habit early and let them save their own money regularly or occasionally.

Learn more about children’s saving accounts >

Fixed rate bonds are a type of savings account that provide a fixed interest rate for the length of the account’s term. Many fixed rate accounts won’t allow you to access the funds in the account until the term has ended to so it is important to consider whether you will need access to the funds before the term has completed.

Learn more about fixed rate bonds in our guide >

A notice account is a type of savings account that can typically provide a higher rate of interest than easy access accounts but you will need to give advance notice to withdraw any of your money. Notice periods for these types of accounts typically start at 30 days but can also be 60, 90, or even 180 days.

Learn more about notice savings accounts >

Easy Access Accounts, sometimes referred to as Instant Access Savings Accounts, are among the simplest options when choosing the right account. Easy Access Savings Accounts allow you to deposit and withdraw funds whenever you like, however this ease of access often comes at the cost of a lower interest rate on your savings.

Learn more about easy access savings accounts >

Business Savings Account types can be similar to personal savings accounts (fixed rate bonds, notice accounts, easy access, etc), however the application process and operating the accounts are different.

To guard against fraud, businesses will have to provide confirmation and identification of who will run the account and usually requires two signatories from the business to run the account.

Learn more about business savings accounts >

SIPP stands for Self-Invested Personal Pension and is a type of personal pension plan. SIPPs can only be opened and operated with a SIPP Administrator, such as an Independent Financial Adviser.

SIPPs allow you to choose and manage your own pension investments (e.g. the mix of cash savings, stocks and bonds), providing you with more control over your own retirement pot.

Learn more about SIPP accounts >