Savings Accounts Scotland

With the plethora of savings account providers in Scotland vouching for your business, it can be a difficult task finding the right option that fulfils your needs. By utilising our fully independent comparison service, you can save time and effort by using our personalised summary table to select a savings account provider that meets your requirements. Our ‘adjust your quote option’ feature allows you to make further adjustments to ensure that you are presented with the most appropriate accounts. 

If you’re unsure of what type of account you should be looking for, read our detailed summary of the typical savings account categories that are available so that you have all of the information you need to make an informed decision on your next savings account in Scotland. 

Why do I need a savings account?

Whether you have a financial goal or simply wish to put money aside for a rainy day, having a savings account is a great way to stay disciplined with your finances and give you confidence knowing that your funds are secure. With savings accounts offering the potential for appreciation, you can select an option that gives you the flexibility that you need if you want to make anytime withdrawals or wish to commit to a fixed term.

If you use our comparison tools you will find some of the best savings in accounts available in Scotland.

What is AER? 

AER stands for annual equivalence rate. This shows how much the interest rate would be if the rate was worked out once a year. You can use this percentage to compare various account options.  

Savings account in Scotland – what should I be aware of? 

There are five basic types of savings account in Scotland that you should be aware of before selecting the right option for your needs: regular savings accounts, bonus savings accounts, cash ISAs, fixed rate savings accounts, and fixed rate bond accounts.  

What is a regular Scottish savings account?

A regular savings account is for those who wish to save money and make withdrawals at their discretion. If you’re saving for a rainy day or have a particular expenditure in mind, this account may be the one that you’re looking for. Most regular savings accounts can be opened with a small deposit and have no fixed term so you can keep saving. Although the AER is typically lower for this type of account, you may not have to pay a fee for making a withdrawal should you need access to your funds. 

What is a bonus savings account?

A bonus savings account is aimed at those who wish to save but also benefit from not making withdrawals. Like a regular savings account, a bonus savings account can typically be opened with a small deposit and has no fixed rate time period. Although you won’t be charged for making a withdrawal should you need to access your funds, the AER will be updated to a lower percentage from the month that you make a withdrawal. If you’re able to put money aside regularly with the knowledge that you won’t need to access it over a set period, this type of account gives you peace of mind knowing that your funds are accessible whilst also providing an opportunity for accumulating more interest.  

What is a cash ISA?

A cash ISA is an account that is targeted at those who wish to save their money and receive tax-free interest over time. Providers vary when it comes to the rules around making a withdrawal. Some ISAs will be fixed term with a fee for early closure. Other providers may allow transfers to a different account if it’s with the same provider. 

To find some of the best savings account in Scotland, be sure to shop around.

What is a fixed rate savings account?

This type of account is for those who are happy locking a sum of money away for a set period of time without making a withdrawal. Most providers offer a one-year, two-year, and three-year option with the AER increasing relative to the length of time you’re willing to keep your money stored in your account. Early withdrawal of funds typically comes with an account closure fee. 

What is a fixed rate bond account?

A fixed rate bond account is for those who have a specific amount of capital that they wish to set aside, usually for a period of one, two, or three years, without making another deposit or withdrawal. This type of account is a great way to calculate the amount of interest that you are going to accumulate upon completion of the fixed period. The AER will be higher in direct correlation to the length of time you’re willing to store your money.