Are you thinking about opening a savings account? If so, you probably know just how much choice there is out there, and it can feel overwhelming when you’re figuring out which type of savings account is right for you. 

Our savings hub is a user-friendly gateway to topics including the benefits of savings accounts, the national savings rate, UK savings schemes and the basics of saving money. We hope you’ll find answers to all your savings questions here.

The rundown
  • The basics of saving: from online accounts to ethical banking
  • Insightful information into Government schemes and tax on savings 
  • Our guide to getting the most out of your savings and growing your wealth
  • Getting retirement-ready: find out who’s best at saving in the UK

The basics of saving money

Discover everything you need to know to navigate the world of saving money successfully. We cover what type of savings account might be right for you, how much money to keep in your savings, whether to consider paying off debt or growing your savings, how savings can be ethical and what you can do with the money you have in the bank.

Online savings accounts
Online savings accounts

Compare online savings accounts, find the one that’s best for your saving needs and grow your money with ease at raisin.co.uk.

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75 ways to save money
75 ways to save money

In this guide, we explore 75 different money saving tips that will help you reach your savings goals.

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What should I do with my savings?
What should I do with my savings?

On this page, we look at what you should consider when you’re thinking about what to do with your savings and some of the UK’s best places to put savings.

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Saving money from salary
Saving money from salary

Want to know how you can save money each month? In this guide, we explore how to save money from your salary, where to save and some handy tips that could help.

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Save or pay off debts?
Save or pay off debts?

Should you pay off your debt or save money? Can you pay off debt and save at the same time? Read our guide to understand which option might be best for you.

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Ethical savings accounts explained
Ethical savings accounts explained

On this page, you’ll find out more about ethical savings accounts, what Sharia-compliant banks have to do with ethical savings, and what to look for in ethical savings accounts.

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Emergency funds
Emergency funds

In this guide, we explore what emergency funds are, their pros and cons, how much emergency savings you may need and how to build an emergency savings pot.

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Finding the right account type for you

If you’re asking questions such as, “where should I save my money?”, the following information on different types of savings accounts should help you make a more informed decision. We also explain the differences between current accounts and savings accounts, and explore whether a savings account or a pension is best.

Current accounts vs savings accounts
Current accounts vs savings accounts

With so many account types to choose from, it’s important to understand the difference and how to make the best use of current and savings accounts.

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Start a pension or open a savings account?
Start a pension or open a savings account?

If you’re saving for retirement, you may find yourself considering opening a pension or a savings account. Discover the benefits of both, so you can decide which option best suits you.

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All about ISAs
All about ISAs

ISAs allow you to save up to £20,000 tax-free. Find out everything you need to know about ISAs, including why they're such an important part of many people’s saving strategies, in our detailed guide to ISAs.

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ISAs vs savings accounts
ISAs vs savings accounts

Wondering if an ISA or another type of savings account is right for you? Explore what each offers and the differences between them to find out which would best suit your saving needs.

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Fixed rate bonds vs ISAs
Fixed rate bonds vs ISAs

Find out why assessing and understanding your savings goals and financial position makes a difference to whether opening a fixed rate bond or an ISA is right for you.

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Should I pay off my mortgage or save?
Should I pay off my mortgage or save?

There are a number of things to consider. Find out what those considerations are and the pros and cons of paying off your mortgage vs saving.

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Stocks and shares ISAs explained
Stocks and shares ISAs explained

Find out how stocks and shares ISAs work and what returns you may get. We explain everything you need to know about stocks and shares ISAs.

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Lump sum savings accounts
Lump sum savings accounts

If you can afford to lock your money in for a set period of time, you can earn a competitive interest rate by opening a lump sum savings account. Find out what they are, how they work and if they suit your savings needs.

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Joint savings accounts explained
Joint savings accounts explained

In this guide, we dig deeper into joint savings accounts, covering all the pros and cons and answering your FAQs.

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Over 60s savings accounts
Over 60s savings accounts

Looking for great savings accounts as you approach your retirement years? We look at over 60s savings accounts and compare the alternatives.

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Growing your savings for the things that matter

Wondering how much to save each month to reach your savings goal? Curious about how much you should be putting into your savings account each month if you’re saving for something special? Whether it’s a wedding, the birth of a grandchild or if you just want to plan for Christmas, explore the best ways to save for those milestones.

Growing your savings for the things that matter

Saving for a holiday
Saving for a holiday

On this page, you’ll find out how to save for a holiday, the best savings accounts to consider for your holiday and get some holiday saving tips.

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Everything you wanted to know about holiday savings accounts
Everything you wanted to know about holiday savings accounts

Are you looking for a savings account to help you to save for a holiday? Discover which savings accounts you should consider for your holiday savings and why they might be right for you.

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What's the best way of saving for Christmas?
What's the best way of saving for Christmas?

In this article, you’ll find out how to save for Christmas, when's the best time to start saving and which types of savings accounts might make your Christmas savings work the hardest.

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Saving for a wedding
Saving for a wedding

Understanding wedding costs and how to save for a wedding can help shape your plans. Find out how much you might need to save and get tips to help you save for your wedding.

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Saving for your grandchildren
Saving for your grandchildren

Do you want to grow a savings pot for your grandchildren? Read our guide for some of the best savings accounts to consider, and understand how tax works when you’re saving money for your grandchildren’s future.

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Children’s savings accounts explained
Children’s savings accounts explained

Find out how children’s savings accounts work, the different types of accounts, how to open a savings account and the tax implications, so you can make an informed decision about which account is right for your child.

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Saving for a baby
Saving for a baby

In this guide, we look at how much you need to save for a baby, how to go about saving for a baby and some of the benefits that new and expectant parents are entitled to.

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What you need to know about saving for a car
What you need to know about saving for a car

Want to buy a car? Find out how best to save to buy a car, how much you might need and how long it might take.

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Government schemes and tax on savings

We’ve broken down the information on Government schemes into handy, easy-to-read guides. In this section, you’ll find out more about schemes like Help to Buy and Help to Save, along with how tax might affect your savings.

How the government Help to Save scheme works
How the government Help to Save scheme works

The Help to Save scheme helps low-income earners start a savings pot. Find out everything you need to know about the scheme, including how it works, if you’re eligible and how to apply.

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The government's Help to Buy scheme explained
The government's Help to Buy scheme explained

Wondering how to purchase a property with a small deposit? The Help to Buy scheme might be able to assist you. Find out what Help to Buy is, how it works, if you’re eligible and whether it's right for you.

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Tax on savings accounts
Tax on savings accounts

Confused about paying tax on your savings accounts? Read our guide to find out how much you might be taxed, what the personal savings allowance is and all about tax-free savings accounts.

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What are tax-free savings accounts?
What are tax-free savings accounts?

On this page, you’ll learn what a tax-free savings account is, how tax-free savings work and who’s eligible.

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How much savings you can have on benefits explained
How much savings you can have on benefits explained

In this guide, we explore how much you can have in savings without it affecting your benefits, along with what’s classed as savings and what isn’t.

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Getting the most from Raisin UK

The articles in this section explain how Raisin UK works and how to get the most from your Raisin UK Account, including how to transfer money to fund your applications. Here, you’ll discover how to open and manage easy access accounts, notice accounts and fixed rate bonds. Our quick start guide explains how to grow your savings through our marketplace in just three steps, and you can also find out exactly how FSCS deposit protection works.

Getting the most from Raisin UK

Quick start guide
Quick start guide

Find out how to use Raisin UK with our complete quick start guide for beginner bankers and first-time savers. A simple service offered across a range of banks, Raisin UK allows you to keep your savings at your fingertips.

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Opening a Fixed Rate Bond Savings Account
Opening a Fixed Rate Bond Savings Account

In this guide, you’ll find all that you need to know about opening savings accounts from our partner banks through our marketplace.

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Opening and managing a Notice Account
Opening and managing a Notice Account

In this guide, you’ll find out all that you need to know about opening and managing Notice Accounts at Raisin UK.

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Opening and managing an easy access account
Opening and managing an easy access account

In this guide, you’ll find out everything you need to know about opening and managing an easy access account at Raisin UK.

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How to renew a Fixed Rate Bond
How to renew a Fixed Rate Bond

In this guide, you’ll find a step by step guide to renewing your Fixed Rate Bond (also known as a Fixed Term Deposit) as it approaches maturity.

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How FSCS protection works
How FSCS protection works

In this guide, we explain what the Financial Services Compensation Scheme (FSCS) is, how it works, and how the FSCS protects your money.

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How to open an online savings account
How to open an online savings account

Thinking of opening an online savings account, but not sure how to go about it? In this guide, we talk you through the process.

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Transfer money to your Raisin UK Account
Transfer money to your Raisin UK Account

In this guide, we explain how to transfer money to your Raisin UK Account, including how to fund any savings accounts that you’ve opened.

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Who’s better at saving money?

We all know we should be saving for a rainy day (or for retirement, a wedding, a new car, mortgage deposit or one of life’s other great expenses). But how many of us actually do save, what’s the average savings pot of the Great British public and are we retirement ready?

We spoke to British savers to find out the answers to these questions and more, but here are our key findings:

  • The average savings of someone in the UK is £9,633.30
  • Men have almost double (£13,140.61) the average savings of women (£6,869.84)
  • The lowest average savings in the UK are in the East Midlands (£6,438.48) followed closely by Northern Ireland (£6,710.00)
  • London has, by far and away, the highest average savings with £28,978.40, more than double the next highest-earning location; the West Midlands (£13,318.35)
  • Almost 1 in 5 of those aged 55 or over (in or approaching retirement age) has £1,000 or less in savings

Savings statistics in the UK

We carried out research that started with one simple question:

“How much, to the nearest pound, do you have in your savings account(s) today?“

There’s no “one size fits all” when it comes to saving money, but our survey did highlight some interesting trends:

  • 6.50% have absolutely no savings
  • 25.95% have less than £1,000 in savings
  • Although the average savings amount of all people we surveyed was £35,361.09, if we remove the highest and lowest savers from the mix, the middle 66% of people we surveyed have an average savings balance is £9,633.30.

Who saves more; men or women?

Although the trends of savers depending on their age were less surprising (more on that later), it may come as a surprise that there’s a notable difference between how much men and women save. Looking at the middle 66% of people we surveyed, we can see a disparity between male and female savers:

  • Women’s overall average savings: £6,869.84
  • Men’s overall average savings: £13,140.61

Although men appear to have more saved overall than women, our survey revealed that less than a quarter of men have £1,000 or less in savings, but over a third of women have the same amount.

Which region of the UK saves the most?

Exploring where the best savers in the UK are from revealed some unexpected answers, but less surprising was where those with the most savings resided:

Those living in London have more than four times the savings of those living in Northern Ireland.

Here’s what we discovered:

  • The lowest average savings in the UK are in the East Midlands with an average savings amount of £6,438.48, followed closely by Northern Ireland with an average savings amount of £6,710.00.
  • London has the highest average savings with an average savings amount of £28,978.40, which is more than double the next highest average savings region; the West Midlands with an average savings amount of £13,318.35.
Average savings % with £0 in savings % with £100 or less in savings % with £1,000 or less in savings
East Anglia £8,032.85 8.55% 15.38% 28.21%
East Midlands £6,438.48 8.75% 12.50% 35.00%
London £28,978.40 1.48% 6.67% 17.04%
North East £10,022.58 8.89% 11.11% 35.56%
North West £9,156.79 8.20% 16.39% 35.25%
Northern Ireland £6,710.00 6.06% 9.09% 27.27%
Scotland £7,297.19 5.88% 13.73% 34.31%
South East £9,885.55 6.71% 14.09% 29.53%
South West £7,140.18 4.72% 16.04% 31.13%
Wales £9,648.91 9.09% 15.15% 28.79%
West Midlands £13,318.35 5.38% 10.75% 23.66%
Yorkshire and the Humber £8,406.60 7.69% 19.23% 32.69%

Which age group has the most savings?

As expected, older generations tend to have more savings than their younger counterparts:

Average savings % with £0 in savings % with £100 or less in savings % with £1,000 or less in savings
18 to 24 £2,481.16 10.83% 27.50% 50.83%
25 to 34 £3,544.16 12.38% 21.78% 42.08%
35 to 44 £5,995.92 7.91% 12.99% 33.33%
45 to 54 £11,013.99 6.34% 11.22% 25.85%
55 and over £20,028.60 2.23% 7.59% 18.08%

Is the UK retirement ready?

Judging by our survey data on savings alone, it’s arguable that most of the UK public aged 55 or over is not financially ready for retirement.

  • Almost 1 in 5 of those aged 55 or over has under £1,000 in savings.
  • Almost 1 in 5 of those aged 55 or over have less than £1,000 in savings, and although the average savings of this age group is £20,028.60, this amount is less than the average salary of a full-time employee in the UK (£28,677 according to the most recent Government data).

Of course, this data doesn’t take into account other assets that may contribute to a persons retirement income, but it does show that a large proportion of those at or approaching retirement don’t have significant savings to fall back on.

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