Savings · Plain-English guide
Is your savings account paying enough interest?
A familiar savings account can quietly become poor value. The useful comparison is not just the advertised rate: it is the AER you actually receive, when any bonus ends, how quickly you need the money and whether your deposits have the protection you expect.
Reviewed 9 September 2026 · 3-minute read
The simple checklist
Do these in order
- Check the exact AER on your current account and whether it includes a temporary bonus.
- Note the bonus end date, withdrawal limits, notice period and minimum balance.
- Compare like with like: easy access with easy access, or fixed term with the same term.
- Check whether eligible deposits are protected and whether linked banking brands share one authorised firm.
- Keep emergency money accessible and consider tax and ISA rules where relevant to you.
Quick answers
People also ask
What does AER mean on a savings account?
AER is the Annual Equivalent Rate. It shows the interest an account would pay over a year and helps you compare savings products on a consistent basis.
Should I always move to the savings account with the highest rate?
No. Check access, withdrawal limits, bonus expiry, minimum balances, tax and deposit protection. A slightly lower rate may fit better if you need reliable access.
How can I calculate the benefit of changing savings accounts?
Use your balance and compare the current AER with the new AER over the same period. Treat the result as an estimate because balances, rates and compounding can change.
Check the official guidance
Government-backed guidance on AER and the access conditions to compare alongside the rate. Deposit-protection details should also be checked directly with FSCS.
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