Savings accounts can be a smart way to store your money and make it grow. As well as removing the temptation to spend any funds left in your current account, savings accounts enable you to earn interest on your money over time.
What's more, you can then earn interest on the interest you've already earned, speeding up your saving. This is known as compound interest.
Finding the right type of savings account is key. If you're happy to lock your money away for a while, a fixed rate savings account can help you maximise the interest you earn. An easy access savings account could give you flexibility to withdraw if you need to, while a regular savings account may offer rewards for regular contributions. There are also Individual Savings Accounts (ISAs) that enable you to save without having to pay tax on the interest earned.
The type of savings account that'll suit you will depend on your goals, how often you plan on contributing, and when you'll need to access the money.
Explore: Different types of savings accounts