Saving and banking guides
Explainers for United Kingdom, with named sources and checked dates where available.
All 6 guides
Explainer3 min
Bank Rate anchors the rates banks charge each other; it is not the rate a saver is paid or a borrower is charged. The Monetary Policy Committee sets it at the rate the Bank of England pays to and charges on reserves.
Source: Bank of England, Monetary Policy Summary and Minutes · Checked
Explainer3 min
An ISA wrapper shelters savings and investments from UK income tax and capital gains tax. The annual subscription limit, the Junior ISA limit, and the Lifetime ISA sub-limit are separate limits administered by HMRC.
Source: HMRC, Individual Savings Accounts · Checked
Explainer3 min
The Financial Services Compensation Scheme protects eligible deposits up to £120,000 per eligible person per authorised firm. Firms that share a banking licence count as one firm, and qualifying temporary high balances are protected up to £1.4 million for six months.
Source: Financial Services Compensation Scheme · Checked
Explainer2 min
Help to Save combines a monthly deposit limit with bonuses based on the highest balances saved. Eligibility depends on Universal Credit, take-home pay and residence.
Source: HMRC, Help to Save · Checked
Explainer1 min
Premium Bonds offer entry into a monthly prize draw instead of interest. The minimum purchase, total holding limit and draw eligibility are separate product rules.
Source: NS&I, Premium Bonds · Checked
Explainer1 min
A Junior ISA is a tax-free savings account for children under 18. The annual subscription limit is £9,000 for the 2026-27 tax year, and the account converts to an adult ISA when the child turns 18.
Source: GOV.UK, Junior ISAs · Checked