1. Home
  2. Savings
  3. How to pay money into a savings account

How to pay money into a savings account

Whether you’re saving for a holiday, a wedding or even just a rainy day, savings accounts are a great way to put your money away.

Want to know more about savings accounts? Find out how savings accounts work, how to open a savings account, and how to pay in money here.

 

How to pay money into your account

Once you’ve decided which account is right for you, you can start enjoying the benefits by paying money into your account. There are a number of different ways to do this:

Britannia Accounts

To find out how to pay into your Britannia savings account, please visit here.


How do savings accounts work?

Savings accounts are a safe place to store your money, but how do they work?

  • You deposit money into your savings account. The account provider earns interest on this money.
  • In return, the bank pays you some of the interest on the funds in your account each year.
  • The amount of interest you earn depends on the type of savings account you have.

Money you keep in a savings account is protected by the Financial Services Compensation Scheme (FSCS). The FSCS is the UK‘s deposit guarantee scheme that would return your money in the unlikely event that any bank is unable to meet its financial commitments or stops trading.

We offer a range of different savings accounts for you to choose from, each suited to a different type of saver. It’s important you choose the right account for you.


How do I earn more interest on my savings?

You can get the most interest on your money by putting as much as possible into a savings account.

Savings accounts pay interest on the amount you keep in them; the more money you have, the more interest you earn.

 

How interest rates on savings are calculated

 

If your account has

£1000

and an interest rate of

2%

in 12 months you'll have

£1020


What type of savings account is best for me?

To get the savings account best suited to your needs, you should consider what type of saver you are.

Are you saving for the long-term or short-term? Do you need constant access to your savings or are you able to lock it away for a period of time to earn more interest?

The best way to save and earn interest is by finding the right account for you and adding funds to it as regularly as you can.

To find out more about the different savings accounts we offer, follow the link below.

Any reference to tax is based on our understanding of current tax regulations which may change in the future and depends on your individual financial circumstances.

The Co-operative Bank reserves the right to decline or accept any application and/or deposit.

smile, The Co-operative Bank and Britannia are trading names of The Co-operative Bank plc, which is a member of the Financial Services Compensation Scheme (FSCS).