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There are several instruments for those deciding to save their money instead of investing it. In the UK, people can pick among different financial products which offer favorable conditions and higher interest rates compared to traditional bank accounts. The conditions of these instruments make them quite different from each other, and a potential user might have to discern which is a better fit for them. Some savings products are oriented to a specific objective, such as retirement, while in some types of account the consumer will not have access to their money during at least an initial period. If they need to have access to their savings, an easy access deposit, also known as sight deposit, might be the best option.Building societies in the UK
Savings accounts are some of the most widespread instruments in the UK. Although banks are the type of financial institution with the most assets as of 2023, they are not the only choice for opening an account. For instance, building societies, which are cooperative organization, meaning that it is owned by its members, are also a popular option for mortgages and savings products. The Yorkshire, Coventry, Skipton, and Nationwide Building Societies are some of the largest ones. Alone the savings market share of Nationwide amounted to 9.6 percent in 2023, making it the largest building society in the UK.
