Find the best savings account for you

Fixed Rate Cash ISAs

What is a Fixed Rate Cash ISA?

A tax-free savings account offering a guaranteed interest rate over a fixed term. With this type of savings account, you cannot access your funds for the fixed period of the product. You need a deposit to open the account and, once open, you have 14 days to make additional deposits. Additionally, transfers can be made within 14 days with funds received in 30 days. After this, no additional deposits can be made.

Key features:

• Fixed rate of interest
• Tax-free interest on your savings
• Interest paid annually or monthly (product dependant)
• No partial withdrawals before maturity

What are the benefits?

• Tax-free interest: You won’t pay any income tax or capital gains tax on the interest earned, as long as you don’t exceed your ISA allowance.
• Tax-free transfers: Depending on the account terms, you may be able to transfer your savings from another ISA provider to the Marsden without affecting your tax-free allowance. Always check the product T&Cs before making any transfers.
• Guaranteed interest rate: This could help you achieve a specific savings goal, as your funds are locked away for a set time with a guaranteed rate of interest.

What are the considerations?

• No access: You won’t be able to access your money before maturity unless the account is closed, which will result in an interest penalty.
• Minimum deposit and allowance: There’s a minimum deposit required to open a Fixed Rate Cash ISA and a maximum ISA allowance.
• Rate of interest: Different savings accounts have different rates of interest. Once you open this type of account, you’ll have the same rate of interest throughout the full term.

 View the Fixed Rate Cash ISAs currently available from the Marsden.

Fixed Rate Bonds

What is a Fixed Rate Bond?

This savings account offers a fixed rate of interest for a set term. You cannot access your funds during the fixed period of the product, and the account is opened with a deposit.

Key features:

• Fixed rates of interest
• Interest paid annually or monthly (product dependent)
• No withdrawals, early closure or further deposits before maturity

What are the benefits?

• Predictable returns: The interest rate is fixed for the term so you’ll know how much interest will be earned on your deposit.
• Higher interest rates: As you won’t have access to your funds for a specific period, the interest on Fixed Rate Bonds may be higher in comparison to other savings accounts.

What are the considerations?

• No access: No withdrawals, early closure or further deposits before maturity.
• Changes in interest rates: If interest rates fluctuate during the fixed term of your account, the interest gained on your Fixed Rate Bond will remain the same.
• Minimum deposit: There’s usually a minimum deposit required to open a Fixed Rate Bond.

View the Fixed Rate Bonds currently available from the Marsden.

Cash ISAs

What is a Cash ISA?

This savings account allows you to earn tax-free interest, meaning you won’t have to pay UK income tax or capital gains tax, as long as you don’t exceed your ISA allowance.

Key features:

• Variable rate of interest
• You may be able to transfer used ISA subscriptions from other providers
• Tax-free interest on your saving

What are the benefits?

• Variety: There are various types of Cash ISAs, including easy access, flexible, tracker and notice accounts.
• Tax-free transfers: Depending on the terms of the account, you could transfer your savings from another ISA provider to the Marsden without affecting your tax-free allowance.

What are the considerations?

• Access restrictions: Withdrawals will depend on the terms and conditions of your account. For instance, if you have an easy access Cash ISA with us, you can withdraw your funds as often as you need. However, with a notice account, you'll need to give a set number of days' notice to access your funds.
• Interest rate changes: With a variable rate Cash ISA, the interest rate may fluctuate.
• Minimum deposit requirements: Some Cash ISAs require a minimum deposit to open the account.
   

View the Cash ISAs currently available from the Marsden.

Notice Savings Accounts

What is a notice savings account?

This savings account requires you to give advance notice before you can withdraw funds. The time can vary depending on the account’s terms. This could be ideal for savers who don’t require immediate access to their money, but also don’t want to lock their savings away long-term.

Key features:

• Advanced notice is required to withdraw
• Tax-free option available
• Variable rates of interest

What are the benefits?

• Encourages saving discipline: The notice period means you may have to wait for a set time (e.g., 120 days) before you can access your funds.
• Flexible contributions: Depending on the terms, additional deposits could be made at any time. Please note that deposits into a notice Cash ISA will count towards your annual ISA allowance.

What are the considerations?

• Interest rate changes: With variable interest rates, the interest could decrease or increase over time.
• Tax considerations: Interest may be paid gross, meaning the interest paid will be without tax deducted. If the total amount of interest you receive exceeds any personal savings allowance to which you’re entitled, you may have to pay tax at the applicable rate.

View the notice savings accounts currently available from the Marsden.

Easy Access Savings Accounts

What is an easy access savings account?

This account allows you to access your money whenever you need to, meaning you can earn interest on your savings without locking your money away long-term. Easy access accounts usually have variable interest rates, which means the rate of interest could go up or down.

Key features:

• Access your savings when you need it
• Variable rates of interest
• Lower minimum opening balance

What are the benefits?

• No fixed term: Unlike fixed savings accounts, there’s no commitment to locking your funds away for a period of time.
• Short-term savings: This type of savings account can help with short-term savings goals such as holidays or home improvements.

What are the considerations?

• Variable rates of interest: With a changing rate of interest, the amount of interest paid into your account could increase or decrease. This means you may not be able to predict the total interest earned.
• Lower interest rates: As you’re not committing to locking your savings away for a period of time, the interest rates can sometimes be lower than fixed rate savings accounts.

View the easy access savings accounts currently available from the Marsden.

Affinity Savings Accounts

What is an affinity savings account?

Our Affinity Saver makes annual donations to local causes without costing you a penny. When opening an affinity savings account with us, you can select one of four causes to support and still earn interest on your savings.

Key features:

• The more you save, the more we donate
• 0.50% of our total average affinity balances will be donated to our affinity partners
• A variable rate of interest

What are the benefits?

• Support charities: You can donate to one of four local causes by saving money with the Marsden.
• No cost to the saver: All of the money donated comes from the Marsden Building Society and not your savings. Our Affinity Saver donates the equivalent of 0.50% of our total average affinity balances to your chosen charity.

What are the considerations?

• Lower rates of interest: The interest rate offered on an affinity savings account may be lower than a fixed rate savings account due to the easy access.
• Variable rates of interest: With a changing rate of interest, the amount of interest paid into your account could increase or decrease meaning you may not be able to predict the total interest earned.

View the affinity savings accounts currently available from the Marsden.

Children’s Savings Accounts

What is a children’s savings account?

Our children’s savings accounts are similar to easy access accounts and could help children develop their understanding of money. The accounts can be opened and managed by parents, guardians and grandparents up until the child is 18 years of age.

Key features:

• £1 to open
• Available for savers under the age of 18
• Interest paid annually

What are the benefits?

• Early financial education: Teaching a child how to save may help them understand the importance and benefits of saving.
• Builds financial security: Starting a savings account early could bring some financial support and security in the future.
• Parental control: Up until the young saver is 18, a parent or guardian will have access to the account to help support money management.

What are the considerations?

• Tax: Whilst there's usually no tax to pay on children's accounts if, in the tax year, the child receives more than £100 in interest from money given to them by a parent, the parent will have to pay tax on the interest if it's above their own Personal Savings Allowance. There may also be tax to pay on income from a trust.
• Transition to adult accounts: Once the young saver reaches 18, they’ll gain access to the funds in the account.

View the children’s savings accounts currently available from the Marsden.

Online Savings Accounts

What is an online savings account?

Our online accounts let you save from the comfort of your home, opened and managed purely online.

Key features:

• 24/7 access to your savings accounts online
• Fixed and variable rates of interest available

What are the benefits?

• Less geographic limitations: Members may find our online savings accounts useful if they aren’t able to attend one of our branches to open and manage the account.
• Easy funds transfer: Depending on the type of online account opened, you could easily transfer funds using your device, instead of visiting a branch.

What are the considerations?

• Minimum opening balance: Some of our online savings accounts may require a minimum opening balance.
• No in-person service: If you open an online-only account, you won’t be able to manage this account in a branch.

View the online savings accounts currently available from the Marsden.