Save with Spring

The best savings account for you depends on your savings goals. Easy access savings accounts offer flexible access to your money while earning interest.

For longer-term savings, cash ISAs offer tax-free interest, within the annual ISA allowance. Key factors to consider include access, interest rate and tax treatment.

It depends on the type of account you have and how much interest you earn. With standard savings accounts, interest may be taxable if it exceeds your Personal Savings Allowance (PSA) — up to £1,000 a year for basic rate taxpayers (lower for higher and additional rate taxpayers). Read how savings interest is taxed on the UK Government website here.

Savings held in a cash ISA earn tax-free interest, within your annual ISA allowance. You can read how ISAs are taxed on the UK Government website here.

Yes, you can open more than one type of Spring savings account. This can help you organise your savings for different goals, such as short-term and longer-term needs.

With Spring, you can hold both an Easy Saver and a Cash ISA within the app. Some products may have limits or eligibility criteria, so please refer to the relevant terms and conditions for full details.

No, not all savings accounts are FSCS protected. For example, some banks may offer savings accounts that aren’t regulated in the UK, so they would not be covered. However, all savings across Spring/Paragon brands are FSCS protected.

Always check whether a provider is FSCS protected, like Spring, before you start saving with them. You can check if your money is protected here.  

With Spring, both Easy Saver and Easy Cash ISA options offer easy access, with the key difference being how your interest is taxed.

With standard savings accounts, you may need to pay tax on interest earned above your Personal Savings Allowance (PSA). Basic rate taxpayers can earn up to £1,000 in interest before paying tax, while higher and additional rate taxpayers have a lower allowance. You can read how savings interest is taxed on the UK Government website here.  

With a cash ISA, the interest you earn is tax-free within your annual ISA allowance. You can read how ISAs are taxed on the UK Government website here.