September savings review: is your money still in the right place?

by - 06/10/2026 in Savings

Regularly reviewing your savings is an excellent way to manage your finances and to maximise the potential of any savings you may have invested. The review can include checking interest rates against alternative providers and assessing account types and their suitability for your funds. Your financial goals will change over time, so a September savings review is a great way to ensure that your accounts and providers still align with your current savings goals.

What types of savings accounts suit your current needs?

Are you looking to save money for specific needs, or do you need quick access to your funds? Assessing your own financial situation is the best place to start. You can then match the different account options based around those needs.

Easy access savings accounts may have variable interest rates, meaning the original rate you may have been attracted to when you opened the account could have dropped over time. Alternative providers may now have more attractive rates.

Fixed rate savings accounts will protect your interest rate but limit ease of access to your savings. During your September savings review, it's important to consider interest rates against access needs and decide which option will suit your needs best.

Are your savings protected by the FSCS?

The FSCS (Financial Services Compensation Scheme) protects eligible deposits up to a maximum of £120,000 per individual. Most UK banks are covered by this guarantee, but it’s important to check your accounts are covered.

A September savings review checklist

Ask yourself these questions as part of your September savings review.

What interest rate am I receiving on my savings?
Has the interest rate changed this year?
How often have I had to access my money?
Is a fixed-rate long term account better?
How many financial goals do I have?
Should I have more than one savings account?
Do my savings fall under FSCS protection limits for my current provider?

Often people benefit from opening separate savings accounts based on a variety of financial goals.

Accounts for emergency funds will usually require easy and immediate access, whereas long-term savings requirements could suit a fixed-term account. Review each savings account you have and ask yourself if it meets your expectations for your specific savings goal.

What savings account do you need?

Cash ISAs – all interest is 100% tax-free up to the annual ISA allowance and doesn't count towards your Personal Savings Allowance (PSA).

Fixed Rate Bonds – 1-, 2-or 3-year options, usually offering a higher rate of interest providing you can afford to put your money away for 1 year or more.

Easy Access Savings – ideal for any funds that you may need to access quickly. No fixed periods or notice required to withdraw funds.

Frequently asked questions

When should I review my savings account?

If your provider advises that your interest rates are changing or if a fixed-rate account is maturing, or when your personal savings goals change. An annual review is a good idea to consider your options.

How important are interest rates?

Whilst interest rates are an important factor, they aren’t the only criteria you should use when deciding on which account suits you best. Interest rates can be subject to change. You should consider the interest rate in comparison with ease of accessing the funds, rules of any withdrawals, any fixed term and minimum or maximum balance limits.

What should I do when my fixed-term account matures?

Your provider will contact you in advance and give you your options. Check their information carefully and use it to decide the best way forward. What were your goals when you opened the account? Have they changed? Do you want it to move into another fixed-rate account, or perhaps for some of it to be withdrawn for you to use on an upcoming planned purchase?