Why save?

We all have different motivations for saving, everyone will have different goals, but putting some money aside can be beneficial.

Saving for a rainy day: No one knows what is going to happen in the future and the possible costs that may arise. Having savings will help you overcome any financial obstacles you may come across.

Saving for something special: You may have your heart set on something particular, be it a new car, a wedding or a deposit for your first home. Having a target to aim for will help keep you focused on saving.

Things to consider when choosing a savings account

There are many different types of savings accounts, each with various options to suit your needs. Here are a few things for you to consider when looking for the right savings account.

Do you need access to your savings? We have a range of accounts with varying levels of access including some that allow you to withdraw your money whenever you need to. Other accounts have withdrawal restrictions that will limit access to your savings, such as restricting the number of withdrawals you can make or requiring a notice period to be served before you can gain access. 

How much are you looking to save? Are you looking to save a lump sum or do you plan on making regular deposits? Most of our accounts allow you to pay money in whenever you wish. You should also think about how much you can afford to save each month. Our guide on budgeting and working towards a savings goal will help you set some realistic targets for your savings.

How are you planning to manage your account? You should consider whether you need access to your accounts at our branches or if conducting business by post is more suitable for you.

Of course, if you're still unsure, our friendly, professional staff are here to help and advise which of our accounts are most suitable for you.

Woman putting coins into a jar labelled savings

Types of accounts

Everyone’s needs are different, that’s why we have a range of accounts to suit you.

Easy Access accounts: These savings accounts allow you to be flexible with your everyday savings. Our Easy Access account allows you to start saving with as little as £100 and you can make withdrawals at any time, by cash, cheque or internal transfer.

ISAs: An Individual Savings Account, or ISA, is a Government savings scheme that allows you to save tax free, regardless of how much income tax you pay. The Government set an annual limit each tax year on how much you can save in an ISA. We currently offer a Cash ISA (Branch ISA) and a Notice ISA. For more information on ISAs, please see our ISA guide.

Fixed Rate Savings accounts: With these accounts the rate you receive will not reduce during the fixed rate term even if the Bank of England Base Rate does. In return for this rate guarantee you will not be able to withdraw your money until the fixed rate term has ended.

Children's savings accounts: Introducing children to saving at an early age can help get them in to the habit of saving, standing them in good stead for their adult lives. Our junior savings accounts are available to children aged 15 or below and allow them to start saving with as little as £10. Our Cash Zone and Junior Wolves Saver pages provide more information.

Affinity accounts: In partnership with Wolverhampton Wanderers Football Club, we have a range of savings accounts where you not only save money, but earn rewards and support your team at the same time. Every three months we make a payment to Wolves based on the balances held in our Wolves accounts. Visit our Wolves Savings accounts page for further details.

Deposit accounts: Deposit accounts are designed for clubs, charities and associations. We have two deposit accounts; Easy Access Deposit which allows immediate access to your money and our Notice Deposit which offers a higher interest rate, however more restrictive terms apply.


There are two types of interest you can earn on your savings, fixed and variable. Fixed rates are set for a certain term and during this period your interest rate cannot increase or decrease. Variable interest rates can both increase or decrease at any time. 

If you need to confirm how much interest you have earned on any of your accounts, you can ask us for a Section 975 tax certificate for any of the previous six tax years.

Following the introduction of the Personal Savings Allowance from the tax year 2016/17 onwards, Section 975 certificates have been replaced by Interest Certificates. We do not automatically send Certificates annually. If you need an Interest Certificate, or a Section 975 certificate for a previous tax year, you can request one at any of our branches, by calling 0121 557 2551 or by completing our online form

Our normal office limits

Our daily withdrawal limits are: 

  • £500 by cash; and
  • £20,000 by cheque.

To withdraw higher amounts, you will need to give us two days notice, subject to a maximum of £2,500 in cash each day. There is a minimum cheque withdrawal amount of £10. You can give us notice by using our online contact form, by calling 0121 557 2551 or visiting any of our branches or by writing to our Tipton Head Office.

Child playing with piggy bank