What should I do with my savings?
A step-by-step weatherproof guide.
Answer a few quick yes-or-no questions. The page shows which step you are on, what to do next, and collects a simple plan as you go. It takes about 3 minutes. The same steps work if JavaScript is turned off.
Step 1 of 13 · Bills and arrears
Keep the lights on
Priority bills come before everything else, because falling behind on them has the biggest consequences.
Are you behind on bills, or using credit cards or loans to pay for essentials?
Do this first
Start here: get free debt help
Talk to a free, confidential debt charity before anything else. Put priority bills first: rent or mortgage, council tax, energy and food. Saving can wait until this is under control.
Your plan so far
1 to doAnswer a step and your to-dos will collect here, in the order to tackle them.
- Get free debt help and prioritise essential billsStep 1 · Bills and arrears
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Questions this guide asks
Are you behind on bills, or using credit cards or loans to pay for essentials?
Priority bills come before everything else, because falling behind on them has the biggest consequences. This is general information, not a personal recommendation.
Do you know roughly what comes in and goes out each month?
Every later step is easier when you know what comes in and what has to go out. This is general information, not a personal recommendation.
Do you have about one month of essential spending saved?
A small pot stops one surprise bill landing on a credit card. This is general information, not a personal recommendation.
If you're employed, are you paying in enough to get your employer's full pension contribution?
If your employer adds to your pension when you do, that's extra money you'd otherwise miss. This is general information, not a personal recommendation.
Do you owe anything at more than about 10% interest? (Credit cards, overdrafts, car finance, personal loans.)
Debt at a high rate usually costs more than any savings account pays. This is general information, not a personal recommendation.
Do you have three to six months of essential spending set aside?
Three to six months of essentials covers bigger shocks like job loss, illness or a broken boiler. This is general information, not a personal recommendation.
Could your interest this year go over your Personal Savings Allowance (£1,000 basic rate, £500 higher rate, £0 additional rate)?
Most people can earn some interest tax-free. Above that, tax eats into the rate. This is general information, not a personal recommendation.
Have you used your ISA allowance this tax year?
An ISA allowance resets every 6 April. Unused allowance does not roll over. This is general information, not a personal recommendation.
When will you need the money you are saving now?
When you need money decides where it should sit. Locking away cash you need soon costs you. This is general information, not a personal recommendation.
Do you pay higher-rate tax, or want something other than a savings account?
Premium Bonds and gilts can suit some savers, especially higher-rate taxpayers. Gilt pages on ClearRates are yields and explanations only. This is general information, not a personal recommendation.
Do you have more than £120,000 with any one bank or banking group?
The FSCS protects up to £120,000 per person, per banking licence. Some brands share a licence. This is general information, not a personal recommendation.
Do you have money you won't need for at least five years?
Over five years or more, investing has historically beaten cash, though it can fall in value. ClearRates does not compare investments. This is general information, not a personal recommendation.
Would you like a reminder when a better rate appears?
Rates change, fixes end and life moves on. A check-in keeps the comparison current. This is general information, not a personal recommendation.
This guide gives general information, not personal financial advice. ClearRates is not authorised by the FCA to give advice. You choose what to do. The order follows widely used UK guidance, including the r/UKPersonalFinance flowchart. Your answers stay in this browser, or in the page address if you move between steps without JavaScript. If you're struggling with debt, free help is available from MoneyHelper, StepChange and Citizens Advice.