A high-interest savings account pays a higher rate of interest on your savings than many standard savings accounts. Compare the AER, which shows the annual rate including the effect of compound interest, and check whether the rate is fixed or variable. Some accounts limit withdrawals, require a minimum deposit or offer a bonus rate for a set period, so read the terms carefully. Interest may count towards your Personal Savings Allowance; check the current guidance on GOV.UK for how tax rules apply to you.