Saving money is smart. But how and where you save it? That’s what makes the real difference.
Here are the top 5 mistakes most savers make — and what you should do instead in July 2025.
❌ Mistake #1: Sticking With Your Main Bank
Most people let their money sit in an old savings account earning 0.10% to 0.50%.
✅ Better Option:
Open a high-interest account like:
- Zopa (UK) – 5.20% AER
- SoFi (USA) – 4.60% APY
🟢 You can still transfer from your main bank, but now you’ll actually earn interest.
❌ Mistake #2: Ignoring Instant Access
Some high-interest accounts lock your money for months.
✅ Better Option:
Choose instant access accounts:
- Chase UK (5.10% AER)
- Tandem Bank (5.00% AER)
- Marcus by Goldman Sachs (4.40% APY)
🟢 Get high interest without giving up flexibility.
❌ Mistake #3: Thinking You Need Thousands to Start
High interest ≠ high minimum deposit anymore.
✅ Better Option:
Start saving with £0 or $0:
- Tandem (UK) – £0 to open
- SoFi (USA) – $0 minimum
- Synchrony Bank (USA) – $0 and no fees
🟢 Start where you are — grow as you go.
❌ Mistake #4: Not Checking for Hidden Fees
Some banks sneak in fees that cancel out your interest gains.
✅ Better Option:
All of these accounts are fee-free:
- Chase UK
- SoFi
- Marcus
- Tandem
- Zopa
🟢 No monthly charges. No tricks. Just pure savings.
❌ Mistake #5: Not Comparing Rates Regularly
Rates change. What was best 3 months ago may not be best now.
✅ Better Option:
As of July 2025, these are the top-performing accounts:
| Bank | Country | Rate | Type |
|---|---|---|---|
| Zopa | UK | 5.20% AER | Notice |
| Chase UK | UK | 5.10% AER | Instant |
| Tandem | UK | 5.00% AER | Instant |
| SoFi | USA | 4.60% APY | Instant |
| Synchrony | USA | 4.50% APY | ATM/Online |
| Marcus | USA | 4.40% APY | Instant |
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