This week's top savings deals explained

Last updated: 7 May 2026 at 13:15

Latest savings news: Although several savings providers continue to raise rates, billions of pounds are languishing in low-paying accounts.

The leading rates across the savings market held firm this week, with returns on the top two-year and three-year fixed bonds even edging higher.

However, despite the array of competitive accounts on offer, £612.4 billion is still sitting in 69.4 million savings accounts paying less than 3%, according to recent analysis of CACI data by Spring. This includes 12.7 million accounts that hold £10,000 or more.

With the latest inflation figure recorded at 3.3%, this means many savers won’t be getting a real return on their money and could see the value of their savings erode over the coming months and years.

“This should be a wake-up call. I urge savers to review the rate they’re getting and consider switching to a provider offering interest above 3.3%, so their savings have a better chance of keeping pace with the cost of living,” Derek Sprawling, Head of Money at Spring, commented.

“Too often, people stick with a familiar provider and don’t notice when their rate has slipped, or they assume their bank is still giving them a fair deal. It’s worth taking a few minutes to check what you’re earning and to shop around,” he continued.

Below is a list of accounts that currently offer the best easy access, fixed and notice savings rates. These products are all available to new customers with a £10,000 deposit. Note that higher rates may be available to existing customers or those who are willing to save more than £10,000.

You can also visit our charts to compare rates from across the whole of the savings market.

Easy access accounts

The leading easy access savings rates remain the same this week, with LemFi continuing to offer the market-leading rate of 5.00% AER (including a 1.89% bonus for six months) on its LemFi Instant Access Savings Account. Interest is paid monthly and the rate reverts to 3.04% AER after six months. This account is only available via mobile app and requires a £1 minimum opening deposit, which savers can add to and withdraw from without restriction. Withdrawals must be made via a nominated account.

Another app-only account, Tembo Money’s HomeSaver, sits in second position on our chart. It pays 4.75% AER monthly, which includes a 1.75% bonus for 12 months, but savers can access an even higher rate if they take out a qualifying mortgage through Tembo Money (subject to conditions; see more on our chart). The HomeSaver asks for an initial opening deposit of £10 and allows further contributions and unlimited penalty-free withdrawals (via a nominated account).

Meanwhile, Chase continues to pay 4.50% AER monthly on its Chase Saver With Boosted Rate. This includes a 2.23% bonus for 12 months, which savers can access by opening the account within 31 days of becoming a Chase current account customer. Like the previous options, this savings account can only be opened and managed via mobile app. It doesn’t specify an opening deposit requirement and allows further additions without restriction; however, a £25,000 daily limit applies on withdrawals.

Fixed rate bonds

AlRayan Bank continues to lead our one-year fixed savings chart with its Shari’ah-compliant Meteor Savings – 1 Year Fixed Term Deposit paying an expected profit rate of 4.70% AER on maturity. Available online via the Meteor Savings platform, this account requires an initial opening deposit of £1,000 and doesn’t permit any further additions after this point.

After increasing rates last week, Kent Reliance now offers the market-leading rate on two-year and three-year bonds. Its 2 Year Fixed Rate Bond – Issue 38 pays 4.69% AER while its 3 Year Fixed Rate Bond – Issue 19 offers 4.66% AER, with both accounts giving savers the choice to have interest paid monthly or on anniversary. Savers can open these online-only accounts by depositing £1,000 or more, with the option to make further contributions for the next 14 days (via a nominated account).

The leading five-year fixed savings rate remains at 4.70% AER this week and is offered by GB Bank’s 5 Year Fixed Rate Bond. This account pays interest monthly or on anniversary and requires a £1,000 minimum opening deposit, which savers can add to for 21 further days. Savers can open this account online and manage it online or via mobile app.

Bear in mind that none of the above fixed rate bonds allow savers to access their money before the end of the term.

Notice accounts

Our up to 30-day notice savings chart continues to be led by RCI Bank UK as its RCI Bank E-Volve Savings 14 Day Notice Account pays 4.00% AER monthly or on anniversary. Savers can open this account online by making an initial deposit of £100 or more, with the option to manage it online or via mobile app after this point. While it allows further contributions and withdrawals, these must be made via a nominated account and savers will need to wait the full 14-day notice period before receiving any withdrawals. As a green account, this option may appeal to eco-conscious savers as all deposited funds will be used to finance electric vehicles, charging points and future green transportation projects.

Sharing the lead of our up to 60-day notice savings chart with 4.16% AER is Shawbrook Bank and Oxbury Bank. Shawbrook Bank’s 45 Day Notice Account Issue 22 pays interest monthly or on anniversary on a minimum opening deposit of £1,000, which savers can add to while the issue remains open. Earlier access isn’t allowed so the 45-day notice period will apply when savers want to withdraw their money. This account is available online and can be additionally managed by phone.

Shawbrook Bank pays the same rate monthly on its Raisin UK – 45 Day Notice Account, which is available online or via mobile app through the Raisin UK savings platform. It also requires a £1,000 minimum opening deposit, but savers should consider this sum carefully as they can’t add to it after this point. Moreover, when they want to access their money, they will need to withdraw the full balance and wait 45 days to receive their funds; no partial withdrawals are permitted. The account will close once the money has been withdrawn.

Paying the same 4.16% AER monthly, but with a slightly shorter notice period, is Oxbury Bank's Personal 35 Day Notice Account (Issue 7). Alternatively, the provider's Personal 90 Day Notice Account (Issue 14) pays a higher 4.18% AER monthly to top our up to 90-day notice chart. Savers can open these accounts online and manage them online or via mobile app (the Oxbury App is required to access online banking). The accounts ask for an initial opening deposit of £1,000 and allow further additions without restriction, but savers will need to serve a 35-day or 90-day notice period before accessing their money. Note that all transactions must be made via a nominated account.