This week's top savings deals explained

Last updated: 23 July 2026 at 14:40

Latest savings news: Billions of pounds sitting in savings accounts paying below-inflation rates, despite flurry of competition in the savings market.

Around 62 million adult savings accounts containing a total of £502 billion are estimated to pay 2.5% or less in interest, new analysis of CACI data by Spring revealed.

This includes 10.3 million accounts with balances of over £10,000 and 735,000 accounts holding £100,000 or more, which means many savers could be seeing their money lose value in real terms.

The cost of goods and services was calculated to rise by 2.6% in the year to June, so any money sitting in an account paying less than this is losing its purchasing power as it won’t be able to buy as much as it did before.

However, there are still plenty of opportunities for savers who are proactive about reviewing their accounts to secure an attractive, real return on their money.

At the time of the announcement, more than 1,300 savings accounts (excluding ISAs) paid interest above inflation, with the top easy access accounts continuing to offer up to 5.00% AER. Furthermore, recent increases by a range of providers have caused the leading fixed savings rates to rise, so savers willing to lock away their money for five years can now secure a guaranteed return of 4.94% AER.

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

LemFi and Revolut remain at the top of our easy access savings chart with their accounts offering 5.00% AER. The LemFi Instant Access Savings Account (which is operated by ClearBank) is available via mobile app and pays this rate monthly on a minimum opening deposit of £1. However, savers should note that a 1.89% bonus applies for six months, after which the rate will drop to 3.04% AER. The account allows further additions without restriction, but all withdrawals must be made via a nominated account and certain limits may apply.

Revolut’s Instant Access Savings – Standard offers the same 5.00% AER, but this rate is paid daily and includes a higher 2.02% bonus until 4 December 2026. Moreover, this bonus rate only applies on balances between £1 and £25,000; a lower 2.90% AER is paid on balances above this sum and after 4 December. This account can be opened and managed via mobile app and permits further deposits and withdrawals without restriction, but savers need to have or open an e-money or payment account with Revolut. This “Standard” account can be accessed without paying a fee or, alternatively, Revolut offers other options (Plus, Premium, Metal and Ultra) that pay the same 5.00% AER but require savers to have a current account with a monthly fee.

Continuing to pay a lower 4.55% AER monthly (including a 1.55% bonus for 12 months) is the HomeSaver from Tembo Money. This account is also only available via mobile app and asks for an initial deposit of £10 or more. Savers can add to and withdraw from their savings pot as often as they like without penalty, but these transactions must be made via a nominated account and need to be a minimum of £10. It’s worth noting that HomeSaver customers who take out a qualifying mortgage with Tembo Money could receive a boosted 5.55% AER, subject to terms and conditions. See more information on our chart or on the provider’s website.

After Plum raised rates at the end of last week, it now sits in third position on our easy access savings chart. Its Plum Easy Access Account – Basic offers 4.52% AER monthly to new customers, which includes a six-month bonus of 1.40%, payable on balances between £1 and £20,000. A lower 3.05% AER applies on balances above this, and after the six-month introductory bonus expires. To access the headline rate, savers need to open the account within 14 days of joining Plum. This app-only account allows savers to make deposits and withdrawals without restriction, although all withdrawals must be made via a nominated account using the Plum app. Note that, while this account can be opened without paying any fees, savers could choose to pay for a Plum subscription and receive the same 4.52% AER.

Before opening any of the above accounts, always check that your deposits will be fully protected under the Financial Services Compensation Scheme (FSCS) as they share compensation limits with other providers.

Fixed rate bonds

The leading one-year fixed savings rate edged higher this week after Habib Bank Zurich and OakNorth Bank made increases across a selection of their accounts. Habib Bank Zurich’s HBZ Fixed Rate e-Deposit Account pays 4.91% AER on maturity while its Shari’ah-compliant HBZ Sirat e-Deposit Account pays an expected profit rate of 4.91% AER, also on maturity. Savers can open both accounts online by depositing £5,000 and can then continue to add to their savings for the next 30 days (via a nominated account). Once open, they can manage their accounts via phone or by post. Note that savers need to have a Sirat current account in the UK to open the HBZ Sirat e-Deposit Account.

Similarly paying 4.91% AER on maturity is OakNorth Bank’s 12-month Fixed Term Savings Account. Available online or via mobile app, this fixed bond can be opened with as little as £1 and permits further deposits for the next 14 days (via a nominated account).

Two providers also offer the highest two-year fixed savings rate of 4.83% AER after they increased rates this week. Close Brothers Savings pays this market-leading rate yearly on its two-year Fixed Rate Bond, which requires a minimum opening deposit of £10,000. Savers can open this account online and subsequently manage it online, by phone or by post, with the option to add to their savings for 10 days after opening (via a nominated account).

Kent Reliance pays the same 4.83% AER monthly or on anniversary on its 2 Year Fixed Rate Bond - Issue 46. This online-only account asks for a smaller initial deposit of £1,000 and accepts further contributions for 14 days after opening (which must be made via a nominated account).

Savers looking for a longer-term bond will find the top three-year and five-year fixed savings rates have increased this week, with GB Bank’s 3 Year Fixed Rate Bond and 5 Year Fixed Rate Bond now paying 4.87% AER and 4.94% AER, respectively. Both accounts can be opened online and pay interest monthly or on anniversary on a minimum deposit of £1,000. Savers can manage their account online or via mobile app and have the option to add to their savings for 21 days after opening.

Notice accounts

RCI Bank UK remains at the top of our up to 30-day notice savings chart, with its RCI Bank E-Volve Savings 14 Day Notice Account paying 4.00% AER monthly or on anniversary. Savers can open this account online by depositing £100 or more, and can subsequently manage it online or via mobile app. The account allows savers to make further contributions without restriction, but a 14-day notice period applies to all withdrawals as earlier access isn’t permitted. Withdrawals must also be made via a nominated account. The RCI Bank E-Volve Savings 14 Day Notice Account may particularly appeal to eco-conscious savers as all deposits will be used to finance electric vehicles, charging points and future green transportation projects.

Savers can receive a higher 4.20% AER, paid yearly, with United Trust Bank’s UTB 60 Day Notice Issue 1 which tops our up to 60-day notice chart. Available online (with the additional option to manage via phone or by post), this account asks for a minimum opening deposit of £5,000 and permits further contributions without restriction. However, savers will need to serve a 60-day notice period when making a withdrawal before they can receive their money. Note that all deposits and withdrawals need to be made via a nominated account.

Meanwhile, Bank of London and The Middle East continues to offer the leading rate on up to 90-day notice accounts. Its Shari’ah-compliant 90 Day Notice Account (Issue 10), which is available online, pays an expected profit rate of 4.37% AER quarterly on a sizeable minimum opening deposit of £10,000. Savers can add to their savings as often as they choose (via a nominated account), but all withdrawals must be £1,000 or more and come with a 90-day notice period.

High yield savings news

As of 23 July, the best high yield savings accounts continue to pay up to 5.00% AER. See above for more information about the leading accounts or, to compare options from across the whole market, visit our savings charts.