Could you earn over £300 more on your savings with building societies?

Review your accounts and see if you could get a much-needed boost this UK Savings Week.

Where you decide to keep your money can have a big impact on your savings. Big UK banks don’t always pay their customers competitive interest rates, with their popularity typically stemming from their high street presence and familiarity. Savers could earn considerably more by choosing to house their savings with a building society instead, recent analysis by Moneyfactscompare.co.uk has shown.

A selection of the top easy access accounts offered by building societies* pay on average 4.22% (on a £10,000 balance), whereas some of the most flexible easy access accounts from big UK banks** pay a paltry 1.16%.

This means that savers could earn £422 in interest after a year with a typical top-rate building society account - over £300 more than the £116 earned (on average) with some easy access accounts from big UK banks.

“Savers could be missing out on hundreds of pounds simply by leaving their cash in a lower-paying account. UK Savings Week is a great opportunity for savers to review where their money is held, because the difference between savings rates can have a significant impact on returns over time,” Caitlyn Eastell, Personal Finance Analyst at Moneyfactscompare.co.uk, commented.

Some people may feel loyal to their bank or just prefer to keep their money with a more familiar brand that they recognise from the high street. Unfortunately, loyalty often goes unrewarded, and savers who stick with an existing lower-paying account could see their money lose value in real terms. “At a time when households are under pressure, improving savings outcomes is not always about putting more money away each month. It can be about saving smarter by making sure their cash is earning a competitive rate,” Eastell continued.

Can you get better returns elsewhere?

Although building societies often pay higher rates than can be found with big UK banks, it’s possible to get higher returns by considering other providers. The tops of our savings charts are typically dominated by less-familiar names, including challenger banks and specialist savings providers. These brands often can’t rely on the popularity and loyalty that big, high street brands have built up over the years, which means many of them offer attractive rates to draw in customers. They have to meet the same rules and regulations as banks and building societies, meaning your money is protected by the Financial Services Compensation Scheme (FSCS).

The market-leading easy access savings accounts currently offer up to 5.00% AER (as of 24 September 2026).

_{* Top rate building societies selection: Saffron Building Society, Online Bonus Saver Issue 2, 4.50%. Nottingham Building Society, Bonus Access Saver 18, 4.25%. Leeds Building Society, Online Access Saver (Issue 23), 4.20%. Family Building Society, Online Saver (12), 4.15%. Saffron Building Society, Enviro Saver Account Issue 5, 4.00%.}

_{** Big banks easy access selection: Barclays Bank, Everyday Saver, 1.00%. HSBC, Flexible Saver, 1.04%. Lloyds Bank, Easy Saver, 0.75%. NatWest, Flexible Saver, 1.00%. Santander Easy Access Saver (Issue 31), 2.00%.}