Meteor Savings launches: Is this new savings platform worth considering?

Soon after launching, Meteor Savings is giving savers the opportunity to get a competitive return on their money.

Savers now have another savings platform to choose from after Meteor Asset Management Limited launched Meteor Savings in the UK last week (7 November 2025).

This savings platform offers standard easy access and fixed savings accounts, as well as a range of cash ISAs, with some of these options paying particularly competitive rates.

Indeed, Isbank’s Meteor Savings – 1 Year Fixed Rate Cash ISA currently offers the market-leading one-year fixed ISA rate of 4.35% AER.

As an additional perk, cash ISAs on Meteor Savings allow external transfers in from existing cash ISAs or stocks and shares ISAs, unlike some other savings platforms including Hargreaves Lansdown. This can make it even easier for savers to take advantage of the rates offered by Meteor Savings as they can transfer their existing ISA pot to the platform.

“Savings platforms are a fast and convenient way for investors to access a range of products from different providers. This makes it easier to compare and switch accounts, which is crucial, especially with inflation running high,” Caitlyn Eastell, Spokesperson at Moneyfactscompare.co.uk, commented.

“Some platforms may also offer exclusive interest rates that can’t be found anywhere else,” she added.

However, she said savers should bear in mind that they will “usually be restricted to providers that are partnered”, which means they “may not have access to the best rates in the market”.

A convenient way to manage your savings

At its launch, Meteor Savings offers accounts from eight providers, including high street names like HSBC and Santander and the Shari’ah-compliant AlRayan Bank.

Several of these providers have competitive accounts which may appeal to savers who want the convenience of managing their savings in one place and the opportunity to increase the return on their money.

The Moneyfacts Savings Trends Index 2025 revealed that almost one in four (23%) respondents had never switched savings accounts, while a further 23% said they switch accounts less than every couple of years.

Savings platforms, such as Meteor, can be particularly useful for those savers who struggle to be proactive about regularly switching their money to more competitive rates. Because they can move their savings to different accounts within a single platform, it can be less time-consuming to switch to a better rate than submitting an individual application directly with a provider.

But could you miss out on better rates?

However, the downside of any savings platform, including Meteor Savings, is that you may miss out on the best rates available. Keeping your money with a savings platform means you are restricted to the accounts and providers the platform is partnered with, which may not always be the ones offering the most competitive rates at that time.

Even though it may be less convenient to apply for an account directly with a provider each time you want to switch to a better rate, this may be the only way to get the highest return possible on your savings if the leading accounts aren’t available via savings platforms.

Savers should weigh up the benefits of using a savings platform with the potential downsides to help them decide where to deposit their money. Of course, there’s always the option to keep some money with a savings platform and keep the rest with individual providers, which could help you get the best of both options.

But, regardless of where you keep your money, it’s important to regularly review the interest it's earning to ensure you’re getting the most competitive return possible.