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Featured - Account Types
What type of savings account do you need?Find out about the different types of savings accounts available to suit a variety of needs.
Savings
ISAs
Residential
Buy to let
Specialist mortgages
Featured - Debt and your credit score
How debt impacts your credit scoreA healthy credit score has its benefits, so make sure you manage your debt correctly.
Loans
Featured - travel insurance
Travel insurance 2024Discover the best travel insurance policy for your next trip.
Home & vehicle
Health & travel
Featured - High interest current accounts
Find current accounts offering in-credit interest rates up to 5.00% AER.
Current accounts
Featured - Purchase Cards
Best purchase credit cardsExplore the best cards with a 0% introductory period.
Credit cards
Credit repair
Calculators & guides
Business savings
Business products
Business insurance
How much can I give as a cash gift?
How much can I give as a cash gift?Will your loved one's gift be tax affected?
Categories
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Latest news - by category
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Other Star Ratings categories
Despite the rise there are several other providers with better rates.
The Government-backed National Savings & Investments (NS&I) increased its Direct ISA rate to 2.40% AER today. This will be passed on to more than 333,000 account holders.
Having previously stood at 2.15% AER, the latest increase means its rate now betters the average easy access ISA rate on the market.
But the appeal of saving with the NS&I is perhaps in the security of the institution rather than its rates.
All your savings with the NS&I are protected by the Treasury, negating the need for the £85,000 protection from the Financial Services Compensation Scheme (FSCS).
Although you can only deposit up to £20,000 into this account per tax year, if you have other savings with the NS&I this will also be backed by the Treasury.
Use our ISA charts to compare the best rates on the market.
Despite this security and the recent increase, its rate remains some distance behind some of the best easy access ISA rates on the market.
Currently, Paragon Bank offers the market-leading easy access ISA rate of 3.51% AER, with Cynergy Bank offering the next best rate of 3.50% AER.
According to Moneyfactscompare.co.uk calculations, £1,000 with Paragon Bank would earn £35.10 a year in interest if the rate doesn’t change.
In comparison, the same deposit with the Direct ISA would only earn £24 over the same period.
You can use our calculator below to find out how much you would earn in interest on either of these accounts if you made a monthly contribution to your funds.
While easy access accounts tend to pay more interest than their easy access ISA counterparts, any returns you generate could be liable for income tax.
This all depends on your personal savings allowance, which you can read in more detail in our guide.
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Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.
Whilst the news of interest rates rising may excite savers, some will need to consider if this rise will come with a new tax bill from HMRC
Whilst the news of interest rates rising may excite savers, some will need to consider if this rise will come with a new tax bill from HMRC.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
As average ISA rates fall, some market-leading rates increase.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best savings rates available in the UK. Compare and apply today.
Big banks continue to offer low returns on easy access accounts, while paying higher returns on fixed bonds.
Whilst the news of interest rates rising may excite savers, some will need to consider if this rise will come with a new tax bill from HMRC
Whilst the news of interest rates rising may excite savers, some will need to consider if this rise will come with a new tax bill from HMRC.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best ISA rates available in the UK. Compare and apply today.
As average ISA rates fall, some market-leading rates increase.
Each week the Moneyfactscompare.co.uk content team round up and discuss the very best savings rates available in the UK. Compare and apply today.
Big banks continue to offer low returns on easy access accounts, while paying higher returns on fixed bonds.
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Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.
Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.