Compare The Best Savings Accounts UK

Home Savings Accounts

Savings accounts allow you to earn interest on the money you save up. They can come with different features and pay a range of rates, so it’s important to choose one that’s right for you and your financial goals. You can use our charts below to compare savings accounts and find the best savings rates.

Today's best savings accounts

Product Type

AER

Easy Access Savings

5.20%

Up to 30 Days Notice

5.13%

Up to 60 Days Notice

5.30%

Up to 90 Days Notice

5.35%

Up to 180 Days Notice

5.37%

Over 180 Days Notice

Today's best fixed rate bonds

Product Type

AER

Up to One Year Fixed Rate

5.25%

One Year Fixed Rate

5.25%

Eighteen Month Fixed Rate

4.95%

Two Year Fixed Rate

5.06%

Three Year Fixed Rate

4.81%

Four Year Fixed Rate

4.35%

Five Year Fixed Rate

4.60%

Today's best ISA rates

Product Type

AER

Fixed Rate Cash ISAs

5.05%

Notice Cash ISAs

5.20%

Easy Access Cash ISAs

5.20%

Lifetime ISAs

5.00%

Junior ISAs

5.50%

Stocks and Shares ISAs

Other savings products

Product Type

AER

Regular Savings Accounts

8.00%

Children's Savings Accounts

5.25%

Monthly Interest Savings Accounts

5.37%

High Interest Current Accounts

Offshore Savings Accounts

Depositor Protection

Eligible deposits with UK institutions are protected by the Financial Services Compensation Scheme (FSCS) up to a maximum level of protection of £85,000 per person per institution. All new savings or bank accounts provided to UK customers are now covered by the FSCS.

Disclaimer

All rates subject to change without notice. Please check all rates and terms before investing or borrowing.

Types of savings accounts

There are several types of savings accounts that you can choose from, depending on your financial situation and savings goals.

Easy access savings accounts

Easy access savings accounts, sometimes known as instant access accounts, are the most flexible type of savings account. Many allow you to make as many deposits and withdrawals as you choose, without any restrictions, which can be useful if you want to be able to dip in and out of your savings.

However, bear in mind that some accounts, particularly those paying higher interest rates, may limit the number of withdrawals you can make. Also, these accounts pay a variable rate of interest, which means the rate could change at short notice.

Fixed rate bonds

Fixed rate bonds typically pay higher rates than easy access accounts as you agree to lock your money away for a specified period. The rate is guaranteed for the duration of the fixed term.

You will usually only be able to deposit into the account for a limited period after opening and won’t normally be able to access your savings until the end of the term. Fixed rate bonds offer terms ranging from several months to several years.

Notice accounts

Notice accounts are like a halfway house between easy access and fixed rate savings. You will often be able to add to these accounts without restriction but, when you want to withdraw any money, you will need to wait until the end of the specified notice period. Notice periods can typically range from 30 days up to six months.

Regular savings accounts

If you don’t have a lump sum to put into savings but instead want to deposit a sum of money into a savings account every month, regular savings accounts may be worth considering. These accounts typically require you to deposit a minimum amount each month and may set restrictions on withdrawals. Because of the conditions related to these accounts, regular savings accounts can often pay relatively high rates.

Children’s savings accounts

Children and teenagers aged under 18 will find there are specific children’s savings accounts available. They may come with certain age limits and allow parents or guardians to manage the account until the child reaches a certain age. There are easy access and fixed accounts available.

Do I need a savings account?

Although you don’t need a savings account by law, most people will find them a useful way to manage their finances, build up their savings and earn interest on their money.

Savings accounts allow you to separate money that you’re putting aside for the future from your day-to-day spending money that you need for bills and shopping, for example.

If you use your current account for your savings, you may be tempted to spend this money instead of keeping it saved for emergencies, a house deposit, a holiday or any other goals. Furthermore, you would miss out on the higher rates of interest that savings accounts can offer.

Even if you don’t have a large sum to put into savings at the moment, opening a savings account and getting into a habit of making regular deposits can help to improve your financial stability. By building up your savings, you give yourself a financial cushion if your income drops or if you’re faced with an emergency expense, such as a car repair, which means you may be less likely to turn to expensive forms of borrowing to cover these costs.

Pros and cons of savings accounts

Savings accounts pay interest so you can get a better return on your money than if it was in a current account.
Money in a savings account should be protected by the Financial Services Compensation Scheme (FSCS), which covers up to £85,000 that you hold with each provider (or banking group) should it go bust.
They can encourage you to start and develop a regular savings habit.
Building up a decent sum in savings can help you if you need to cover an emergency expense or large purchase in the future.

If you lock your money away in a fixed bond, you won’t be able to access it if you need it for an unexpected expense.
Interest rates on easy access accounts can go down, so the return on your money could be smaller than initially thought.
If you’re currently paying off expensive debt, such as credit card debt, it may make more sense to pay this off instead of putting the equivalent sum in savings.

How to choose the best savings account

When comparing savings accounts and deciding which one is right for you, there are several points to consider.

What is the interest rate? This will be one of the most important factors for most savers. The higher the interest rate, the greater return you can get on your savings.
Do you need access to your money? There are different types of savings accounts available depending on whether you want to be able to dip into your savings or not. For example, easy access accounts may be suitable for an emergency fund, while a fixed bond may be more suitable for your longer-term savings goals.
Do you want to deposit a lump sum or make regular deposits? While some accounts may allow you to deposit as much and as often as you like, other accounts set certain restrictions and conditions. It’s also worth checking the minimum opening deposit that is required to open an account.
How do you want to manage your account? Providers offer different methods of managing their accounts, with some only available via mobile app while others give you the option of visiting a branch, for example.
How do you want the interest paid? Some accounts pay interest monthly, which could be appealing for those wanting to supplement their income, while other accounts may pay yearly, for example.
Do you want an ethical savings account? Some savings accounts and providers highlight their green or ethical credentials, which may be important for some savers. Similarly, there are Shari’ah compliant savings accounts on the market which pay an expected profit rate, instead of an interest rate like traditional savings accounts.
Are you eligible for the account? Some savings accounts are only available to existing customers (such as those who hold a current account with the provider), while others may only be available to those living in certain postcodes or who meet certain criteria, for example.

How do I open a savings account?

It should be fairly straightforward to open a savings account. Depending on the account you choose, you may be able to open it online, by mobile app, in a branch or over the phone, for example.

You will usually need to provide some personal details, including your full name, date of birth and address history, when opening a savings account. You may also need to show some proof of ID, such as a driving licence, so the provider can verify your identity.

These identity checks don’t involve any credit checks and won’t affect your credit score.

You may also need to provide other information during the application process, such as details of another bank or building society account that will be “linked” to the savings account for deposit and withdrawals, for example.

Once you’ve provided all the necessary details, you will usually need to deposit a minimum sum to open the account. This could be as little as £1 or as much as £10,000 or more.

Bear in mind that many providers require you to be a UK resident and to confirm that the UK is your only country of residence for tax purposes.

Savings accounts FAQs

How many savings accounts can I have?

There’s no limit to the number of savings accounts you can have. You may like to have a mixture of accounts, such as an easy access account for any emergency expenses and one or more fixed bonds for your longer-term savings.

What is the interest rate on a savings account?

The interest rate on a savings account tells you how much of a return you can get on your savings. To help you compare accounts, the interest rate is displayed as an annual equivalent rate (AER), which tells you how much you could earn over the course of one year including any compounding interest or bonuses, for example.

Are savings accounts safe?

All savings providers should be regulated by the Financial Conduct Authority (FCA) and, under the Financial Services Compensation Scheme (FSCS), up to £85,000 of the money you have saved with a provider is protected if it goes bust. Bear in mind that if one or more providers share a banking licence, this limit applies to your total deposits with these providers.

What is the difference between a savings account and ISA?

Savings accounts and individual savings accounts (ISAs) are both places where you can build up your savings. The main difference between them is that any interest you earn on a savings account above your Personal Savings Allowance (PSA) is taxable, whereas any interest you earn on an ISA is completely tax-free. Read more on the differences between savings accounts and ISAs.

Rhiannon Philps

Content Writer

Savings guides

More guides

Cash ISA vs Savings Account: Which Should I Choose?

Cash ISAs and savings accounts have some key differences, including their tax implications and rules around deposits and withdrawals. Find out more here.

Cash ISAs and savings accounts have some key differences, including their tax implications and rules around deposits and withdrawals.

How to get the best return from your savings

Getting a decent return from your savings takes more than putting money in the first account you come across. Choose poorly and you won't come anywhere near to securing the best rate.

Getting a decent return from your savings takes more than putting money in the first account you come across. Our guide explains how to get the best return.

How are my savings taxed in the UK?

Every basic rate taxpayer in the UK currently has a PSA of £1,000, which means the first £1,000 of savings interest earned in a year is tax-free and you only have to pay tax on savings interest above this.

Every basic rate taxpayer in the UK currently has a PSA of £1,000, which means the first £1,000 of savings interest earned in a year is tax-free.

What does compound interest mean?

We all know that we earn interest on our savings. But what happens to the interest once we've earned it? It’s either moved (or paid) into a different savings or current account, or it stays in the same account and is added to your savings.

What does compound interest mean? Read out guide to find out more.

The best cash ISA rates this week

2nd July 2024

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.

Longer-term fixed ISAs increase returns while the notice sector sees changes in previously established leading rates.

Savers ‘missing out’ by not checking interest rates. Should you make the switch?

28th June 2024

17% of adults admit they don’t check the rate of interest on their savings, which could mean losing out on bonus cash.

The best UK savings rates this week

27th June 2024

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.

Renewed competition in fixed bond and notice sectors as multiple providers increase rates.

Moneyfacts pick of the week

27th June 2024

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market.

This week's selection includes an easy access account from Cynergy Bank and a buy-to-let two-year fixed rate mortgage from HSBC.

Savings rates on the rise amid ISA decline

21st June 2024

Average savings rates rise across various sectors, widening the gap with ISA counterparts.

Bank of England holds base rate at 5.25% as General Election looms

20th June 2024

There was no change despite the Bank of England meeting its 2% target for inflation.

UK inflation falls to Bank of England’s 2% target

19th June 2024

The rate of inflation in the UK dropped to 2% in the year to May, finally meeting the Bank of England’s target of 2%. Find out what this means for you.

The rate of inflation in the UK dropped to 2% in the year to May, meeting the Bank of England’s target of 2%.

General Election 2024: How have the mortgage and savings markets changed since 2010?

18th June 2024

As the Conservative Party seeks to extend its 14-year period in Government in the General Election on 4 July 2024, we reflect on how both the mortgage and savings markets have changed since 2010.

A global pandemic, international conflict and rampant inflation have all taken their toll.

Major banks paying below-average savings rates

14th June 2024

Several of the major high street banks are paying below-average rates on their savings accounts and ISAs, despite reviews from the FCA and the Treasury.

Several of the major high street banks are continuing to pay below-average rates on their savings accounts and ISAs.

Savers deposit record sums in cash ISAs in April

3rd June 2024

After interest rates rose over the past year, savers deposited a record £11.7 billion in ISAs in April 2024 to take advantage of their tax-free allowance.

Savers deposited a record £11.7 billion in ISAs in April 2024 to take advantage of their tax-free allowance.

More choice for eco-conscious savers

22nd May 2024

The number of 'green' savings accounts has risen by more than 25% in the past 12 months, but the green credentials of these accounts can vary.

The number of 'green' savings accounts has risen by more than 25% in the past 12 months.

UK inflation falls to a near three-year low of 2.3%

22nd May 2024

Despite the significant drop, figures are higher than economists expected, casting doubt over an imminent cut to interest rates.

Fixed bonds and ISAs fall month-on-month

20th May 2024

Average rates on fixed bonds and ISAs fell in the month to May while easy access and notice rates remained more stable.

Bank of England base rate remains at 5.25% - a blow to borrowers?

9th May 2024

The latest latest decision comes as average mortgage rates continue to rise steadily.

This latest latest decision comes as average mortgage rates continue to rise steadily.

More choice for savers as number of cash ISAs rises to near six-month high

19th April 2024

Savers seeking tax-free returns on their hard-earned cash are spoiled for choice as the number of ISAs available rises to a near six-month high.

UK inflation slows less than anticipated to 3.2% in March

17th April 2024

Easing food prices counteract upwards contributions from fuel costs.

More than two in five adults cut back on savings due to cost of living

11th April 2024

More than two in five adults said they had stopped or cut back on savings due to the cost of living, according to the FCA’s Financial Lives survey.

More than two in five adults said they had stopped or cut back on savings due to the cost of living.

NS&I’s British Savings Bonds launched at 4.15% AER

3rd April 2024

NS&I has launched its British Savings Bonds, offering a three-year fixed rate of 4.15% AER for savers. See how they compare against other savings accounts.

NS&I has launched its British Savings Bonds at a fixed rate of 4.15% AER.

February inflation at lowest level in over two years

20th March 2024

The rate of inflation slowed to 3.4% in February 2024, the lowest it’s been since September 2021. Find out what this means for your savings.

The rate of inflation slowed to 3.4% in February 2024, the lowest it’s been since September 2021.

Spring Budget 2024: A British ISA, new bonds from NS&I and further cuts to National Insurance

7th March 2024

The Chancellor of the Exchequer, Jeremy Hunt, delivered his Spring Budget to the House of Commons yesterday. It’s anticipated to be one of the Government’s last fiscal events before a General Election takes place in less than a year’s time. Find out what some of the measures announced mean for your finances.

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UK’s biggest banks fail to keep up with top savings rates

4th March 2024

The UK’s big high street banks are failing to offer competitive rates on their savings accounts, with other providers offering significantly higher returns.

The UK’s big high street banks are failing to offer competitive rates on their savings accounts.

One-year fixed bonds outperforming longer-term fixes

20th February 2024

As average fixed savings rates fall, one-year fixed bonds and ISAs have been outperforming longer-term deals.

Falling food prices see UK inflation unexpectedly hold at 4%

14th February 2024

The rate of UK inflation held at 4% in the year to January, revealed today’s release from the Office for National Statistics (ONS), following an unexpected uptick the previous month.

The rate of UK inflation held at 4% in the year to January, revealed today’s release from the Office for National Statistics (ONS).

Green Savings Bonds from NS&I now paying lower rate

8th February 2024

Green Savings Bonds are now paying a lower rate of 2.95% AER after NS&I cut rates. How do they compare to other savings accounts?

Green Savings Bonds are now paying 2.95% AER after NS&I cut rates.

Chip launches first cash ISA – how does it compare?

5th February 2024

App-based savings provider, Chip, launched its first product into the cash ISA market today, following “a year of rapid growth for the business in 2023”. Its Chip Cash ISA (powered by ClearBank) takes a competitive position on our easy access ISA chart, paying 4.75% AER monthly.

The Chip Cash ISA (powered by ClearBank) pays 4.75% AER.

Growing proportion of easy access savings accounts without branch access

2nd February 2024

More than a third (40%) of easy access savings accounts don’t offer branch access, up from 29% a decade ago.

More than a third (40%) of easy access savings accounts don’t offer branch access.

Bank of England holds base rate at 5.25% despite rise in inflation

1st February 2024

This marks the fourth consecutive time the base rate has gone unchanged.

Fixed savings rates experience largest monthly drop since 2009

26th January 2024

Despite the fall, those now exiting a fixed deal will find average savings rates are higher than at the start of 2023.

UK inflation sees unexpected rise in December 2023

17th January 2024

After months of falling inflation, December’s figure unexpectedly rose to 4%.

Premium Bonds prize fund rate will fall from March 2024

16th January 2024

Premium Bonds prize fund rate drops to 4.40% but the odds of winning remain the same.

UK inflation drops to 3.9% in November

20th December 2023

UK inflation dropped to 3.9% in the year to November, according to today’s announcement from the Office for National Statistics (ONS). This is down from 4.6% the previous month.

UK inflation dropped to 3.9% in the year to November, according to today’s announcement from the Office for National Statistics (ONS).

Bank of England base rate to remain at 5.25% heading into 2024

14th December 2023

The Bank of England’s Monetary Policy Committee voted 6 to 3 in favour of maintaining the base rate at 5.25% heading into 2024. Find out what this means for savers and mortgage borrowers.

The Bank of England’s Monetary Policy Committee voted 6 to 3 in favour of maintaining the base rate at 5.25% heading into 2024.

Government meets pledge as inflation slows dramatically to 4.6%

15th November 2023

The UK Government meets its pledge as inflation slows dramatically to 4.6% in the year to October. This is the lowest annual rate in two years according to the Office for National Statistics (ONS).

The UK Government meets its pledge as inflation slows dramatically to 4.6% in the year to October, according to the Office for National Statistics (ONS).

Fixed bonds paying 6% or more disappear from savings market

10th November 2023

While it’s no longer possible to find a fixed bond paying 6.00% AER, savers shouldn’t feel disheartened. We provide some alternative options to consider.

This is the first time since June of this year there are no fixed bonds offering a rate of 6.00% AER or more.

Average rate for a longer-term fixed bond falls for first time in over six months

20th October 2023

The average rate paid by a fixed bond with a term over 550 days dropped to 5.11% at the start of October, according to Moneyfacts’ data. This is the first time this rate has fallen since March 2023.

This is the first time average rates have fallen in this sector since March 2023.

Inflation holds at 6.7% despite falling food prices

18th October 2023

Rising fuel prices largely responsible for sustained, elevated inflation despite food prices falling for the first time since September 2021

Rising fuel prices largely responsible for sustained, elevated inflation despite first monthly fall in cost of food since September 2021.

Bank of England keeps base rate unchanged for first time in almost two years

21st September 2023

The Bank of England’s Monetary Policy Committee (MPC) voted to keep the base rate at 5.25% today - the first time in almost two years the MPC have opted to keep borrowing costs unchanged.

This is the first time in almost two years the Bank of England’s Monetary Policy Committee (MPC) opted to keep borrowing costs unchanged.

Santander’s new easy access account available until mid-September

4th September 2023

The account will sit alongside its Edge Saver, which offers a rate of 7% AER.

Average easy access ISA rate reaches 3%

30th August 2023

The average return on an easy access ISA hit 3.00% gross yesterday according to Moneyfacts’ data – the highest this rate has been since December 2008.

The last time this rate was higher was in December 2008.

NS&I makes market-leading fixed rate increases

30th August 2023

Its one year fixed rate bond now offers 6.20% AER, the best rate on the market.

Compare the Best UK Savings Accounts

We found 1424 products

Today's best savings accounts

Today's best fixed rate bonds

Today's best ISA rates

Other savings products

Types of savings accounts

Easy access savings accounts

Fixed rate bonds

Notice accounts

Regular savings accounts

Children’s savings accounts

Do I need a savings account?

Pros and cons of savings accounts

How to choose the best savings account

How do I open a savings account?

Savings accounts FAQs

How many savings accounts can I have?

What is the interest rate on a savings account?

Are savings accounts safe?

What is the difference between a savings account and ISA?

Rhiannon Philps

Savings guides

Savings News

Compare the Best UK Savings Accounts

We found 1424 products

Today's best savings accounts

Today's best fixed rate bonds

Today's best ISA rates

Other savings products

Types of savings accounts

Easy access savings accounts

Fixed rate bonds

Notice accounts

Regular savings accounts

Children’s savings accounts

Do I need a savings account?

Pros and cons of savings accounts

How to choose the best savings account

How do I open a savings account?

Savings accounts FAQs

How many savings accounts can I have?

What is the interest rate on a savings account?

Are savings accounts safe?

What is the difference between a savings account and ISA?

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Rhiannon Philps

Savings guides

Savings News

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