For an emergency fund, you need an account that lets you access your money whenever you need to. Instant or easy access accounts let you to deposit or withdraw cash as you see fit. There may be a short delay of a day or two to complete withdrawals with easy access accounts, but otherwise they are the same as instant access accounts. Be aware that some banks may asked for 24 hours notice for withdrawing amounts above £1,000.
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Take a look at our best savings accounts and ISAs to start saving today, or get the guidance you need before achieving your savings goals.
Best savings rates today
The highest interest rates for our top savings accounts available in the UK. This list is updated daily and it includes promoted products, so the highest interest rates could be further down the table.
| Product type | AER | |
|---|---|---|
| Instant access savings | 5.16% | |
| Notice savings | 5.30% | |
| Cash ISAs | 5.20% | |
| 1 year fixed rate bond | 5.65% | |
| 5 year fixed rate bond | 4.81% | |
| Fixed rate bond | 5.65% |
Is my money safe?
The Financial Services Compensation Scheme (FSCS) guarantees that the first £85,000 you have saved with a registered bank or building society (or the first £170,000 for a joint account) will be safe even if the business goes bust.
What is a savings account?
Savings accounts are types of accounts with a bank or building society where you put away money to earn a return through interest.
While the interest you earn on many savings accounts can be relatively modest, they provide a safe and reliable place to stash your money for short term needs.
They’re especially useful if you’re looking to build an emergency fund, or for short-term savings goals like buying a car or a holiday.
There are also tax-efficient savings accounts, called cash ISAs, that let you earn money on your savings without being liable for any tax on the interest you earn.
Read more about how savings accounts work.
How much Brits saved in July[1]
£14.4billion
Average savings rate vs base rate over time
An illustration of how savings rates have changed in relation to the Bank of England base rate over the two past years. The average rates have been calculated by taking the rates from the whole of market at the time of the base rate change. Source: Defaqto and Bank of England data.
Which is the best savings account for you?
![If you're building an emergency fund...]()
If you're building an emergency fund...
For an emergency fund, you need an account that lets you access your money whenever you need to. Instant or easy access accounts let you to deposit or withdraw cash as you see fit. There may be a short delay of a day or two to complete withdrawals with easy access accounts, but otherwise they are the same as instant access accounts. Be aware that some banks may asked for 24 hours notice for withdrawing amounts above £1,000.
![If you want to put away money regularly...]()
If you want to put away money regularly...
If you're looking to save money regularly, but don't have a specific goal in mind, a cash ISA lets you add up to £20,000 a year to your nest egg. The better news is that any interest you earn with these is also protected from tax.
![If you're trying to save for a large purchase...]()
If you're trying to save for a large purchase...
If you're looking to buy a car or pay for a future holiday, you'll likely want an account that allows you to put away money that you can't access unless you absolutely need to. In this case, notice savings accounts may have you covered.
These accounts will allow access to funds saved, although you may have to wait for 30 days to up to 120 days to make a withdrawal. However, you typically get higher interest rates on notice accounts compared to easy-access accounts.
![If you don't need the money right away...]()
If you don't need the money right away...
The go-to option if you’re serious about earning interest on your savings, but won't need the money for a while, is a fixed-rate bond. These pay about the best interest available, but mean you have to commit to locking your money away for a set period. The longer the term of the bond, typically, the higher rate you'll get.
Which is the best savings account for you?
If you're building an emergency fund...
If you want to put away money regularly...
If you're looking to save money regularly, but don't have a specific goal in mind, a cash ISA lets you add up to £20,000 a year to your nest egg. The better news is that any interest you earn with these is also protected from tax.
If you're trying to save for a large purchase...
If you're looking to buy a car or pay for a future holiday, you'll likely want an account that allows you to put away money that you can't access unless you absolutely need to. In this case, notice savings accounts may have you covered.
These accounts will allow access to funds saved, although you may have to wait for 30 days to up to 120 days to make a withdrawal. However, you typically get higher interest rates on notice accounts compared to easy-access accounts.
If you don't need the money right away...
The go-to option if you’re serious about earning interest on your savings, but won't need the money for a while, is a fixed-rate bond. These pay about the best interest available, but mean you have to commit to locking your money away for a set period. The longer the term of the bond, typically, the higher rate you'll get.
Our best instant and easy access savings accounts
We picked these deals by weighing several factors such as the interest rate, term, withdrawal conditions, minimum opening balance and others for this product.
Editor’s pick
Skipton Building Society Base Rate Tracker
Skipton Building Society Base Rate Tracker
Open with
£1
Interest rate
5.06% AER BBR tracker
Term
2 years
No notice, penalty, or charge applies.
Show Details
Eligibility
Minimum Initial Deposit
£1
Maximum Initial Deposit
£1,000,000
Permanent UK Resident
YES
Rate Tiers
| Gross rate | |
|---|---|
| Including bonus | Excluding bonus |
| 5.06% | 5.06% |
| AER rate | |
| Including bonus | Excluding bonus |
| 5.06% | 5.06% |
“If you are looking for a savings account with a variable interest rate that follows the base rate, then this is a good option from Skipton. Currently, the rate is at a competitive 5.06% AER BBR tracker, but remember it can change, as it'll be in line with the BoE's decision for the next 24 months. The good news is you'll also get easy access to your money as there are no withdrawal penalties. ”
Editor’s pick
Clearbank - Chip Instant Access
Clearbank - Chip Instant Access
Open with
£1
Interest rate
4.84% AER variable
Term
Easy access
No notice, penalty, or charge applies.
Show Details
Eligibility
Minimum Initial Deposit
£1
Maximum Initial Deposit
£250,000
Permanent UK Resident
YES
Rate Tiers
| Gross rate | |
|---|---|
| Including bonus | Excluding bonus |
| 4.74% | 4.74% |
| AER rate | |
| Including bonus | Excluding bonus |
| 4.84% | 4.84% |
“This instant access account from Chip has a competitive interest rate and you can withdraw almost instantly. The minimum initial deposit is £1 and the maximum is £1, making it a good option for savers. ”
Our best notice savings accounts
Our editors pick these deals by weighing several factors such as the interest rate, term, withdrawal conditions, minimum opening balance and others for each product.
Editor’s pick
RCI Bank E-Volve Savings 14 Day Notice Account
RCI Bank E-Volve Savings 14 Day Notice Account
Open with
£1,000
Interest rate
4.8% AER variable
Term
14 days notice
Withdrawals and closure permitted subject to 14 days' notice.
Show Details
Eligibility
Minimum Initial Deposit
£1,000
Maximum Initial Deposit
£1,000,000
Permanent UK Resident
YES
Rate Tiers
| Gross rate | |
|---|---|
| Including bonus | Excluding bonus |
| 4.8% | 4.8% |
| AER rate | |
| Including bonus | Excluding bonus |
| 4.8% | 4.8% |
“With just 14 days notice, this account gives a slightly better rate than you'd get with an instant access. So if you know you won't need to withdraw money right away, this is a good option.”
Editor’s pick
Investec 90-Day Notice Saver
Investec 90-Day Notice Saver
Open with
£5,000
Interest rate
5% AER variable
Term
90 days notice
A written notice period of 90 days is required for withdrawals.
Show Details
Eligibility
Minimum Initial Deposit
£5,000
Maximum Initial Deposit
£250,000
Permanent UK Resident
YES
Rate Tiers
| Gross rate | |
|---|---|
| Including bonus | Excluding bonus |
| 4.89% | 4.89% |
| AER rate | |
| Including bonus | Excluding bonus |
| 5% | 5% |
“A great offering for those who know when they'll need access to their money. Open with £5,000, and the best part is you continue to earn interest during the 90 days notice period.”
Editor’s pick
Paragon 120 Day Notice Account (Issue 25)
Paragon 120 Day Notice Account (Issue 25)
Open with
£500
Interest rate
5% AER variable
Term
120 days notice
Withdrawals and closure permitted subject to 120 days' notice.
Show Details
Eligibility
Minimum Initial Deposit
£500
Maximum Initial Deposit
£500,000
Permanent UK Resident
YES
Rate Tiers
| Gross rate | |
|---|---|
| Including bonus | Excluding bonus |
| 5% | 5% |
| AER rate | |
| Including bonus | Excluding bonus |
| 5% | 5% |
“This 120 days notice account by Paragon offers one of the highest rates in its category. Open with £500.”
Our best instant access cash ISAs
Our editors pick these deals by weighing several factors for each product, including the interest rate, term, withdrawal conditions, minimum opening balance and more.
Editor’s pick
Moneybox Cash ISA
Moneybox Cash ISA
Open with
£500
Interest rate
5.09% AER variable inc. 0.94% fixed bonus for 12 months
Term
Easy access
Rate drops to 4.15% after first 12 months. Subject to T&Cs. A lower interest rate of 0.75% AER (variable) applies whenever your account balance is less than £500. It also applies for the rest of your current 12-month period from your fourth withdrawal. The number of withdrawals permitted will reset on the anniversary of the account opening date
Show Details
Eligibility
Maximum Age
Unlimited
Minimum Initial Deposit
£500
Permanent UK Resident
YES
Rate Tiers
| Gross rate | |
|---|---|
| Including bonus | Excluding bonus |
| 5.09% | 4.15% |
| AER rate | |
| Including bonus | Excluding bonus |
| 4.15% | 5.09% |
“If you are looking for a cash ISA, this one is worth a look. It has a competitive interest rate at 5.09% AER variable inc. 0.94% fixed bonus for 12 months and you only need a balance of £500 to open it. But, bear in mind that you only have three withdrawals per year, as on the fourth withdrawal you'll receive a lower interest rate. ”
Editor’s pick
Marcus by Goldman Sachs Cash ISA
Marcus by Goldman Sachs Cash ISA
Open with
£1
Interest rate
4.75% AER variable
Term
Instant access
No notice, penalty, or charge applies.
Show Details
Eligibility
Maximum Age
Unlimited
Minimum Initial Deposit
£1
Permanent UK Resident
YES
Rate Tiers
| Gross rate | |
|---|---|
| Including bonus | Excluding bonus |
| 4.65% | 4.15% |
| AER rate | |
| Including bonus | Excluding bonus |
| 4.24% | 4.75% |
“This ISA can be managed online but it's not a flexible ISA, so any withdrawals will still count towards your annual ISA allowance. Interest is also calculated daily and paid monthly, so you’ll see how much extra you are earning each month.”
Editor’s pick
Paragon Triple Access ISA (Issue 14)
Paragon Triple Access ISA (Issue 14)
Open with
£1
Interest rate
4.25% AER variable
Term
Easy access
If more than 3 withdrawals are made in a 12 month period, the rate payable will drop from the date of the 4th withdrawal, with the 12 month period resetting on the anniversary of the account opening date.
Show Details
Eligibility
Maximum Age
Unlimited
Minimum Initial Deposit
£1
Permanent UK Resident
YES
Rate Tiers
| Gross rate | |
|---|---|
| Including bonus | Excluding bonus |
| 4.25% | 1.5% |
| AER rate | |
| Including bonus | Excluding bonus |
| 1.5% | 4.25% |
“This cash ISA allows you to start saving tax free and you only need £1 to open the account. There are also unlimited withdrawals up to £500,000 and you can have three withdrawals every 12 months without impacting the competitive interest rate.”
Our best fixed rate bonds
Our editors pick these deals by weighing several factors such as the interest rate, term, withdrawal conditions, minimum opening balance and others for each product.
Editor’s pick
My Community Bank 1 Year Fixed Term Deposit
My Community Bank 1 Year Fixed Term Deposit
Open with
£1,000
Interest rate
3.01% AER fixed
Term
1 year
Withdrawals are not permitted during term.
Show Details
Eligibility
Minimum Initial Deposit
£1,000
Maximum Initial Deposit
£85,000
Permanent UK Resident
YES
Rate Tiers
| Gross rate | |
|---|---|
| Including bonus | Excluding bonus |
| 3.01% | 3.01% |
| AER rate | |
| Including bonus | Excluding bonus |
| 3.01% | 3.01% |
“This one year bond can be opened with a minimum deposit of £1,000 and a maximum of £85,000. It's a good option for those looking to lock money away for a large purchase in a year's time.”
Editor’s pick
RCI Bank 3 Year Fixed Term Savings Account
RCI Bank 3 Year Fixed Term Savings Account
Open with
£1,000
Interest rate
4.85% AER fixed
Term
3 years
No withdrawals or closure permitted during term.
Show Details
Eligibility
Minimum Initial Deposit
£1,000
Maximum Initial Deposit
£1,000,000
Permanent UK Resident
YES
Rate Tiers
| Gross rate | |
|---|---|
| Including bonus | Excluding bonus |
| 4.85% | 4.85% |
| AER rate | |
| Including bonus | Excluding bonus |
| 4.85% | 4.85% |
“This has a very competitive rate of 4.85% and it’ll be locked in for three years. You can open the account by depositing £1,000 up to £1m and the interest is either paid monthly or annually.”
How do you choose a savings account?
Pros and cons of savings accounts
Pros
They're easy to open
You earn interest so your money grows
Some types of accounts allow you to access your money easily
You can open some savings accounts with just £1
Your money is protected by the FSCS
Cons
Any returns you get through interest are relatively moderate
Some types of savings accounts penalise you for withdrawals
Interest rates can fluctuate depending on the BoE base rate and savings providers' needs
Is your money safe in a savings account?
The Financial Services Compensation Scheme (FSCS) provides £85,000 of protection for each person who has saved money in a registered bank or building society in case it goes bust.
This rises to £170,000 for joint accounts.
So, if you’re a single person with £170,000 in savings, you could protect the full amount by putting £85,000 in two separate accounts held by different savings providers.
But keep in mind that many banks operate under shared licences, for example HSBC and First Direct, which means you are only protected up £85,000 even if you have accounts in both banks.
Read more about how the FSCS works
It's a good idea to spread your savings across a number of banks, so that you don't hold any more than £85,000 with one."
FAQs
What is the best savings rate in the UK?
When looking at whole of market, the best savings rate is currently 7.49%.
What is our highest rate for a savings account?
Our best interest rate for a savings account is currently 5.65%.
How do I open a savings account?
You'll be able to do this online, by phone or in branch. Some accounts have to be opened in specific ways.
To open a savings account, you'll need to provide ID and proof of your address so the bank can do its checks.
How much can I save?
Usually as much as you want, but some accounts restrict how much you can save. This guide explains how to manage each type of account.
Do I have to tie my money up to save?
No, you can choose how much access you have to your money by choosing the right savings account. This guide explains which accounts are available.
Can I get a joint savings account?
Yes, most savings accounts can be set up in joint names, so you should be able to do this if you’d like to save with someone else.
Where can I put my money to earn the most interest?
If you would like to earn the maximum amount of interest then you will need to compare savings accounts. Generally, fixed-rate accounts have higher interest rates in exchange for locking away your money for a fixed amount of time. But there will be some exceptions, so the key to finding the most interest is research.
Are the ISA rules changing in 2024?
Yes. In the Autumn Statement 2023, Jeremy Hunt revealed that the rules around ISAs would change in April 2024.
For example, the government plans to scrap the rule of only having one of each type of ISA and it will allow people to have multiple subscriptions to the same type of ISA. Plus, the government will allow partial transfers of ISA funds between providers during the year.
Jargon buster
AER
The Annual Equivalent Rate (AER) tells you how much interest you would receive if you left your money in a particular savings account for a full year, taking into account compound interest.
BOE base rate
The Bank of England base rate, sometimes known as the bank rate or base interest rate, is the most important interest rate in the UK. The Bank of England uses it to control inflation (the cost at which everyday things - such as food, fuel, and clothing - rise). And other financial institutions use it as a guide for the interest rates on their savings accounts and loans.
The BOE’s goal is to keep inflation as close to 2% as possible, so it changes the base rate if prices fall or rise by too much or too sharply.
The current Bank of England base rate is 5.25%.
FCA
The Financial Conduct Authority (FCA) regulates the financial services industry to ensure firms stick to the rules and consumers do not fall victim to scams or get tied into unfair contracts.
Fixed rate
This term is used to describe savings accounts that deliver a set interest rate over a given term. The interest rate and how long it lasts are agreed when you sign-up for the account.
Gross Interest
This is the interest paid on a savings account before income tax deductions.
Maturity
When your account reaches maturity, it means that the fixed term has come to an end. For example, if you have a 5-year fixed rate bond, your account matures on the day the 5-year fixed term ends.
Variable rate
A variable rate of interest on your savings account means that it may go up or down during the term of your account. Often, the changes will be pegged to a financial indicator such as the Bank of England base rate.
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References
1. Bank of England Money and Credit report - July 2023