Compare Our Best Branch Based Savings Accounts

You can open and manage all these savings accounts from a branch and earn interest to help your money grow.

8 results found, sorted by highest interest rate. How we order our comparisons. Commission earned affects the table's sort order.

Last updated : 22 March, 2021

How to find the best branch savings accounts

The best branch-based savings accounts are the ones that pay you the highest interest rate, and give you the access you need to your money. You need to find the most profitable account available for the right level of access.

Our comparison of the best branch-based savings accounts gives you all the latest branch account rates. This means you don't have to visit each bank or building society in your area.

What are branch-based savings accounts?

Branch-based savings accounts are just savings accounts which can be opened and managed within a bank branch.

Savings accounts are a little different to current accounts, in that they don't have as many features. For example, you can't use a debit card, take cash out from a cashpoint or pay your bills with a savings account. They're purely designed for you to save money and earn interest on your savings.

What does the in-branch savings accounts comparison cover?

Our in-branch savings accounts comparison lets you find out about all the best branch-based savings accounts.

You can see, at-a-glance:

  • The type of in-branch savings account

  • The amount you'll need to deposit to open the account

  • The interest rate you'll get

  • Whether it's part of the Financial Services Compensation Scheme (more about this below).

You can then click 'see deal' to get further information on the account.

What type of accounts are the best branch-based savings accounts to consider?

This depends on your circumstances. You're likely to get the best interest rates if you don't need access to your money. But, of course, many people do need to be able to access their savings.

Our comparison covers lots of different types of branch-based savings accounts including:

  • Instant access: These let you add or withdraw money from your account whenever you want.

  • Regular saver: These branch-based savings accounts are designed for regular deposits. You can get access to your money whenever you need it.

  • Notice: You can withdraw money from these in-branch savings accounts with a fixed notice, like 60 days. You can also withdraw money immediately but you're likely to have to pay an interest penalty.

  • Fixed rate bond: You'll get a fixed rate on your savings, but no access to your money for the term of the bond. You can close these early, but you'll pay an interest penalty for doing so.

  • Variable rate bond: You can save up to a set amount each month with these branch-based savings accounts. But there'll be restrictions on withdrawals for a fixed term. This could be 1 year, for example.

  • Cash ISA: You can use your tax-free ISA allowance to save. ISA accounts are available as instant access, notice, regular saver and fixed term bonds.

You could always split your savings across two or more of the best branch-based savings accounts for your needs. For example, you could put the majority of your savings in a high interest account with restricted access to your money. Then you could put a separate, smaller chunk of your savings into an easy-access account. The easy-access account will give you less interest but you'll be able to access at least some of your money if you need to.

Read more about how to choose the right savings account for your needs.

Can you any of the best branch savings accounts be opened online?

Some of the best in-branch savings accounts can be opened and managed online, as well as in branch. This can be handy as it gives you maximum flexibility.

Some of the branch-based savings accounts you'll find in this comparison say they can only be opened in branch. If that's the case, you'll need to visit your local branch to get one.

You could call your nearest branch ahead and book an appointment. That way, they'll make sure someone is available to see you, so you can open the account.

Here's how to work out if you can still get a decent return on your savings.

Is my money safe in branch-based savings accounts?

Branch-based savings accounts are often protected by the Financial Services Compensation Scheme (FSCS). Under this scheme, you get £85,000 of protection per person. This means you get £170,000 of protection for a joint account.

You usually get this level of protection for each provider you're saving with. But you should always double check because some banks which are linked share licences. This means that, for example, you'd only get £85,000 across two banks if you were saving with both HSBC and First Direct.

How much tax do you pay with branch-based savings accounts?

The amount of tax you pay isn't linked to which in-branch savings accounts you're using. It depends on how much money you earn.

Savings interest is tax free for most people. If you're a basic-rate taxpayer, you can earn £1,000 in savings interest each year, completely tax free. If you're a higher-rate taxpayer, you can earn £500 in savings interest each year, completely tax free. This is called your personal savings allowance.

This means that the only people who end up paying tax on their savings interest are people who have huge savings pots.

Branch based savings account FAQs

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