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 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 ask for 24 hours notice for withdrawing amounts above £1,000.
Find our best savings accounts and ISAs
Get a savings account that works for you and discover our best interest rate of 4.75%
Our best savings rates today - last updated Mar 24 2026
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.
| Account type | AER | |
|---|---|---|
| Easy access savings | 4.75% | |
| Notice savings | 4.05% | |
| Cash ISAs | 4.66% | |
| 1 year fixed rate bonds | 4.25% | |
| 5 year fixed rate bonds | 4.20% | |
| Fixed rate bonds | 4.41% |
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 paying for a holiday.
How does a savings account work?
A savings account allows you to store your money with a bank, building society, or online provider while earning interest on your balance.
While the core concept is simple, accounts vary based on:
Interest rates: These can be fixed (guaranteed for a set term) or variable (can change based on the market).
Access rules: Some accounts offer "easy access," while others "lock" your money away for months or years in exchange for a higher rate.
Requirements: Always check for minimum deposit amounts or monthly fee requirements before applying.
Is my money safe?
The Financial Services Compensation Scheme (FSCS) guarantees that the first £120,000 you have saved with a UK-authorised bank or building society (or the first £240,000 for a joint account) will be safe even if the business goes bust.
Do you pay tax on savings interest?
Most UK savers benefit from the Personal Savings Allowance (PSA), which allows you to earn interest tax-free:
Basic-rate taxpayers: Up to £1,000 per year.
Higher-rate taxpayers: Up to £500 per year.
While the starting rate for the PSA will remain unchanged, income tax for savings income is set to increase by 2% for 2027 onwards - taking it to 22% for the savings basic rate, 42% for the savings higher rate and 47% for the savings additional rate.
If you expect to exceed these limits, a cash ISA is a powerful alternative - allowing you to save up to £20,000 per year entirely tax-free.
From 6 April 2027 there are new ISA limits for those under 65. Under new rules, you can contribute a maximum of £12,000 to a cash ISA, with the remaining £8,000 of your annual allowance reserved for either a stocks & shares ISA or another ISA type.
Which type of savings account is best 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 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 ask 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 type of savings account is best 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.
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 since 2022. 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.
Our best instant access cash ISA
An instant access cash ISA is worth exploring if you're looking for flexibility and want to avoid paying tax on the interest you're earning.
Plum Cash ISA
Instant access
Term
4.66%
AER variable on £1+ inc. 2.12% fixed bonus for 12 months
Any amount
Open with
FSCS
Protection scheme
How we score our products
Expert verdict
Account details
No notice, penalty, or charge applies.
Eligibility
Maximum Age
Unlimited
Permanent UK Resident
Our editors picked this deal by weighing several factors for each product, including the interest rate, withdrawal conditions, minimum opening balance and more.
Our best easy access savings account
An easy access savings account means you can withdraw and deposit money quickly and easily.
Tembo Lloyds Bank - HomeSaver
£10
Minimum
4.75%
AER variable inc. 1.75% fixed bonus for 12 months
-
Protection
Instant access
Account
How we score our products
Expert verdict
Account details
No notice, penalty, or charge applies.
Eligibility
Maximum Age
Unlimited
Minimum Initial Deposit
£10
Maximum Initial Deposit
£20,000
Permanent UK Resident
Our editors picked this deal by weighing several factors for each product, including the interest rate, withdrawal conditions, minimum opening balance and more.
Our best notice savings account
This savings account requires you to give notice before withdrawing money, but it can come with a competitive interest rate.
RCI Bank E-Volve Savings 14 Day Notice Account
£100
Minimum
3.9%
AER variable
FSCS
Protection
14 days notice
Account
How we score our products
Expert verdict
Lucinda O'Brien, our savings expert says..
"RCI Bank's notice account offers savings in support of a good cause, as all deposits will be used to fund pure electric vehicles and charging.
With notice, this account also offers 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, and you're keen on ethical investing, this is a good option."
Pros and cons
Pros
Cons
Account details
Withdrawals and closure permitted subject to 14 days' notice.
Eligibility
Maximum Age
Unlimited
Minimum Initial Deposit
£100
Maximum Initial Deposit
£1,000,000
Permanent UK Resident
Our editors picked this deal by weighing several factors for each product, including the interest rate, withdrawal conditions, minimum opening balance and more.
Our best 1-year fixed rate bond
A fixed rate bond offers guaranteed interest for a specific period, but you won't be able to withdraw until the term ends.
OakNorth Personal 12 Month Fixed Term Deposit
1 year
Term
4.23%
AER fixed
£1
Open with
FSCS
Protection scheme
How we score our products
Expert verdict
Account details
No withdrawals or closure permitted during the term of the account.
Eligibility
Maximum Age
Unlimited
Minimum Initial Deposit
£1
Maximum Initial Deposit
£500,000
Permanent UK Resident
Our editors picked this deal by weighing several factors for each product, including the interest rate, withdrawal conditions, minimum opening balance and more.
How to compare savings accounts
It's important to look at the key features of each savings account to find the one that suits you.
Interest rate
The top rate isn’t always the best choice if it comes with limits that don’t suit you. Choose a fixed rate if you want certainty and are happy to lock your money away. Choose a variable rate if you want flexibility and think rates may rise.
Accessibility
Decide how often you want to access your savings and this will help you to choose an account. For example, easy access offers flexibility with withdrawals, whereas fixed rate accounts will not allow you to withdraw until the end of the term.
Fees and charges
Some savings accounts come with fees or charges that can reduce how much you earn in interest. Always check for charges and if there are any penalties for withdrawals. A slightly lower rate with no fees can sometimes leave you better off.
Minimum and maximum deposits
Some savings accounts will have minimum deposit requirements, and others will have maximum limits. If you don't have the minimum deposit available, this will help with the decision making process.
Bonuses and promotions
Providers can offer introductory promotions and bonus rates on savings accounts, but these might drop after a certain period. It's important to check whether these promotions align with your savings plan.
Savings rates: the current picture and what to do next
Savings rates are still relatively strong, but they can change quickly. As of March 2026 - the Bank of England base rate sits at 3.75%. This rate continues to shape what banks offer savers.
What’s happening with savings rates
Interest rates rose quickly over the past couple of years, largely down to global events that influence inflation and financial decision making.
More recently, rates have started to level off - but offers available on the market remain competitive. That means it's important to shop around and look out for any rates that are available as providers adjust their offers to changing circumstances.
What this means for your savings
With an everchanging outlook, it's sensible to save in a way that feels comfortable and aligns with your goals:
Fixed rates give you certainty if you want to lock in today’s best deals
Variable rates may improve if interest rates rise again, but they can also fall
Easy access accounts offer flexibility - but often pay slightly less interest
What you should consider doing
If you want a guaranteed return it might be a good idea to lock in a fixed rate. If you're happy to stay flexible, you may benefit if the interest rates rise again - but that's not guaranteed.
Whatever you choose to do, it's a good idea to review your savings regularly so you don’t miss better deals
Pros and cons of savings accounts
Pros
They're easy to open
You can earn high 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
Should I have more than one savings account?
In the UK, you can have multiple savings accounts which allows you to have separate accounts for different savings goals. This could include an easy access account for an emergency fund and then a lifetime ISA if you're a first-time homebuyer saving for a house deposit. You could also have a fixed rate bond for a large sum of money that you don't need to spend for a few years.
Opening more than one savings account also means you could maximise the interest rates that are in the market. Do your research beforehand and find out whether splitting your money could increase returns.
Plus, the Financial Services Compensation Scheme (FSCS) offers protection on up to £120,000 per bank. If you have more than that in one account, you can spread it across different providers to make sure all your money is safe.
How to open a UK savings account in 6 simple steps
Opening a savings account is simple and usually only takes a few minutes. Here's how it works.
1. Choose your savings account
Pick the account that suits your goals - compare interest rates, how and when you can access your money and if there any limits on withdrawals.
2. Check how you can apply
Most providers let you apply online, by phone or in branch.
3. Check if you’re eligible
Most savings accounts have basic eligibility rules - though they may differ depending on the provider. That said, you usually need to be at least 18 and a UK resident.
4. Prepare your details
Have your ID ready - such as a passport or driving licence. You will also need proof of address like a utility bill or bank statement.
5. Make your application
Fill in your details and complete any checks the provider asks for. This is usually quick and done online.
6. Add your first deposit
Some accounts need an opening deposit. This can be as little as £1, depending on the provider.
Once your account is open, you can start saving straight away.
Savings account FAQs
Do I need a savings account?
A savings account isn't compulsory but it can be useful tool for managing your finances to achieve your goals. For example, if you would like to buy a house one day, a savings account can help you to reach this milestone as it encourages you to budget effectively and put money away each month. It's recommended that at least 20% of your income should be saved and a savings account is a safe place to store this money.
However, the biggest bonus of a savings account is that you also earn interest on your savings. In the past few years, interest rates on savings accounts have risen, but we're starting to see rates decrease now. There are many rates still above inflation and this gives your money more purchasing power. So, if your savings are currently sitting in an account earning little to no interest, then you could be missing out on some extra cash.
The savings account market is also always changing, especially when the Bank of England adjusts the base rate, so it's important to compare all savings accounts to find the best deal for your money.
Who can open a savings account?
Most people in the UK can open a savings account, but there are some eligibility requirements. For example, for UK banks you'll need to be a UK resident and provide a proof of identity when you apply for the account.
Most providers also require you to be at least 16 or 18 years old, depending on the type of savings account you are opening. For anyone under 16, they can usually open an account with a parent or guardian.
What is your highest rate for a savings account?
Our best interest rate for a savings account is currently 4.75% as of Mar 24 2026.
Is my money safe in a savings account?
The Financial Services Compensation Scheme (FSCS) provides £120,000 of protection for each person who has saved money in a registered bank or building society in case it goes bust. This rises to £240,000 for joint accounts.
So, if you’re a single person with £170,000 in savings, you could protect the full amount by putting £120,000 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 £120,000 even if you have accounts in both banks.
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.
What is AER on a savings account?
AER stands for Annual Equivalent Rate and helps you compare savings accounts more easily. It shows you how much interest you would earn in a year if you keep your money in the account, with interest then paid and added to your balance.
Should I save my money or invest it instead?
What you choose depends on your financial goals and how much risk you feel comfortable taking.
Saving usually means putting your cash in an account where it earns interest - you can generally access it when you need to (depending on the type of account you have) and is broadly considered low risk.
Investing means putting your money into things like stocks and shares, where the value can go up or down depending on the market. It may grow more over time than with a savings account, but it also comes with risk and you could get back less than you put in.
When is interest paid on a savings account?
Interest is usually paid either monthly or annually - depending on the account.
Some accounts add interest to your balance every month, while others pay it as a lump sum once a year. You may also see interest paid on a set date each month, or on the anniversary of when you opened the account.
Check your account details so you know exactly when you’ll receive your interest, and if you're unsure then speak to your account provider.
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