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Find our best savings account and ISAs

Get a savings account that works for you and discover our best interest rate of 5.25%

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.

Find the best savings account for your needs

Earn interest and have the flexibility to withdraw your money when you need to, without penalty.
Lock your money away for a set period and earn a higher interest rate.
Take advantage of your personal savings allowance and earn tax free interest on your savings.
Maximise your returns by investing in a stocks and shares ISA. Beware that you may get back less than you originally invested. Capital at risk.
Last updated
February 15, 2024

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Best savings rates today - last updated Feb 27 2024

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 typeAER
Instant access savings5.17%
Notice savings5.25%
Cash ISAs5.09%
1 year fixed rate bond5.20%
5 year fixed rate bond4.52%
Fixed rate bond5.20%
fscs-logo
Is my money safe?
The Financial Services Compensation Scheme (FSCS) guarantees that the first £85,000 you have saved with a UK-authorised 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.

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Interest rates on savings accounts have been dropping since the start of 2024, particularly on fixed-rate bonds. However, there are still competitive deals available, so if your money is earning little to no interest it could be time to act.

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'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.

Our best instant access cash ISA

Our editors picked this deal by weighing several factors for each product, including the interest rate, withdrawal conditions, minimum opening balance and more.

Card
Chip Clearbank - Cash ISA
Instant access
Term
4.75%
AER BBR tracker
£1
Open with
FSCS
Protection scheme
How we score our products
Expert verdict
4.8/5
Apply now
Salman Haqqi, our savings expert says..
"Chip Clearbank's cash ISA is another great option if you're just starting your savings journey. At 4.75% AER BBR tracker the interest rate is competitive and you can start saving with just £1. Being instant access, you can make a withdrawal whenever you need to, and because it's in ISA, any interest you earn won't count towards your personal savings allowance. "
Pros and cons
Pros
  • Start saving with just £1
  • Unlimited withdrawals
  • Won't impact your personal savings allowance
  • Cons
  • Only available on the mobile app
  • Account details
    No notice, penalty, or charge applies.
    Eligibility
    Maximum Age
    Unlimited
    Minimum Initial Deposit
    £1
    Permanent UK Resident

    Our best easy access savings account

    We picked this deal by weighing up factors such as the interest rate, withdrawal conditions, and minimum opening balance for this product.

    Card
    My Community Bank Easy Access
    £1
    Minimum
    5.17%
    AER variable on £20,000+
    FSCS
    Protection
    Instant access
    Account
    How we score our products
    Expert verdict
    4.8/5
    Apply now
    Salman Haqqi, our savings expert says..
    "This easy access offering by My Community Bank offers different rates depending on your account balance. While offers aa strong interest rate of %, it comes with a catch - you’ll need to deposit £20,000 to unlock this rate. For deposits below that mark, the rate drops to 2.55%."
    Pros and cons
    Pros
  • Open with just £1
  • Unlimited access whenever you need it
  • Cons
  • Requires £20,000 to get headline interest rate
  • Account details
    No notice, penalty, or charge applies.
    Eligibility
    Minimum Initial Deposit
    £1
    Maximum Initial Deposit
    £85,000
    Permanent UK Resident

    Our best notice savings account

    Our editors picked this deal by weighing several factors such as the interest rate, term, withdrawal conditions, minimum opening balance and others for this product.

    Card
    RCI Bank E-Volve Savings 14 Day Notice Account
    £100
    Minimum
    4.8%
    AER variable
    FSCS
    Protection
    14 days notice
    Account
    How we score our products
    Expert verdict
    4.8/5
    Apply now
    Salman Haqqi, 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
  • Open with £100
  • Competitive interest rate
  • Ethical savings initiative
  • Cons
  • Withdrawals require 14 days notice
  • Account details
    Withdrawals and closure permitted subject to 14 days' notice.
    Eligibility
    Minimum Initial Deposit
    £100
    Maximum Initial Deposit
    £1,000,000
    Permanent UK Resident

    Our best one-year fixed rate bond

    Our editors picked this deal by weighing several factors such as the interest rate, term, withdrawal conditions, minimum opening balance and others for this product.

    Card
    My Community Bank 1 Year Fixed Term Deposit
    1 year
    Term
    5.2%
    AER fixed
    £1,000
    Open with
    FSCS
    Protection scheme
    How we score our products
    Expert verdict
    4.8/5
    Apply now
    Salman Haqqi, our savings expert says..
    "This one year bond can be opened with a minimum deposit of £1,000 and at 5.2% AER fixed the interest rate isn't far from being market leading and well above inflation. If you're looking to stash some money away for a large purchase in a year's time, this is a great option. "
    Pros and cons
    Pros
  • Near market leading interest rate
  • Guaranteed rate for the length of the term
  • Cons
  • Requires £1,000 to open
  • Account details
    Withdrawals are not permitted during term.
    Eligibility
    Minimum Initial Deposit
    £1,000
    Maximum Initial Deposit
    £85,000
    Permanent UK Resident

    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."

    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.

    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 5.25%.

    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.

    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.

    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 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.

    Learn more about savings accounts

    From how to choose the right savings account to understanding the tax-free benefits of ISAs, we've got you covered.
    What's the best place for your money?
    What's the best place for your money?
    What is a Help to Save account?
    What is a Help to Save account?
    Are cash ISAs still worth it?
    Are cash ISAs still worth it?

    About the author

    Salman Haqqi
    Salman Haqqi spent over a decade as a journalist reporting in several countries around the world. Now as a personal finance expert, he helps people make informed financial decisions.

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