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Compare our best savings accounts and investment ISAs

Compare high-interest savings accounts, investment ISAs, cash ISAs and fixed-rate bonds to see which is right for you. Our best savings accounts and ISAs are provided by some of the UK's top banks and building societies and can help your savings go further.

*With an investment ISA your capital is at risk

  • Compare our top providers
  • Pick the best type of account for you
  • Savings accounts are protected by the Financial Services Compensation Scheme (FSCS)¹

Compare savings accounts from our top providers

You'll only find results from genuine companies. Our data experts check each company before we add them to our comparisons.

Saffron Building Society
Virgin Money
Yorkshire Building Society
Ford Money
Principality Building Society
Paragon
Aldermore
My Community Bank
Leeds Building Society
Skipton

How to get a savings account

1

Compare savings account deals

Take a look at the interest rates, extras and add-ons from our chosen providers.

2

Choose the best account for you

Decide which features are most important to you and select the account that best fits your needs.

3

Click on the right deal

Click through to the account provider's page and fill out the form to set up your account.

4

Start saving

Transfer existing savings to your new account, or set up a Direct Debit to start saving from scratch.

Savings accounts deals

12 results found, sorted by highest interest rate. How we order our comparisons. Commission earned affects the table's sort order.
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Hampshire Trust Bank 3 Year ISA Bond (Issue 5)
Account type
Cash ISA
Open with
£1
Interest rate
2.5% AER fixed for 3 years
Protection scheme
FSCS
Hampshire Trust Bank 3 Year ISA Bond (Issue 5)
Withdrawals are not permitted during term. Closure is permitted during term of the account subject to a charge equivalent to 270 days interest on the amount invested.
Rate Tiers
Gross rateGross rateAERAER
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£12.5%2.5%2.5%2.5%
Eligibility
Maximum AgeUnlimited
Minimum Initial Deposit£1
Minimum Age18 years
Permanent UK Resident
Skipton 3 Year Online Fixed Rate Cash ISA Issue 190
Account type
Cash ISA
Open with
£500
Interest rate
2.5% AER fixed for 3 years
Protection scheme
FSCS
Skipton 3 Year Online Fixed Rate Cash ISA Issue 190
Interest is paid on the anniversary of account opening and on maturity. Withdrawals not allowed, early closure incurs interest penalty which may mean you get back less than you paid in. Check restrictions on paying in.
Withdrawals are not permitted during the term. Closure is permitted subject to 240 days loss of interest.
Rate Tiers
Gross rateGross rateAERAER
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£5002.5%2.5%2.5%2.5%
Eligibility
Maximum AgeUnlimited
Minimum Initial Deposit£500
Minimum Age16 years
Permanent UK Resident
Skipton 2 Year Online Fixed Rate Cash ISA Issue 190
Account type
Cash ISA
Open with
£500
Interest rate
2% AER fixed for 2 years
Protection scheme
FSCS
Skipton 2 Year Online Fixed Rate Cash ISA Issue 190
Interest is paid on the anniversary of account opening and on maturity. Withdrawals not allowed, early closure incurs interest penalty which may mean you get back less than you paid in. Check restrictions on paying in.
Withdrawals are not permitted during the term. Closure is permitted subject to 180 days loss of interest.
Rate Tiers
Gross rateGross rateAERAER
Excluding bonusIncluding bonusExcluding bonusIncluding bonus
£5002%2%2%2%
Eligibility
Maximum AgeUnlimited
Minimum Initial Deposit£500
Minimum Age16 years
Permanent UK Resident

What is a savings account?

A savings account is a type of account with a bank or building society in which you deposit money on a regular basis to earn a return through interest.

The amount of interest you earn varies depending on the kind of savings account you choose. There may also be limits to how often you can withdraw money from the account.

top-banner-savings

Who can open a savings account?

Most savings accounts are designed for adults, but there is also a selection of accounts for children under 16. Here is more information on how you can save for your child.

You might find that some savings accounts need a minimum opening deposit, which can be between £50 and £1,000, but some accounts can be opened with as little as £1. If the savings account is not an ISA, you can usually open it with at least one other person, or add them to your account at a later date.

To open any savings account, you have to be:

  • 18 or over (16 for cash ISAs)

  • A UK resident

interest graph

Savings and interest

The interest rate on your savings account indicates the return you will get for keeping money there. When you save money with a bank or building society you are essentially lending them your cash, therefore they pay you interest.

Our graph shows the impact of different interest rates over a two year period on savings of £1,000.

You can see that the amount of interest in the account goes up sharply, even if the rise in interest rate is comparatively small. Finding the best interest rate is an important part of maximising the power of your savings – ensuring your money is earning as much as it can.

Choosing the best savings account

Choosing the best savings account can be confusing as there are so many different types to choose from. Our comparison table shows many of the best savings rates you can get online.

The important thing to remember is that there isn’t one "best" savings account for everyone. Every account has different requirements and every person’s circumstances are different. You need to find the best account for you, based on which features suit your financial situation.

This table shows the potential interest you can earn from different types of accounts, though you will need to weigh that against the possibility of activating an early withdrawal penalty or coming up against deposit limits.

For example, a regular saver might have the highest interest rate, but you cannot deposit all your savings at once.

A fixed-rate bond is a high-yield savings account, but you won't get any return if you make a withdrawal before the account matures.

Notice periodInterest (up to)Early withdrawal penaltyMinimum deposit
Easy AccessN/A0.5%N/A£0
Instant access N/A0.5%N/A£0
Regular saverN/A3.5%N/A£1 - £50
Notice account30 - 120 days0.75%No interest£0 - £5,000
Fixed rate bondsN/A1.75%No interest£1,000
ISA30 - 90 days2.5%N/A£500

What to think about before you open a savings account

Like most financial products, there are some pros and cons when it comes to savings accounts:

Advantages

  • Easy to open

  • Interest means your money grows

  • Easy access is available with some accounts

  • You can open accounts with just £1

  • Savings are protected by the FSCS

Disadvantages

  • Interest rates are ultra low right now

  • Some accounts charge you for withdrawals

  • Interest rates can fluctuate

  • Potential monthly fees

  • Saving limits sometimes apply

Saving in a current account

You can save money in a current account, but you should only put your savings in a current account if you find one that pays more interest than a savings account. You also need to be disciplined so you don't spend the money you should be saving.

If you keep your savings in a current account, you could face:

  • Lower interest rates or possibly no interest at all. There may also be restrictions on how much of your balance you can earn interest on

  • Temptation to spend: when your money is readily available, you may not be able to resist dipping in every now and again

  • Monthly fees, which are common with high-interest-earning current accounts

  • Fraud: current accounts are more vulnerable to debit card fraud

Topping up your pension

By saving into your pension pot you can access significant tax breaks, but you won't be able to spend the money until you are at least 55.

Saving for retirement is hugely important, so if you do have some cash to spare it can be a worthwhile investment. Even better, growth in a pension pot is largely tax free.

Learn more about private pensions

Investment ISAs

An investment ISA, also known as a stocks and shares ISA, is a type of tax-efficient investment account. You can earn a return by investing your money through shares, funds, investment trusts and bonds.

The annual ISA allowance means that any returns you earn are tax free. You won't have to pay dividend, capital gains or income tax on the profits you make from the investments held in your stocks and shares ISA.

Find out more about investment ISAs

Salman Haqqiquotation mark
A savings account can be a great tool to build towards a savings goal and stash the cash you want to keep for the future. But remember to pick the right savings account for you. If you know there is a big expense around the corner, locking away a big chunk of your money could backfire.
Salman Haqqi, Personal Finance Editor

High-interest savings accounts

Currently, with the Bank of England base rate being so low, high-interest savings accounts are difficult to find. But that doesn't mean there are not some competitive interest rates out there.

Once the base rate rises again, you're more likely to see a return of high-interest savings products to return to the market.

Tax-free savings accounts

Independent Savings Accounts (ISA) are examples of tax-efficient savings accounts. These let you save money, without paying tax on any interest you make. They'll often offer you some of the best savings interest rates too. But remember that you're restricted on how much you can pay by the ISA allowance.

Everyone has an ISA allowance for the tax year (6 April - 5 April). For 2021/22, that allowance is £20,000. Types of tax-free savings account include:

What is the personal savings allowance?

The personal savings allowance is what allows most people to earn savings account interest without paying any tax on it.

If you're a basic rate taxpayer:

You can earn up to £1,000 of interest from a savings account without paying tax.

If you're a higher rate taxpayer:

You can earn up to £500 in interest from savings accounts. Even with a high-interest savings account it's unlikely you'd earn this much on your savings.

If you’ve used up all of your Personal Savings Allowance, then you could get a cash ISA. You don’t pay any tax on the interest you earn from cash ISAs.

Only people with sizeable savings need to worry about having to pay tax on the interest they earn from their savings. That's less than 5% of people.

 Here's more information on how tax affects your savings.

How much protection do I get with a savings account?

If your savings provider goes bust, you’ll get £85,000 of protection per person, per institution, with the FSCS. You’ll get £170,000 of protection if it’s a joint account.

This means that, if you have your savings split between different savings providers, you could end up with more protection. But check with your providers as some share licences, such as HSBC and First Direct. That means you’d only get £85,000 of protection across the two.

Savings Account FAQs

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Are ISAs still worth it?

Whether you have a cash ISA or are thinking of getting one, you should consider if it's still a good place for your money. Here is how to work out if ISAs are still worth saving into.

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What's the best place for your money?

Knowing what to do with savings can be difficult, especially when rates are so low. Here is what you can do if you have money to invest.

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Why compare savings accounts deals with money.co.uk?

Comparing savings accounts could save you money. Our multiple award-winning comparison service makes sure you get the lowest fees and rates possible based on your individual circumstances. Our aim is to provide you with the most up-to-date information, as well as useful tools and calculators so to help you make life's most important decisions and take control of your money.

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We have always aimed to provide the best possible services to bridge the gap between our users and our clients. Over the years, we have been thrilled to be recognised by various prestigious bodies and organisations for those efforts.

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¹You can find out more about how the Financial Services Conduct Authority protects your money by visiting FSCS.org.uk.

Last updated: 19 July 2022