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Top savings accounts
Up to 5.1% easy access or up to 5.5% fixed
After many years of low rates, savings have made a significant comeback over the last year. And while rates are on their way back down from recent peaks, top savings still pay more than inflation, so there's a chance to really make your money work for you. We've the top easy-access, notice and fixed-rate accounts below.
This is our main savings guide, but there are other options which can pay even more...
Lifetime ISAs: 25% bonus for first-time buyers aged 18 to 39
Help to Save: 50% bonus on savings if you're on a low income
Cash ISAs: The likely winner if you pay tax on savings interest
Regular savings: Up to 7% interest if you can save monthly
Children's savings: Earn up to 5.8% on kids' savings
Current accounts: Earn up to 5.12% on smaller sums
What is a savings account?
A savings account is simply a place for you to put your money and earn some interest.
Savings interest will be paid to you tax-free and most savers won't pay any tax on the interest they earn. Basic-rate taxpayers can earn £1,000 a year in interest tax-free, and higher-rate taxpayers £500, because of the personal savings allowance.
As rates have risen, you'd need around £20,000 in easy-access savings at the best rates, or £16,250 at the top fixed rates, to reach this allowance, and soon have to pay tax, as a basic-rate taxpayer. If you're nearing this limit, it's worth considering a cash ISA, as interest on these is always tax-free (and doesn't count towards your personal savings allowance).
Your savings are safe – up to £85,000 is protected per bank or building society
Every bank or building society we mention in this guide is fully UK-regulated, which means you get £85,000 per person protection in the event it goes bust (£170,000 for joint accounts). The only thing to watch out for is some banks are linked to others, meaning this protection is shared. See Are your savings safe? for full info.
How to choose the right savings account
There are many different types of savings account and if you're not sure what each one does, the choice can be confusing. This guide focuses on the top-pick 'standard' savings accounts, but there are other ways to boost your returns. Here are our top tips to help you decide where's best to put your money...
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Top easy-access savings
The main idea with easy-access accounts is that you pay cash into them, they pay you interest while the money's in the account and you can withdraw whenever you want – especially useful if you'll need to dip into them regularly to meet the ongoing cost of living crisis.
Rates on these accounts are variable, which means they can go up or down. You'll be notified of any change, but you should regularly check the table below for the current top payer. If your account is lagging behind, simply move your cash over.
If you'd rather a guaranteed interest rate, you may need to sacrifice this flexibility and lock cash away in a fixed savings account.
Easy-access accounts – what we'd go for
Right now the top easy-access cash ISA pays 5.2% – so even if you don't need the tax benefits of an ISA, you may want to opt for one to get higher rates. If not, or you've used your ISA allowance...
Top 5.1% easy-access savings with unlimited withdrawals, plus 1% cashback on most spending & other perks. With app-based Chase* you get a fixed 1% bonus on top of its standard 4.1% standard variable rate, meaning you get an unbeatable 5.1% interest overall. However, the bonus only lasts until 16 Jan 2025, at which point the rate then falls, so diarise for then to check for a better rate. Though, as with all easy-access accounts, the underlying rates are variable and could change at any time – so do keep an eye out.
The account's available to new Chase customers, as well as existing customers who had under £50,000 saved on 2 May. There's no minimum deposit and you can save up to £1m – though, as with any UK-regulated bank, you only get FSCS protection on up to £85,000.
To get the savings account you first need to open Chase's current account – a top-pick in its own right. It's free, you don't need to switch to get it, and there's no hard credit-check (just an ID check), so it's easy to get. Spend on its debit card and you get 1% cashback on most normal spending up to £15/month, plus it's fee-free for overseas spending too. See our Chase Bank review for full info.
Prefer an established name? Yorkshire Building Society* offers a lower rate of 4.8% but it can be opened easily online with just £1 and allows unlimited withdrawals.
Willing to work a little for higher rates? You can boost your returns by opening a new bank account or by opening an account via a savings platform. Full info in our table below.
Provider | Rate (AER) | When can I get the interest? | Min/max deposit | How to open |
Top rates for online accounts with unlimited withdrawals. Though rates can be beaten below. | ||||
---|---|---|---|---|
(must open Chase current account first, also available to existing customers who had under £50,000 saved on 2 May) |
5.1% (rate drops to 4.1% on 16 Jan 2025) |
Monthly | No min/ £1m | App
|
Oxbury | 5.02% | Monthly | £20,000/ £500,000 | Online (need smartphone, no joint accounts) |
Chip | 5.01% (rate drops to 4.84% after 12 months) |
Monthly | No min/ £1m | App (no joint accounts) |
Kent Reliance | 4.96% | Monthly or annually | £1,000/ £1m | Online/ branch |
Secure Trust Bank | 4.9%
|
Monthly | £1/ £250,000 | Online |
Top rates from established names. As we know some prefer to save with bigger brands. | ||||
Yorkshire BS* | 4.8% | Annually | £1/ £500,000 | Online |
Post Office* | 4.75% (rate drops to 1.55% after 12 months) |
Monthly or annually | £1/ £2m | Online |
Ways to boost your interest. You can beat the above rates with these non-standard accounts. | ||||
(Santander Edge current account holders only) |
7% | Monthly | £1/ £4,000 | Online/ app/ branch (no joint accounts) |
(must have had a mortgage or savings account with £1+ since 11 Jan 24) |
5.5% (rate drops to 3.8% after a year) |
Annually | £1/ £3,000 | Online/ app/ branch/ post (no joint accounts) |
Santander-owned Cahoot | 5.2% ('matures' after 12 months) |
Monthly or annually | £1/ £3,000 | Online |
5.07% | Daily | £10,000/ £1m | Online |
Remember, cash in all the accounts above is protected up to £85,000 per person, per financial institution. If you've more than £85,000, it's best to spread savings across several different banks just in case one gets into difficulty.
Want to know how much you'll earn in easy-access savings? Find out with our Savings Calculator. Simply plug in the rate, how much you'll save and how long for and it'll tell you how much you'll earn.
Quick questions
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Top notice savings accounts
These accounts require you to give notice before you can withdraw your cash. They're good for people who know they'll need their money, don't know exactly when, but know they'll not need it straightaway when they do.
A good example might be if you're a first-time buyer. You know you'll need your saved cash for the deposit, but you might find your dream home in two months or in 10. A (shortish) notice account could let you get a boosted rate, but would also let you access your cash in time to exchange.
Notice accounts – what we'd go for
With notice accounts, you'll have to wait a little to access your cash, but in return you can get a rate boost above easy-access accounts. As things stand, these accounts currently out-pay even fixed-term accounts, though the rate is variable here, which means it could go up or down over time.
Which notice account you go for depends on how long you're willing to wait...
The top payer is Monument Bank at 5.27% for 60 days notice, 5.2% for 45 days' notice and 5.13% for seven days' notice. However, there's a hefty £25,000 minimum deposit to open these accounts. If you've less, Investec* pays 5.25% with a slightly longer 90 days' notice (min £5,000).
Provider | Rate (AER variable) | Notice | When is interest paid? | Min/max deposit | How to open |
Top standard notice accounts. Here are the highest paying traditional savings accounts. | |||||
Investec* | 5.25% | 90 days | Monthly, paid into the account | £5,000/ £250,000 | Online (no joint accounts) |
Monument Bank | 5.27% | 60 days | Monthly, paid into the account or paid away | £25,000/ £2m | App (no joint accounts) |
5.2% | 45 days | ||||
5.13% | 7 days |
Want to know how much you'll earn in a notice account? Find out with our Savings Calculator. Simply plug in the rate, how much you'll save and how long for and it'll tell you how much you'll earn.
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Top fixed-term savings accounts
With fixed savings you can't usually withdraw your money until the end of the term, but in return the interest rate is guaranteed. So only lock away what you definitely won't need access to.
If you want a fix that you can access money from, consider a cash ISA, which by law must allow you to do this (though usually for a fee).
At the moment, shorter-term fixes of a year or less currently pay higher rates than longer-term fixes. Though it's worth noting that, unusually, notice accounts actually pay the highest rates right now – and the top easy-access rates are only a smidge behind the top fixed rates. So there's an important question to consider – do you want the flexibility of an easy-access or notice account, or the certainty of a fixed-rate account?
Just remember, if interest rates rise, the longer you fix, the longer you forgo the ability to ditch and switch to a better deal.
For fixes that go across more than one tax year, when you can access the interest matters.
Basic-rate taxpayers can earn £1,000 a year in interest tax-free as part of their personal savings allowance (PSA), for higher-rate taxpayers it's £500. Getting all your interest from long-term fixes in one go may mean you exceed your PSA in that year, which could mean you end up paying more tax.
Fixes less than a year – what we'd go for
One- and two-year fixes have typically offered the highest rates over the last couple of years, though rates have fallen in the last six months or so, and right now shorter fixes currently pay more.
App-based Atom Bank pays the top six-month fixed rate of 5.15% (min £50) with interest paid at maturity. If you prefer an account that can be open and managed online, you may want to consider Zenith Bank UK (min £1,000), though it pays less at 5.08% and has a higher minimum deposit.
Willing to work a little for higher rates? You can get higher rates with a shorter three-month term with Mizrahi-Tefehot Bank via online 'savings marketplace' Flagstone Savings.
Provider | Rate (AER) + fix length | When can I get the interest? | Min/max deposit | How to open |
Top shorter-term fixes. Here are the highest paying three- and six-month accounts. | ||||
---|---|---|---|---|
Atom Bank | 5.15% for six months | At maturity | £50/ £100,000 | App (no joint accounts) |
Zenith Bank UK | 5.08% for six months | At maturity | £1,000/ £2m | Online |
Ways to boost your interest. You can get a shorter fix and/or cashback via an online savings platform. | ||||
5.22% for three months | At maturity | £10,000/ £1m | Online |
One-year fixes – what we'd go for
If you go for a one-year fix that pays interest 'at maturity', it'll count towards your tax-free allowance for the next tax year, not this one. Monthly interest paid out of the account is different, as it's counted for the tax year in which it's paid to you – though here you won't get interest on the interest. See tax on savings interest for full help.
The top overall fixed account is Nationwide's 5.5% 18-month fix (min £1). However it is only available to customers who were an existing Nationwide member on 22 May.
Top standard one-year fix. Family Building Society pays the top one-year fixed rate of 5.17% (min £20,000) with interest paid at maturity. If you've less money to save, you may want to consider app-based Atom Bank which pays a little less at 5.15% but has a minimum deposit of £50.
Prefer an established name? MBNA pays a lower but still decent, 5.1% (min £1,000). it can be opened online with interest paid at maturity.
Provider | Rate (AER) | When can I get the interest? | Min/max deposit | How to open |
Top overall fixed accounts. Here is the highest paying fixed savings account | ||||
---|---|---|---|---|
(existing customers only, must have been a Nationwide member on 22 May) |
5.5% for 18 months | At maturity | £1/ £10,000 | Online/ app |
Top standard one-year fixes. Here are the highest paying traditional savings accounts. | ||||
Family BS | 5.17% | At maturity | £20,000/ £250,000 | Online |
SmartSave | 5.16% | At maturity | £10,000/ £85,000 | Online (no joint accounts) |
Atom Bank | 5.15% | Monthly or at maturity | £50/ £100,000 | App (no joint accounts) |
Vanquis Bank | 5.15% | Monthly or at maturity | £1,000/ £250,000 | Online |
Top rate from an established name. As we know some prefer to save with bigger brands. | ||||
(part of Lloyds group) |
5.1% | At maturity | £1,000/ £750,000 | Online (manage by phone, no joint accounts) |
Ways to boost your interest. You can beat the rates above with this non-standard account. | ||||
5.22% | At maturity | £10,000/ £85,000 | Online (no joint accounts)
|
Two-year fixed savings – what we'd go for
If you're going for a two-year fix, make sure you know the tax implications of how you take interest. Accounts paying interest 'at maturity' do so as a lump sum, which could take you over your personal savings allowance (PSA) for the year it matures – meaning you'd pay some tax on the interest. Alternatively, accounts that pay interest out of the account to you monthly or annually might help keep you under your PSA as it's spread across tax years. However, interest doesn't compound in this case.
SmartSave offers the top two-year fixed rate at 5.06% (min £10,000). Interest is paid at maturity. If you have less money to save, you may want to take a look at app-based Atom Bank 5% (min £50).
Prefer an established name? Tesco Bank pays a lower rate of 4.5% but you'll need at least £2,000 to put away. Otherwise it's TSB at 4.35% with a £1 minimum.
A note about Close Brothers. It's in the table below, where we list based on the top rates. We've had a few questions about it, as its share price plunged off the back of its exposure to car finance mis-selling – likely why it wants to attract savers' money. Crucially, like with all regulated banks, with it you've the full UK savings safety guarantee of up to £85,000 per person, per institution. If you've more than that, with any bank we'd suggest you be careful and limit your exposure, and that certainly applies here.
Provider | Rate (AER) | When can I get the interest? | Min/max deposit | How to open |
Top standard two-year fixes. Here are the highest paying traditional savings accounts. | ||||
---|---|---|---|---|
SmartSave | 5.06% | At maturity | £10,000/ £85,000 | Online (no joint accounts |
Atom Bank | 5% | Monthly, annually or at maturity | £50/ £100,000 | App (no joint accounts) |
Close Brothers | 4.95% | Annually or at maturity | £10,000/ £2m | Online |
RCI Bank* | 4.92% | Monthly, annually or at maturity | £1,000/ £1m | Online |
Top rate from an established name. As we know some prefer to save with bigger brands. | ||||
Tesco Bank | 4.5% | Monthly or annually | £2,000/ £5m | Online/ phone |
TSB | 4.35% | Monthly, annually or at maturity | £1/ £1m | Online/ branch |
Ways to boost your interest. You can get cashback via an online savings platform. | ||||
4.95% + cashback for some | Annually | £1,000/ £85,000 | online (no joint accounts) |
Currently, the difference in interest between fixed-term accounts ranging from one to five years is minor – so there's little incentive to lock in for longer right now, unless you want absolute certainty of returns over a longer period.
If you are locking in, make sure you know the tax implications of how you take interest. Accounts paying interest 'at maturity' do so as a lump sum, which could take you over your personal savings allowance (PSA) for the year it matures – meaning you'd pay some tax on the interest. Alternatively, accounts that pay interest out to you monthly or annually might help keep you under your PSA, as it's spread over tax years. Yet interest doesn't compound in this case.
App-based Atom Bank offers the top rate for both three-year fixes at 4.75% and five-year fixes at 4.6% (both min £50). Both accounts have the options for interest to be paid monthly, annually or at maturity.
Three-year fixed rates
Provider | Rate (AER) | When can I get the interest? | Min/max deposit | How to open |
Top standard three-year fixes. Here are the highest paying traditional savings accounts. | ||||
---|---|---|---|---|
Atom Bank | 4.75% | Monthly, annually or at maturity | £50/ £100,000 | App (no joint accounts) |
Shawbrook Bank | 4.73% | Monthly, annually or at maturity | £1,000/ £2m | Online |
RCI Bank* | 4.72% | Monthly, annually or at maturity | £1,000/ £1m | Online |
Ways to boost your interest. You can beat the rates above with this non-standard account. | ||||
4.75% | Annually | £1,000/ £85,000 | Online (no joint accounts) |
Provider | Rate (AER) | When can I get the interest? | Min/max deposit | How to open |
Top standard five-year fixes. Here are the highest paying traditional savings accounts. | ||||
---|---|---|---|---|
Atom Bank | 4.6% | Monthly, annually or at maturity | £50/ £100,000 | App (no joint accounts) |
Shawbrook Bank | 4.57% | Monthly, annually or at maturity | £1,000/ £2m | Online |
4.56% |
Monthly or at maturity |
£1,000/ £1m |
Online (no joint accounts) |
Want to know how much you'll earn in fixed-rate savings? Find out with our Savings Calculator. Simply plug in the rate, how much you'll save and how long for and it'll tell you how much you'll earn.
How do online savings platforms work?
Savings platforms, or savings marketplaces, offer accounts from the various banks that they partner with. Essentially it's a way to easily switch between accounts, though rates are not always as good as the ones above. Big names in this space include Raisin, Flagstone and Hargreaves Lansdown Active Savings.
Hargreaves Lansdown Active Savings cashback offer
New Hargreaves Lansdown Active Savings customers can claim between £10 and £100 cashback depending on the amount being saved. Here's how to get it....
- Register for the offer by entering in your details on the Hargreaves Lansdown Active Savings* website.
- Open a new Active Savings account by 12 June.
- Add at least £5,000 by debit card or Pay by Bank into the Active Savings account and instruct Hargreaves Lansdown to deposit it into the savings product of your choice within 60 days.
- The cashback will be paid into your Active Savings cash hub within one month after the 60 days is up. For easy-access or notice accounts, the balance must stay above the qualifying cashback amount for six months, or Hargreaves Lansdown may reclaim the cashback awarded.
The cashback breakdown is as follows:
- £5,000 to £9,999 deposited – £10 cashback
- £10,000 to £19,999 deposited – £20 cashback
- £20,000 to £29,999 deposited – £30 cashback
- £30,000 to £49,999 deposited – £40 cashback
- £50,000 to £79,999 deposited – £50 cashback
- £80,000 or more deposited – £100 cashback
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Want to complain about your savings provider?
If your savings provider has given you the incorrect interest rate, or you haven't received your interest at all, then you don't have to suffer in silence. It's always worth trying to call your provider first to see if it can help, but if not...
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