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Top Savings Accounts

Fix at 3.65% or 3.15% easy access

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Talk of the death of savings is overdone. UK base rate's at an historic low, but savings are fighting back. While the worst accounts pay 0.1%, bagging a top rate can earn you 3.15% easy access, or a whopping 4.7% if you lock your cash away for 3 years.

This is a step-by-step guide to comparing and choosing the highest instant access and fixed rates, in safety, including daily updated best buys.





Piggy BankWhere to start saving

Don't simply dunk your cash in the top savings account; depending on your circumstances there are a number of things which massively improve the returns on your cash first. These are explained fully in the Starting Saving guide, but here's a brief summary...

  • Do you have any debts?

    If you have higher interest rate debts, e.g. most credit cards and loans, don't save. Instead, first pay these off as their interest cost is likely to massively dwarf the interest earned from saving. To find out if this applies to you, read the Should I Repay Debts? guide.

  • Do you have a mortgage?

    While not as clear cut as loans or cards, in many cases the effective return from reducing mortgage debt is better than that from saving; though it's important to keep some cash spare. For a full guide, including a special calculator to help, read the Should I Repay My Mortgage? guide.

  • Have you opened a cash ISA this year?

    A cash ISA is effectively a tax-free savings account each adult can put up to £3,600 a year in. If you haven't opened one this tax year (April to April), then it's the first place to put your cash. For more read the full Compare Cash ISAs guide.

  • Are you putting money aside each month rather than a lump sum?

    Regular savings accounts are a specific product which earns you higher interest if you can pay £10 - £500 in every month. For more details and the best buys read the full Regular Savings Accounts guide.

  • Are you willing to lock the cash away for twelve months (or more)?

    Fixed rate savings accounts guarantee you a specific rate of interest, for a set period of time (most commonly for one year). If you think you may need to get your hands on the money, then don't fix. However if you can sacrifice access for a while, then with savings rates likely to fall, fixed rates are a good way to ensure a decent interest rate. Read the Fixed Rate Savings section.

If you've done all of the above, and want somewhere safe to stow your cash, then you're in the right place...

A savings account is a place to dunk an unlimited amount of unused cash, to earn a higher rate of interest.

The difference between savings accounts and normal day to day bank accounts is they've less functionality, offering neither cheque books nor, with a few exceptions, cash cards.


Piggy BankWhat about inflation or deflation?

To really know how well your savings are doing, you have to look at it compared to the rate of inflation. Inflation is the measure of the rate at which prices increase, so if savings don't beat inflation after tax, they're losing you money.


Ensure your savings aren't losings...

A savings account that pays less than the rate of inflation is eroding your wealth. An example using simple numbers, should help...

Imagine inflation is 10%

... things costing £1 this year will then cost £1.10 next year

You have £1 in a savings account at 5% interest

... by next year it will have grown to £1.05

Therefore keeping cash in there has reduced your spending power

... it's a losings not a savings account.

Are you a loser? Check if your account pays less than inflation. View the full list.

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The Losing Account List.

All the accounts listed below are losings accounts. That means that if you take inflation into account, put money in them and your savings will shrink.

The standard measure of inflation is roughly 2%, but tax needs to be paid on any interest, so to beat inflation a basic rate taxpayer needs to earn 2.5% interest and a higher rate taxpayer 3.33% interest.

The List of Losings Accounts - Rates do change, but accounts listed here are likely to stay losers

Account Provider Account Name Untaxed Interest rate % (AER) % Rate after basic rate tax % Rate after higher rate tax
AbbeyPostal Account (1)2.75%2.2%1.65%
AbbeyFlexible Saver (3)3.05 – 3.25%2.44 – 2.6%1.83 – 1.95%
Alliance & LeicesterEasySaver 2.6 - 3.15%2.08-2.52%1.56-1.89%
Alliance & LeicesterInstant Access0 – 0.75%0 – 0.6%0 – 0.45%
Bank of Cyprus Instant Access1 – 2.5%0.8 – 2%0.6 – 1.5%
Bank of Cyprus45 Day Notice (4)2%1.6%1.2%
Bank of IrelandCard Saver2.5%2%1.5%
Bank of ScotlandInstant Access (1)1.75%1.4%1.05%
BarclaysEasy Saver2.96%2.37%1.78%
BarclaysBonus Saver (B)2.05 – 2.55%1.64 – 2.04%1.23 – 1.53%
Barnsley BSFalcon Instant0.75 – 1.15%0.6 – 0.92%0.45 – 0.69%
Barnsley BSMillers / Reds / Spireite / Tigers / Wildcat2.8%2.24%1.68%
Barnsley BSFalcon 601.85 – 3.1%1.48 – 2.48%1.11 – 1.86%
Barnsley BSFalcon 120 (5)3%2.4%1.8%
Bath BSLifestyle (6)0.65 – 3.1%0.52 – 2.48%0.39 – 1.86%
Birmingham MidshiresPostal Easy Access (5)1.46 – 3.11%1.17 – 2.49%0.88 – 1.87%
Bradford & BingleyFirst Choice (C)0.85 – 1%0.68 – 0.8%0.51 – 0.6%
Britannia Football Affinity Accounts (1)2.05 – 2.25%1.64 – 1.8%1.23 – 1.35%
BritanniaFlexible Saver1 – 1.85%0.8 – 1.48%0.6 – 1.11%
Britannia Premium Saver (5)2.7 – 3%2.16 – 2.4%1.62 -1.8%
BritanniaMembers Bond (5)3.05%2.44%1.83%
Buckinghamshire BSAdded Advantage (3)0.5 – 2.45%0.4 – 1.96%0.3 – 1.47%
Buckinghamshire BSChiltern Gold (5)2.95 – 3.15%2.36 – 2.52%1.77 – 1.89%
Cambridge BSInstant Sapphire1.3 – 2.31%1.04 – 1.84%0.78 – 1.39%
Cambridge BS/Hallmark (3)2.82 – 3.02%2.26 – 2.42%1.69 – 1.81%
Chelsea BSInstant Option1.25 – 2%1-1.6%0.75 - 1.2%
Cheltenham & GloucesterBranch 10 (7)1.1%0.88%0.66%
Cheltenham & GloucesterDirect Transfer (8)3.1 – 3.25%2.48 – 2.6%1.86 – 1.95%
Cheltenham & GloucesterGold1.1 – 1.25%0.88– 1%0.66 – 0.75%
Cheltenham & GloucesterThe London1.3 – 2.95%1.04 – 2.36%0.78 – 1.77%
Chesham BSBonus Saver (A)0.61 – 0.86%0.49 – 0.69%0.37 – 0.52%
Chesham BSShire Bond (5)1.1 – 3.05%0.88 – 2.44%0.66 – 1.83%
Chesham BSFlexi 300.7 – 2.78%0.56 – 2.22%0.42 – 1.67%
Cheshire BSAffinity Accounts (2)2.35 – 2.8%1.88 – 2.24%1.41 – 1.68%
Cheshire BSEasy Saver (2)2.35 – 3.15%1.88 – 2.52%1.41 – 1.89%
Cheshire BSPremium Access0.75 – 0.95%0.6 – 0.76%0.45 – 0.57%
Cheshire BSSilkmen Saver (1)2.85 – 2.95%2.28 – 2.36%1.71 – 1.77%
Chorley & District BSChorleian Share1.35 – 2.25%1.08 – 1.8%0.81 – 1.35%
Chorley & District BSInstant Rovers (5)2.05 – 2.85%1.64 – 2.28%1.23 – 1.71%
Chorley & District BSLancastrian Share 1.65 – 3.15%1.32 – 2.52%0.99 – 1.89%
Chorley & District BSSt. Catherines Notice (5)2 - 2.9%1.6 – 2.32%1.2 – 1.74%
Chorley & District BSFortress Share (2)2.95 – 3.15%2.36 – 2.52%1.77 – 1.89%
CitibankInstant Access0.35 – 2.38%0.28 – 1.9%0.21 – 1.43%
Citibank60 Day Direct (1)2.02%1.61%1.21%
City of Derry BSExtra Instant Access1.5 – 3%1.2 – 2.4%0.9 – 1.8%
City of Derry BSAccess 30 (5)2.25 – 2.75%1.8 – 2.2%1.35 – 1.65%
City of Derry BS90 – Twenty (2)3%2.4%1.8%
Clydesdale BankSavings1 – 2.1%0.8 – 1.68%0.6 – 1.26%
Co-operative BankCash Saver0.65 – 1.53%0.52 – 1.22%0.39 – 0.92%
Coventry BSBranchSave Passbook1.15 – 1.3%0.92 – 1.04%0.69 – 0.78%
Coventry BSBranchSave Statement3.1%2.48%1.86%
Coventry BSPostSave Passbook3.15%2.52%1.89%
Cumberland BSCashcard1.7 – 3.05%1.36 – 2.44%1.02 – 1.83%
Cumberland BSCashcard Flexible1.25 – 3%1 – 2.4%0.75 – 1.8%
Cumberland BSAffinity accounts (3)1.8 – 2.75%1.44 – 2.2%1.08 – 1.65%
Cumberland BSInstant Savings1.7 – 3.05%1.36 – 2.44%1.02 – 1.83%
Cumberland BS30 day notice (2)2.8 – 3.1%2.24 - 2.48%1.68 – 1.86%
Darlington BSSupporter accounts0.5 – 1.6%0.4 – 1.28%0.3 – 0.96%
Darlington BSInstant Access0.1 – 3.05%0.08 – 2.44%0.06 – 1.83%
Darlington BSSentinel 90 (5)1.55 – 3%1.24 – 2.4%0.93 – 1.8%
Derbyshire BSCrown Instant / Triple Gold1.15 – 2.3%0.92 – 1.84% 0.69 – 1.38%
Derbyshire BSDerby Rams / EMT and RCH (1)3%2.4%1.8%
Derbyshire BSDerbyshire Cash Account0.5%0.4%0.3%
Derbyshire BSCrown 90 (5)2.2 – 2.95%1.76 – 1.77%1.32 – 2.36%
Derbyshire BSCrown Monthly (3)1.6 – 2.85%1.28 – 2.28%0.96 – 1.71%
Dudley BSExtra Special0.2 – 2.4%0.16 – 1.92%0.12 – 1.44%
Dudley BSSave and Sponsor (5)1.9 – 3.15%1.52 – 2.52%1.14 – 1.89%
Dudley BSSpecial Savings (2)2.2%1.76%1.32%
Dunfermline BSDirect Now
Issue 2 (1)
1.6 - 3.15%1.28 – 2.52%0.96 – 1.89%
Dunfermline BSGold1.1 – 3.05%0.88 – 2.44%0.66 – 1.83%
Dunfermline BSPremium Shares (5)1.75 – 2.8%1.4 – 2.24%1.05 – 1.68%
Earl Shilton BSDouble Top0.75 – 2%0.6 – 1.6%0.45 – 1.2%
Earl Shilton BSCapital 90 / Monthly Income (5)1.7 – 2.7%1.36 – 2.16%1.02 – 1.62%
Earl Shilton BSSelect 120 (5)1.95 – 2.95%1.56 – 2.36%1.17- 1.77%
Ecology BSEco Instant1.5 – 2.8%1.2 – 2.24%0.9 – 1.68%
Ecology BSEco-60 (2)2.55 – 3.05%2.04 – 2.44%1.53 – 1.83%
First Direct Everyday Savings0.1 – 1.5%0.08 – 1.2%0.06 – 0.9%
First DirectSavings (3)0.1 – 3%0.08 – 2.4%0.06 – 1.8%
First TrustSelect Savings0.7 – 2.65%0.56 – 2.12%0.42 – 1.59%
Furness BSInstant Access1.35 – 2.85%1.08 - 2.28% 0.81 - 1.71%
Furness BSCapital (3)1.9 – 3%1.52 – 2.4%1.14 – 1.8%
Furness BSNotice 90 (1)2.65 – 2.9%2.12 – 2.32%1.59 – 1.74%
HSBCInstant Access1 - 1.75%0.8 – 1.4%0.6 – 1.05%
HSBCFlexible Saver2.25 – 3%1.8 – 2.4%1.35 – 1.8%
HSBCMorrisons (A)1%0.8%0.6%
HSBCPremier Savings (3)3%2.4%1.8%
HalifaxLiquid Gold0.65 – 0.7%0.52 – 0.56%0.39 – 0.2%
Halifax60 Day Gold2.5 – 3.1%2 – 2.48%1.5 – 1.86%
HalifaxInstant Saver2.1 – 2.6%1.68 – 2.08%1.26 – 1.56%
HalifaxSaver Reward1.95 – 2.55%1.56 – 2.04%1.17 – 1.53%
HalifaxBonus Gold (C) 1.5 – 2.55%1.2 – 2.04%0.9 – 1.53%
Hanley Economic Instant Access1.45 – 1.7%1.16 – 1.36%0.87 – 1.02%
Hanley Economic Notice 281.75 – 2.8%1.4 – 2.24%0.84 – 1.68%
Hanley Economic Postal 30 (2)3.1%2.48%1.86%
Hanley Economic Growth Bond (2)2.65%2.12%1.59%
Harpenden BSEscalator Shares1 – 2.65%0.8 – 2.12%0.6 – 1.59%
Hinckley & Rugby Eagle Easy Access (5)2.7%>2.16%1.62%
Hinckley & RugbyHigh Rise0.75 – 2.75%0.6 – 2.2%0.45 – 1.65%
Hinckley & RugbyHigh Reward 6 (5)2.7%2.16%1.62%
Holmesdale BSEasy Access (5)2.06 – 3.12%1.65 – 2.5%1.27 – 1.87%
Holmesdale BSSpecial Shares (2)2.67%2.14%1.63%
Holmesdale BSBenefit Shares (2)2.77%2.22%1.66%
Holmesdale BSMonthly Income Shares (5)2.62 – 3.14%2.1 – 2.51%1.57 - 1.88%
Ipswich BSPremier 30 (8)1.85 – 3%1.48 – 2.4%1.11 – 1.8%
Ipswich BSPremier Monthly2.4 – 3.1%1.92 – 2.48%1.44 – 1.86%
Ipswich BSPremier Instant1.25 – 2.52%1 – 2.02%0.8 – 1.51%
Julian Hodge BankSavings (3)2 – 3%1.6 – 2.4%1.2 – 1.8%
Julian Hodge BankEight Day Notice (2)2.5 – 3%2 - 2.4%1.5 – 1.8%
Julian Hodge BankExtra High Interest (1)3%2.4%1.8%
Kent Reliance BSEasy Access1 – 2.8%0.8 – 2.24%0.6 – 1.68%
Kent Reliance BSSportsaver1.1%0.88%0.66%
Kent Reliance BS90 Day Notice (5)1.75 – 2.75%1.4 – 2.2%1.05 – 1.65%
Laiki BankInstant Access0.9%0.72%0.54%
Lambeth BSEasi-Save 0.86 – 2.11%0.69 – 1.69%0.52 – 1.27%
Lambeth BSPostal 30 (2)1.86 – 2.31%1.29 – 1.84%1.16 – 1.39%
Lambeth BSPremium 301.11 – 2.36%0.89 – 1.89%0.67 – 1.42%
Lambeth BSOlympos 60 (5)1.36 – 3.11%1.09 – 2.49%0.82 – 1.87%
Lambeth BSMillenium 90 (4)2.76%2.21 %1.66%
Leeds BSLeeds United / Donny Rovers / White Rose
Saver (2)
1.3 – 3.05%1.04 – 2.44%0.78 – 1.83%
Leeds BSPremium Access (5)3.15%2.52%1.89%
Leeds BSCapital 71.35 – 3%1.08 – 2.4%0.81 – 1.8%
Leek United BSPyramid Share0.6 – 2%0.48 – 1.6%0.36 – 1.2%
Leek United BSPyramid 90 (2)2.75%2.2%1.65%
Lloyds TSBExclusive Saver Gold (2)2.75 – 3%2.2 – 2.4%1.65 – 1.8%
Lloyds TSBExclusive Saver Platinum (4)3%2.4%1.8%
loyds TSBExclusive Saver Select (5)2.5 – 3%2 – 2.4%1.5 – 1.8%
Loughborough BSInstant Access0.35 – 1.7%0.28 – 1.36%0.21 – 1.02%
Loughborough BSLeicestershire C.C.C3%2.4% 1.8%
Loughborough BS60 Day (8)1.95 – 3.2%1.56 – 2.56%1.17 – 1.92%
Manchester BSPremier Instant1 – 2.95%0.8 – 2.36%0.6 – 1.77%
Mansfield BSPrime Access0.25 – 2.5%0.2 – 2%0.15 – 1.5%
Mansfield BSHigh Yield Option 90 (5)2.2 – 2.95%1.76 – 2.36%1.32 – 1.77%
Mansfield BSMonthly Income (5)2.53 – 3.04%2.02 – 2.43%1.52 – 1.82%
Market Harborough BSInstant Treasury1.05 - 2.55%0.84 – 2.04%0.63 – 1.53%
Market Harborough BSSimply Direct (1)2.95%2.36%1.77%
Market Harborough BS30 Day Notice (3)1.6 – 3.1%1.28 – 2.48%0.96 – 1.86%
Market Harborough BS60 Day Notice (5)2.95%2.36%1.77%
Marsden BSRainbow Instant Access0.25 – 3%0.2 – 2.4% 0.15 – 1.8%
Marsden BSRainbow 40 (5)2.75 – 3.25%2.2 – 2.6%1.65 – 1.95%
Melton Mowbray BSInstant Access (2)1.82 – 2.92%1.46 – 2.34%1.09 – 1.75%
Mercantile BSMoneymaker Plus0.6 – 2%0.48 – 1.6%0.36 – 1.2%
Mercantile BSPremier 60 II (8)2.35 – 3.05%1.88 – 2.44%1.41 – 1.83%
Mercantile BSBonus 90 (D)1.4 – 2.55%1.12 – 2.04%0.84 – 1.53%
ercantile BSHigh Yield Bond (5)2.45 – 2.95%1.96 – 2.36%1.47 -2.77%
Monmouthshire BSEscalator Instant1 – 2.4%0.8 – 1.92%0.8 – 1.44%
Monmouthshire BSEscalator Bonus (8) (C)1.6 – 2.85%1.28 – 2.28%0.96 – 1.71%
Monmouthshire BSEscalator Bonus 90 (2) (C)2.35 – 3.1%1.8 – 2.48%1.41 – 1.86%
National Savings & InvestmentsEasy Access Savings (9)1.75%1.4%1.05%
National Savings & InvestmentsInvestment (5)2.9 – 3.25%2.32 – 2.6%1.74 – 1.95%
Nationwide BSCashbuilder1.2 – 2.1%0.96 – 1.68%0.72 – 1.26%
Nationwide BSBonus 60 (E)2.6 – 3.1%2.08 – 2.48%1.56 – 1.86%
Nationwide BSCapitalBuilder2.7 – 2.9%2.16 – 2.32%1.62 – 1.74%
NatwestFirst Reserve1.3 – 1.45%1.04 – 1.16%0.78 – 0.87%
NatwestReward Reserve (B)0.1 – 3%0.08 – 2.4%0.06 – 1.8%
Newbury BSInstant Premium2.9%2.32%1.74%
Newcastle BSNova Plus Issue 30.85 – 2.1%0.68 – 1.68%0.51 – 1.26%
Newcastle BSKey / Nottm Forest / Save & Care accounts (3)1.35 – 2.9%1.08 – 2.32%0.81 – 1.74%
Newcastle BSNova Star 10 (2)1.4 – 1.75%1.12 – 1.4%0.84 – 1.05%
Northern BankSummit Savings 1.35 – 2.95%1.08 – 2.36%0.81 – 1.77%
Northern RockInstant Access (E)0.25 – 2.15%0.2 – 1.72%0.15 – 1.29%
Norwich + Peterborough BSAffinity Accounts (8)1.8 – 3.05%1.44 – 2.44%1.08 – 1.83%
Norwich + Peterborough BSEasy Plus (C)1 – 2.75%0.8 – 2.2%0.6 – 1.65%
Nottingham BSAccess Bonus (G)1.02 – 1.7%0.82 – 1.36%0.61 – 1.02%
Nottingham BSAccess Plus1.32 – 2.2%1.06 – 1.76%0.79 – 1.32%
Nottingham BSNottingham Forest Saver (3)2.55 – 2.9%2.04 – 2.32%1.53 – 1.74%
Nottingham BSPost Direct1.65 – 2.3%1.32 – 1.84%0.99 – 1.38%
Nottingham BSDirect Reserve2.5 – 2.8%2 – 2.24%1.5 – 1.68%
Nottingham BSPostal Plus (8)2.75 – 2.95%2.2 – 2.36%1.65 – 1.77%
Nottingham BSSelect (F)1.75 – 3%1.4 – 2.4%1.05 – 1.8%
Nottingham BSOptima / Option 12 (5)2.4 – 2.8%1.92 – 2.24%1.44 – 1.68%
Portman BSInstant Access (5)0.7 – 3.1%0.56 – 2.48%0.42 – 1.86%
Portman BSPremier/ BSO Premier (2)2.9 – 3.25%2.32 – 2.6%1.74 – 1.95%
Principality BSInstant Access Savings1.45 – 2.15%1.16 – 1.72%0.87 – 1.29%
Progressive BSInvestment Share1.45 – 2.25%1.16 – 1.8%0.87 – 1.35%
Progressive BSPremium Saver (5)2.45 – 2.95%1.96 – 2.36%1.47 – 1.77%
Progressive BSPremium 90 (5)2.5 – 2.95%2 – 2.36%1.5 – 1.77%
PrudentialHigh Interest Deposit0.5 – 1.4%0.4 – 1.12%0.3 – 0.84%
Prudential60 Day Notice (D)0.5 – 1.45%0.4 – 1.16%0.3 – 0.87%
RBSInstant Access1.1 – 1.35%0.88 – 1.08%0.66 – 0.81%
RBSInstant Savings Tracker (3)2 – 3.25%1.6 – 2.6%1.4 – 1.95%
RBSBonus 90 (3) (D)1.6 – 3.15%1.28 – 2.52%0.96 – 1.89%
Saffron Walden BSCashbuild1 – 2.2%0.8 – 1.76%0.6 – 1.32%
Scarborough BSStandard0.5%0.4%0.3%
Scottish BSInverness Super Saver (5)2.25%1.8%1.35%
Scottish BSScotline1.25 – 2.75%1 – 2.2%0.75 – 1.65%
Scottish BSScotplus (5)2.25 – 2.85%1.8 – 2.28%1.35 – 1.71%
Scottish BSIncome Plus (3)2.45 – 3.1%1.96 – 2.48%1.47 – 1.86%
Secure Trust BankDeposit (1)2.25%1.8%1.35%
Shepshed BSInstant Access1.4 – 2.4%1.12 – 1.92%0.84 – 1.44%
Shepshed BS90 Day Share (5)2.1 – 3.05%1.68 – 2.44%1.26 – 1.83%
Shepshed BSSapphire Share2.3 – 2.85%1.84 – 2.28%1.38 – 1.71%
Shepshed BS120 Day Share (2)2.75 – 3%2.2 – 2.4%1.65 – 1.8%
Shepshed BS2 Year Term Share (1)1.85 – 3.05%1.48 – 2.44%1.11 – 1.83%
Shepshed BS28 Day Share (5)1.45 – 2.95%1.16 – 2.36%0.87 – 1.77%
Skipton BSHigh Street (10)1.65 – 3.1%1.32 – 2.48%0.99 – 1.86%
Skipton BSPilgrims Investment (10)1.8 – 2.8%1.44 – 2.24%1.08 – 1.68%
Skipton BSBase Rate Tracker 33%2.4%1.8%
Stafford Railway BSPullman (2)1.5 – 2.55%1.2 – 2.04%0.9 – 1.53%
Stafford Railway BSThe World Land Trust3%2.4%1.8%
Stafford Railway BSBlack and White3%2.4%1.8%
Stafford Railway BSStafford Community3%2.4%1.8%
Stroud and Swindon BSBath Rugby / Branch Instant/ Cotswold Care / Forest Green / Willow Trust 2.7%2.16%1.62%
Stroud and Swindon BSClassic Gold 1.1 – 1.8%0.88 – 1.44%0.66 – 1.08%
Stroud and Swindon BSDirect Easy Access (3)2.35 – 3.05%1.88 – 2.44%1.41 – 1.83%
Stroud and Swindon BSDirect 30 (1)2.9%2.32%1.74%
Stroud and Swindon BS40 Day (2)2.96%2.37%1.78%
Teachers BSMinster Spire (1)3%2.4%1.8%
Tipton and Coseley BSCommunity Saver2.5 – 3.15%2 – 2.52%1.65 – 1.89%
Tipton and Coseley BSInstant Access1.15 – 2.4%0.92 – 1.92%0.69 – 1.44%
Tipton and Coseley BSHallmark 90 (1)2.90%2.32%1.74%
Tipton and Coseley BSInvestment Share (3)2.65 – 2.9%2.12 – 2.32%1.59 – 1.74%
Triodos BankAmnesty / Earth / Fairtrade / Medical Foundation / Charity / WDM Trust2.26 – 2.77%1.81 – 2.22% 1.39 – 1.66%
Triodos BankSocial Investor (8)2.26 – 3.02%1.81 – 2.42%1.39 – 1.81%
Ulster BankEasy Access (8)0.65 – 2.4%0.52 – 1.92% 0.39 – 1.44%
Ulster BankU First (5)1 – 2.75%0.8 – 2.2%0.6 – 1.65%
Ulster BankReserve 30 (8)1.25 – 2.8%1 – 2.24%0.75 – 1.68%
Ulster BankReserve 90 (8)2.05 – 2.9%1.64 – 2.32%1.23 – 1.74%
Universal BSMoney Master0.6 – 1.25% 0.48 – 1%0.36 – 0.75%
Universal BSMoney Spinner2 – 2.95%1.6 – 2.36%1.2 – 1.77%
Universal BS60 day0.65 – 2.95%0.52 – 2.36%0.39 – 1.77%
Universal BS80 Day (3)1.65 – 2.95%1.32 – 2.36%0.99 – 1.77%
Vernon BSInstant Access0.75 – 1.4%0.6 – 1.12%0.4 – 0.84%
Vernon BSPremium Plus (5)1.7 – 3.15%1.36 – 2.52%1.02 – 1.89%
Vernon BSPremier Savings (2)2.85%2.28%1.71%
Wesleyan SavingsClassic (1)2.75 – 3.25%2.2 – 2.6%1.65 – 1.95%
West Bromwich BSAffinity Accounts2 – 3%1.6 – 2.4%1.2 – 1.8%
West Bromwich BSBonus Saver (F)1.25%1%0.75%
West Bromwich BSDirect Easy Access (5)1 – 3.05%0.8 – 2.44%0.6 – 1.83%
West Bromwich BSPremium Share1 – 2%0.8 – 1.6%0.6 – 1.2%
WoolwichCard Saver 2.7 – 3.25%2.16 – 2.6%1.62 – 1.95%
Yorkshire BankInstant Savings (5)1.1 – 3%0.88 – 2.4%0.66 – 1.8%
Yorkshire BSBlades / Bulls3.05%2.44%1.83%
Yorkshire BSCash Transactor0.6%0.48%0.36%
Yorkshire BSPostal Saver (7)3%2.4%1.8%
All savings under (1) £5k (2) £10k (3) £50k (4) £2.5k (5) £25k (6) £20k (7) £1k (8) £100k (9) £1k (10) £30k
Dependent on withdrawals, a bonus is possible of (A) 1.75% (B) 1.5% (C) 0.5% (D) 1% (E) 0.75% (F) 2% (G) 50% extra interest
Source: www.Moneyfacts.co.uk with additional research

What about when there's deflation?

Deflation is when the rate of inflation goes negative, meaning overall prices are lower than a year ago. This, or very low inflation, can actually be a boon to savers. To illustrate this, let's go to a high interest rate, high inflation time, like Summer 2008.

Imagine it's July 2008 (not too sunny then...). Inflation is at 5.0% and the best savings account pays 6.5% (ie. basic rate taxpayers get 5.2%). Sally Saver has £10,000 in her account, enough to buy a nominal 100 shopping trollies of food/shoes/washing machines.

Calculating over a year for ease, her savings would grow to £10,520. Yet inflation means the shopping basket has increased in price to £10,500. Thus Sally's spending power has only increased by £20; her real interest rate was just 0.2%.

Now flash forward to a time with full-on deflation.

Deflation has set in, with the inflation rate at minus 2%, plus savings rates have further slumped too, offering just 1.5% interest after tax. Here, after a year Sally’s ten grand’s only grown to £10,150, yet deflation means the shopping trollies now only cost £9,800.

This means she could buy them and have £350 left over, giving a real interest rate of roughly 3.5%. So even though her interest’s plummeted she’s actually better off.

This has remarkable consequences. Far too many have a concrete savings mindset that shouts "don’t spend your capital!" Yet in a deflationary environment that’s too rigid; anyone living off savings interest, would face huge cuts in their income, and not spending capital would actually be penalising yourself.

Personal rates of inflation do vary, yet if you’re experiencing deflation, and need to spend from your savings pot, you can do so without hurting your savings pile. Take the capital out at the rate of deflation, and you’re not losing anything as your purchasing power is retained.


Piggy BankHow safe are your savings

Bank collapse was once easy to dismiss, then the credit crunch and global market turmoil hit. After the calamities hitting Northern Rock, Bradford & Bingley, Icesave and Kaupthing, and that's just the UK alone, every sensible saver should ask “is my money safe?

The answer is quite simple. Provided your money is in a UK regulated bank or building society account, it’s protected under the Financial Services Compensation Scheme (FSCS) and here’s the golden rule.

£50,000 per person, per financial institution is guaranteed.

Sadly this is the simple face of savings safety; the exact rules are more complex involving how different banks are registered and what counts as a financial institution. It should also be remembered, if you did need to claim compensation, that does mean it's likely you won't have access to that cash for a few months. For full info read the full Are Your Savings Safe? guide.

How to maximise safety.

The techniques you adopt depend on the amount of cash you want to save.

  • Over £50,000. For those with bigger savings, in the unlikely event a bank or building society went bust; don’t put more than £50,000 in any one institution; spread it around.

  • Very large amounts. For those with very large amounts of savings (for example a house sale) this could lead to lots of accounts, even if you've too much to stick to the £50,000 limit for each one, the general rule of not having all your eggs in one basket still works.

  • Less than £50,000. If you've less than £50,000 there's no problem in terms of protection. Yet if you were to have to claim compensation this takes time and meanwhile you wouldn't have access to your cash. Thus it's still worth considering spreading money across more than one institution.

For more info see the how to get 100% safety section of the savings safety guide.

This guide and best buys.

It's impossible to pick "which bank is in trouble?"; as well as the UK banks, we've seen great names of world banking like Goldman Sachs and Merrill Lynch in trouble.

Therefore the only solution for this site is that we'll report the top rates regardless, alongside explaining any 'protection oddities'. So far, world governments have reacted to protect their banks and no savers have lost money, and it's likely (though not certain) that will continue.


Piggy BankWhat to watch with savings

While savings are the simplest of products, providers have still managed to throw a few wobblers into the mix. There are a number of things to watch for...

  • Introductory ‘bonus' rates.

    These are temporary interest hikes to attract new customers. For active consumers, as you can shift the cash to a better payer as soon as the bonus ends, it's no problem. However, easy-life seekers should avoid them.

  • Suck, slap and flog naming.

    Some banks suck you in with a high rate, then later slap the rate down, and try to flog another similarly named account so you think you're still earning decent interest. Always know your account's exact name.

  • Withdrawal limits or penalties.

    Some accounts limit the number of withdrawals you make a year. Others will not pay interest in any month a withdrawal is made. This can have a massive impact, for example you withdraw £100 but lose interest on all the £100,000 in your account for the whole month.

  • Quoting different interest.

    Banks quote one of two different interest rates. The Gross rate is the flat amount paid; while the Annual Equivalent Rate (AER) takes into account interest compounded over the year. Check which rate you're being quoted and compare like with like. For a detailed explanation read about the difference between AER & Gross interest.

    Also remember interest rates are usually quoted without tax, but for basic rate taxpayers 20% of the interest earned goes to the taxman; for higher rate taxpayers it's 40%.


Piggy BankThe UK's Top Rate Savings

All the following accounts are either instant access allowing immediate cash withdrawal via a branch; or no-notice where, as it's an internet/phone account, in practice it takes a few days to get the cash in your hands. Use the Savings Calculator to see how much you’ll get. They also tend to be no-frills, so the rates are good but customer service may be limited.

There are two ways to beat these rates, though each have drawbacks...

  • Regular Savers. You can earn up to 4.5% AER, fixed for a year, by using regular savers. These let you save up to £250 - £500/month, though you can't put large lump sums in one. Also, the money only moves slowly into the account, affecting how much interest you'll earn.

    For the top accounts and how to use them best, read Regular Savings Accounts.

  • Fixed Rate Accounts. If you're willing to lock cash away without access to it for a year or more, you may be able to boost your rate with a Fixed Savings Account.

It's also worth noting, sometimes you can get extra cashback signing up via special websites, see top cashback sites for a full explanation and how to find which sites pay most.

Unless stated, all the accounts have full protection under the £50,000 per person, per institution rules. Though do check how institutions are linked and other notes in the safe savings guide.


The top paying accounts...

Finding an account that is totally 'clean' i.e. plays no tricks like introductory bonuses and withdrawal penalties, and still gives a top rate is getting harder. You can also up the rate on offer, or tweak the conditions, if you are saving more, so it's crucial you read the pros and cons and pick the product that suits you best.

  • Top Easy Access (min £1,000): 3.15% inc. 1.15% bonus
    Coventry BS, has withdrawal restrictions & postal only.

    The Coventry BS 1st Class Postal account pays 3.15% AER from £1,000, and includes a bonus of 1.15% lasting a year. However, you are only allowed to make four penalty free withdrawals per year; make more than that and you'll be charged 50 days worth of interest.

    Coventry BS has the same full £50,000 UK savings safety protection as any UK account. Yet as a note, in April 2009 financial strength rating's agency Moodys substantially downgraded a heap of institutions, including Coventry (read Building Society Downgrades news) so it's more important to be watchful about not going beyond this limit; see the full Savings Safety guide.

    Quick Stats: Rate: 3.15% variable AER, inc 1.15% bonus. Min. Deposit: £1,000. Max Deposit: £250,000 Access: Post Withdrawal restrictions: 4 allowed per year

  • Top Easy Access (min £1) : 3% inc. 2.5% bonus
    The AA, online, complete access to cash,

    The highest rate that you can get from just a £1 balance is from The AA's Internet Extra account, which pays 3% AER, including a fixed 2.5% bonus for twelve months. After a year, the rate drops to 0.5%, so ditch and switch at this time.

    You are allowed unlimited withdrawals, and the maximum balance is £1 million. As the name suggests, the account must be operated by online. It has the full £50k savings safety, though this protection is spread across the whole HBOS group; read the Safe Savings guide for full details.

    Quick Stats: Rate: 3% variable AER, inc 2.5% bonus. Min. Deposit: £1.Max Deposit: £1,000,000 Access: Online Withdrawal restrictions: None

  • Top Guaranteed Rate: 3.24% (min. £25,000)
    Investec 3.24% AER, but need notice for access.

    The High 5 account from Investec pays the average of the five highest savings rates in the market, currently 3.24% AER (as decided by price comparison site Moneyfacts), and it changes every Wednesday.

    The catches are that you need to save over £25,000 and give three months notice to withdraw any money, so only open this if you dont need instant access to your cash. It may also be worth you checking the fixed savings accounts section.

    Quick Stats: Rate: 3.24% variable AER. Min. Deposit: £25,000. Access: Online Withdrawal restrictions: Three months notice

  • Top Clean-Rate Account: 2.5% (min. £1).
    Barnsley BS 2.5% AER.

    The top clean rate's available with Barnsley BS's Online Saver, which pays 2.5% AER on balances from £1. It's an online-only account, and allows unlimited penalty-free withdrawals.

    Barnsley, Yorkshire and Chelsea building societies have all merged in recent months, and the savings safety protection you get is a touch complicated; the amount you can save at 100% safety depends on when you first deposited the money. For full details, read the mergers section of the Safe Savings guide for more details.

    Quick Stats: Rate: 2.5% variable AER. Min. Deposit: £1. Access: Online Withdrawal restrictions: None

Specialised Alternatives

With safety, introductory bonuses and notice-free access all playing their part in savers' decisions, we've split a selection of extra accounts into sections to make perusing them easier. Click a title to see all the accounts available.

  • Spreading Cash for Safety
    Top accounts for splitting big balances

Click for full info
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If you’re concerned about getting maximum safety on your savings, then, as explained in the Savings Safety guide, they're only protected up to £50,000 per person per financial institution. Therefore to keep amounts bigger than this safe you need to spread the cash around.

The following are the remaining top payers in the market (or use the next alternative; 100% protected savings accounts, at a lower rate).

  • Manchester BS 3.31% AER.
    If you don't mind giving notice to withdraw your cash Manchester BS is paying 3.31% AER on its 35 day notice account. You can save between £1,000 and £50,000, however additional deposits will only be accepted until 19 February.

    You are only allowed to make 4 withdrawals per calendar year and the account can be accessed in branches or by post.

  • Skipton BS 2.76% AER, Clean Rate.
    The top rate that doesn't include a bonus is Skipton BS's internet operated Web Saver account. It pays 2.76% on balances of £500 or more, you can make unlimited withdrawals. The account also has a guarantee that the rate won't drop below 2.5% until 31 December 2011.

  • Tesco 2.75%.
    The Internet Saver account from Tesco* is paying 2.75% including a bonus of 1.5% for 12 months. You can save between £1 and £100,000 at this rate and you can make unlimited withdrawals.

  • Alliance & Leicester 2.75%.
    If you have over £1,000 to deposit the Online Saver Issue 7 from Alliance & Leicester* also pays 2.75%. This includes a big bonus of 2.5% for 12 months so make sure you ditch and switch after that time. You can make unlimited withdrawals.

  • 100% Protected Savings
    For more than £50,000 in one place.

Click for full info
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If you've a lot of cash, over the £50,000 amount, and the safety factor worries you, there are a few places that give 100% guarantee on savings, though you will sacrifice the rate earned.

  • UK Government Owned.
    The best paying Northern Rock account is the eSaver (issue 2) which pays 2.5% AER including 1% bonus for a year, on balances between £1 and £250,000. With NS&I the best option is its Direct ISA, again though the rate is nothing to shout about.

  • Buy a tax certificate.
    Those who are self employed can pay tax early by buying what’s called a tax certificate for your liabilities in advance. These do pay interest, though substantially less than a top savings account. Yet there’s nothing safer than knowing your tax bill is sorted.

  • Pay off debts.
    To reiterate the information at the start of this guide. Paying off debts or mortgages, is one extremely safe use of your money. See the Should I Repay Debts? guide.

  • Big UK Banks' Top Accounts
    The highest rates from the 'big' institutions

Click for full info
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To help spread savings, it's worth examining the top accounts at some of the big UK institutions.

  • Barclays.
    Barclays e-savings Reward pays 1.26% AER on amounts between £1 and £2 million, in months when you make no withdrawals, and 0.85% in months when you do make withdrawals. Both of these include a 0.75% bonus lasting a year.

  • HBOS (Halifax/Bank Of Scotland).
    The Halifax or Bank of Scotland Guaranteed Saver Reward pays 1.5% when saving more than £500 and allows unlimited withdrawals.

  • HSBC.
    HSBC's*
    Online Bonus Saver pays 0.75% AER when you don't make a withdrawal (0.25% AER when you do) on amounts between £1 and £50,000.

  • Lloyds TSB.
    Lloyds TSB
    eSavings pays from 1.6% AER with £1 up to 2.5% for amounts above £10,000. All rates include a 1.50% bonus for the first 12 months.

  • Nationwide.
    If you have a FlexAccount with Nationwide you can get 2% AER with the e-Savings Plus* account, as long as you make less than 4 withdrawals, on savings between £1 and £500,000.

    In April 2009, financial strength rating's agency Moodys substantially downgraded a heap of banks and building societies, including Nationwide (read Building Society Downgrades news) meaning it's more important to be watchful about not going beyond the £50,000 government guarantee. For full info read the Are Your Savings Safe? guide.

  • NatWest.
    Natwest* e-savings offers 1% AER when saving a min of £1.

  • RBS.
    RBS's*
    Direct Saver has a rate of 1% AER with £1 up to 1.5% for amounts above £50,000.

  • Over 60s Account.
    Alternative option for the over 60s

Click for full info
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Coventry Building Society.
For the over 60s, Coventry Building Society's Sixty Plus PostSave Issue 3 account pays 2.25% for balances over £500 (up to £250,000). The rate is guaranteed to be at least 0.25% above base rate until 31 Mar 2010, although it does include a one year bonus of 0.85%.

You can only make 12 penalty-free withdrawals per year, and a minimum of £500 each time, with additional withdrawals having a charge of 30 days' interest. As the name suggests it is a postal account but you can view your balance online.

In April 2009, financial strength rating's agency Moodys substantially downgraded a heap of banks and building societies, including Coventry (read Building Society Downgrades news) meaning it's more important to be watchful about not going beyond the £50,000 government guarantee. For full info read the Are Your Savings Safe? guide.


  • Top Cash Machine Access Savings.
    Some accounts provide an ATM cashcard


Click for full info
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The easy way to assure yourself 24-hour access to your cash, is to get a savings account that gives you a cash machine card and allows free withdrawals from any Link machine.

  • Yorkshire Building Society.
    The Yorkshire BS Internet Saver, with optional cash card, pays 2.1% AER. You only need £1 to open it and can save up to £1 million.

    In April 2009, financial strength rating's agency Moodys substantially downgraded a heap of banks and building societies, including Yorkshire (read Building Society Downgrades news) meaning it's more important to be watchful about not going beyond the £50,000 government guarantee. For full info read the Are Your Savings Safe? guide.

  • Bank of Scotland.
    If you don't want an online account, the top clean non-web account for this is Bank of Scotland's Instant Access account, also with optional cash card and min £1, paying 0.5% AER.

Fancy looking locally?

All the above rates are available to anyone, yet some small building societies occasionally offer special rates to people who live in the local area, or to existing members; it's always worth checking yours.

Also, remember all these accounts have variable rates meaning providers can change them. If you want to fix your rate from the outset, you must be prepared to lock your cash away, see Fixed Rate Savings.

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Piggy BankHow to guarantee a continually top rate

Most savings accounts are variable, meaning the rate can change both with the Bank of England's base rate and as providers change their competitive stance. It's important to regularly monitor your account's rate and if it plummets, ditch and switch. Yet there are some alternatives to monitoring interest rates...

Fixed rate savings give a guaranteed rate for a set period, but you can’t take your money out during that time.

Therefore, they're only suitable for those who are happy to lock cash away for the entire term. It is also very important to understand that the longer you fix for, the more you are RISKING the fact that an unpredicatable future means this could be a bad choice. If interest rates were to increase rapidly, you would’ve lost the flexibility to ditch and switch to a better payer. Plus if the savings safety status of the institution changes, it'd be more difficult to get your cash out.

Yet currently, that's balanced out because there are some decent rates available. This is because many lenders are desperate to get hold of your cash so they can lend it out at high rates during the credit crunch. Plus with fixed rates they get surety that you won’t want it back until a defined time, thus allowing them to plan their lending strategies better.

Some fixed accounts require you to set up a 'feeder' account, normally a non-fixed savings account, in order to get the money in. If that's the case, it's often speedier to do it at a bank you already have an account with.

The Best Short Term Fixed Rates


  • Raphaels 3.52% AER for 9 months. From £5,000, by post.

    Niche private bank Raphaels is paying 3.52% AER on money locked away for nine months, provided you save at least £5,000 in it. Even though it's a private bank, anyone who has enough cash can save in it, and it has the normal £50,000 UK savings protection, see the full Safe Savings guide for more.

    If you've got less to save, Kent Reliance BS's Direct Nine Month Bond pays 3.02% AER from a minimum balance of just £100, though this rate can be beaten by the top easy access accounts above.

  • Raphaels 3.33% AER for 6 months. From £5,000, by post.

    For an even shorter fixed term of six months, the top payer is Raphaels again, at 3.33% AER for £5,000 and above. Again, this private bank is fully UK-registered and as such has the normal £50,000 UK FSCS protection; see the full Safe Savings guide for more.

The Best One Year Fixed Rates


  • FirstSave 3.65% AER. From £1,000, online access.

    The highest paying account is the FirstSave 1 year fixed rate bond, the annual interest option pays 3.65% AER from balances of £1,000. You can apply for and operate the account online.

    FirstSave accounts are provided by the First Bank of Nigeria, which has the usual £50,000 UK FSCS protection, see the full Safe Savings guide for more.

  • State Bank of India 3.5% AER. From £1,000, by post.

    If you've more than £50,000 to save, it's worth spreading it around for total safety. The next highest paying account is the State Bank of India's 1 Year Hi Return Fixed Deposit account, which pays 3.5% AER from £1,000. Be careful to get the correct account as it offers lots of similar products.

    You can only apply and operate the account by post, or in the small nmber of branches. This is the UK subsidiary of an Indian bank, and as such you get the usual £50,000 UK FSCS protection;see the full Safe Savings guide for more.

  • Bank of Cyprus 3.2% AER. Important! NOT protected by UK's safety scheme.

    For an even lower opening balance, the 1 year bond from Bank of Cyprus is paying 3.2% AER (min £1) . However, they are NOT covered by the UK compensation scheme.

    This is protected by the Cypriot protection scheme, which covers the first €100,000 (c.£90,000). This means if it went bust, you would legally be entirely reliant on Cyprus's small government for any compensation. Read full info on how the protection works in the Savings Safety guide. The account operates online, by phone or post.

The Best Two Year Fixed Rates

By saving for a bit longer, the rates available can jump. Always remember that the longer you lock cash away for, the more of a chance there is that rates will rise while your cash is untouchable. Currently, many economists predict rates will stay low into 2010, but after that who knows.

  • ICICI 4.25% AER. Online, min £1,000

    The UK subsidiary of Indian owned bank, ICICI*, is paying 4.25% AER on its two year fixed rate account, for balances over £1,000, with no maximum. ICICI is a full UK subsidiary and thus in the event the bank went bust, you have the full protection up to the usual £50,000 per person, per financial institution.

    Some concerns were raised over its parent bank's stability, yet our policy is to include ALL the top rates. Remember that saving over £50,000 in ANY one institution constitutes a potential risk. If you are considering putting money in, ensure you read both the foreign banks section of the Are Your Savings Safe? guide and Martin's specific ICICI: How Safe is it? blog.

  • FirstSave 4.2% AER. Online, min £1,000.

    If you've more money to save, the next highest paying account is the FirstSave 2 year fixed rate bond, the annual interest option pays 4.2% AER from balances of £1,000. You can apply for and operate the account online.

    FirstSave accounts are provided by the First Bank of Nigeria, so just like any other UK account this has the usual £50,000 FSCS protection, see the full Safe Savings guide for more.

  • Halifax 4% AER. Online. Min £500.

    The next highest payer is Halifax's* Web Saver at 4% AER on balances over £500. Although you have to open a Variable Rate Web Saver, which pays a pitiful 0.25% AER, but you only need to keep £10 in it. You can apply for both accounts online.

    Halifax is part of the HBOS group, and as such has the normal FSCS protection up to £50,000. However, it means that if you have money in another of the HBOS owned banks (Bank of Scotland, B Midshires, The AA, Saga or IF), then you only get one lot of £50k protection between them.

The Best Three Year Fixed Rates

It's possible to push the rate up even further, by sacrificing access to the cash for longer. Yet here you are taking a bigger gamble on rates staying low for a significant period; if UK interest rates recover between now and 2012, you could lose out as your cash is stuck at this rate.

To keep things simple, we have stuck to accounts that lock your cash in and no more. It's possible that by sacrificing access for a few months more, you could up the rate slightly above the best here.

  • ICICI 4.7% AER. Online, from £1,000

    The highest rate available's from UK subsidiary of Indian owned bank, ICICI*, is paying 4.7% AER on its three year fixed rate account, for balances over £1,000, with no maximum. ICICI is a full UK subsidiary and thus in the event the bank went bust, you have the full protection up to the usual £50,000 per person, per financial institution.

    Some concerns were raised over its parent bank's stability, yet our policy is to include ALL the top rates. Remember that saving over £50,000 in ANY one institution constitutes a potential risk. If you are considering putting money in, ensure you read both the foreign banks section of the Are Your Savings Safe? guide and Martin's specific ICICI: How Safe is it? blog.

  • Nationwide 4.7% AER. Branch or Phone, min. £25,000

    If you have over £25,000 to save, Nationwide has a three year fixed rate bond which pays 4.7% AER. It can be opened in branches or by phone, although it does offer an online version for its FlexAccount* customers. You can save up to a £3 million maximum.

    Nationwide also owns Derbyshire, Cheshire and Dunfermline BS's, and in safety terms you get the usual £50,000 FSCS protection. However, most people will only receive a total of £50k protection across the four societies, as they share one lot of FSA registration. For full details read the What counts as a bank? section of Savings Safety guide.

  • Use the net to compare top rates

    For other lengths of fixed rates, and a full list of fixed rate savings accounts use the MoneySupermarket* and Moneyfacts comparisons, in conjunction with the Savings Safety guide to examine the protection for any accounts. However, with these it's crucial you double check the rates on the banks' own websites before applying, as the comparison tables are NOT continually updated.

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Highest guaranteed rates...

If you want surety that even if you don't check your saving rate, you're safely getting at least a reasonable deal, one route is to pick a high paying account that guarantees to match or beat either the Bank of England base rate, other top accounts, or the Retail Price Index – the UK's measure of inflation.

  • Good Rate Guarantee

    The High 5 account from Investec pays the average of the five highest savings rates in the market, currently 3.24% AER (as decided by price comparison site Moneyfacts). This ensures your rate will be at or near the best possible, though it will never be the top rate available. To get this rate you need to save over £25,000 and give three months notice to withdraw any money so only open this if you dont need instant access to your cash. It may also be worth you checking the fixed savings accounts section.


Do you live off savings interest?

When using fixed rate savings, you won't usually get paid monthly interest. Therefore many who rely on interest earned from savings as an income stream don't fix, even though they're paying higher rates. Yet there's a work-around.

Here's an example (ignoring tax for ease of explanation)...

You've £100,000, and can get 5% in a year long fixed account and 3% in an instant access account. You'd like roughly £5,000 of interest from these savings to supplement your income. Put £95,000 in the fixed account, and £5,000 in the instant access. Then spend the instant access money over the year, knowing the £4,750 interest earned in the fixed account will make up for it. Then you're effectively getting the high rate and spending the interest.

This way you can grab the higher fixed rate accounts, but retain access to enough cash in the meantime. Remember though, if you might need to get at the whole lump within the fixed term, this trick won't help and fixed rates may not be for you.

Piggy BankTop Small Business Savings Accounts

If you have a business current account the chances are it pays roughly 0% interest. So any businesses that have cash stored, even just to pay the taxman, are missing out on interest.

Who needs a business account?

There are two main types of small business structure; whether this works for you depends on yours.

  • Sole Traders.

    While you can open one of these accounts, there’s little point. Normal savings accounts pay far higher rates, so you would be better off opening an account in your own name and putting your business' cash in there.

  • Limited companies.

    This is the prime reason for small business accounts. For limited company business owners to move money into their own name requires a form of payment from the company to the individual which will trigger a tax liability. Therefore business savings accounts are a way of earning interest on money in the company's name.

Savings Safety

If you have a company with turnover under a million pounds, money in the bank has the same £50,000 per person (company) UK Savings Safety protection as private individuals. However if you have larger turnover you’re not protected.

Many of the accounts are specifically for small businesses; if you’re larger do check there are no turnover restrictions before applying for an account.

For the current top rates, read the Small Business MoneySaving guide.

Piggy BankThe Savings Calculator

Below is a special calculator designed to tell you all you need to know about your savings. Simply enter all the details, remembering to choose the level of tax you pay. For the most accurate answer use the AER (Annual Equivalent Rate) which should be listed on your statement. Obviously as most accounts' interest rates are variable, the calculations will change if the rate does, but it should give you a good idea.

The calculator assumes you put money in at the beginning of each month, so if this isn't how you do it, the answers will be ever-so-slightly out. If you don’t make regular deposits but put lump sums in, figure out the monthly equivalent for a rough answer. Feel free to play with the results to see how it impacts your savings.


How much do you need to save? £
How much do you already have? £
How much can you save a month? £
What’s the interest rate? (before tax) %
How much tax do you pay? No Tax Basic Rate Higher Rate
How much do you need to save? £
How much do you already have? £
What’s the interest rate? (before tax) %
When do you need it by? years and months time.
How much tax do you pay? No Tax Basic Rate Higher Rate
How much do you already have? £
How much can you save a month? £
What’s the interest rate? (before tax) %
How far ahead do you want to look? years and months time.
How much tax do you pay? No Tax Basic Rate Higher Rate


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