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Top Savings Accounts

1.32% easy access or up to 2.43% fixed

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Martin

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Top savings accounts

The top savings account rates have started creeping up following November's base rate rise, but many are still pretty dismal. You need to work hard to get your money into the right type with the best possible rate.

This guide will take you through the maze of accounts on offer to find the most profitable home for your cash – and keep it safe.

11 need-to-knows before you pick a savings account

What is a savings account? Basically, it's just a place to dunk cash to earn interest and save for the future. Some accounts are variable rates with easy access while others are fixed where access to your money is restricted. But don't just go for the headline screaming the highest rate without first examining how it works and what the alternatives are.

  • Savings interest is now paid tax free

    It used to be that for every £100 interest earned, basic-rate taxpayers lost £20 in tax, higher rate £40. Yet since April 2016, the personal savings allowance (PSA) has turned it on its head. Now:

    • All savings interest is paid gross, ie, there'll be no tax taken off.
    • This works for ALL interest – not just savings accounts, but bank accounts, credit unions and peer-to-peer savings. However, share dividends aren't included.
    • Basic 20% rate taxpayers can earn £1,000/yr interest tax-free.
    • Higher 40% rate taxpayers can earn £500/yr interest tax-free.
    • Top 45% rate taxpayers don't get a PSA, so all interest is taxable.
    • Cash ISAs, Premium Bonds and other tax-free savings interest DON'T count towards the £1,000 (or £500) PSA limit so you can get this interest too.
    • If you earn interest over the limit, you pay tax at your income tax rate, but only on the amount over the limit.

    If you do then owe tax, it'll be taken through your tax code. If you self-assess, you'll declare anything you need to pay there. HMRC estimates the PSA will take 95% of people out of paying savings interest tax altogether. For full info and what to do if you'll earn over the limit see our how the personal savings allowance works guide.

  • If you've costly debts, pay them off before saving

    If the interest cost of your debt is more than you'd earn on savings you're better off paying down the debt. If you've £1,000 on a credit card at 20% it costs £200 a year, assuming a constant balance. In savings at 2%, you'd earn £20 a year, so you'd be £180 a year better off repaying the card. Much more info in Should I Repay Debts With Savings?

    Quick questions

    What if I have a 0% card or a really low rate?

    Shouldn't I have an emergency fund?

  • If you've got a mortgage, check if you should overpay it before saving

    This is the same principle as above: if the mortgage rate is higher than the savings rate, and you can spare the cash, overpaying is a solid financial decision. However, there are possible complications, such as penalties for paying too much...

    Quick questions

    Will I always be allowed to overpay and is there a limit?

    If I overpay my mortgage can I access that extra cash again?

  • Have you used your 2017/18 ISA allowance? It allows you to save and never pay tax on interest

    A cash ISA is simply a savings account where you never pay tax on the interest. Anyone aged 16 or over can put up to £20,000 into their cash ISA during the current tax year.

    Traditionally this was the first place for taxpayers to put a lump sum, yet the personal savings allowance has made them a less attractive option. Read is the cash ISA dead? for full analysis on whether or not you should open one.

    Quick questions

    Isn't my money locked away in an ISA? (That's a common myth – it's not)

  • Are you willing to switch bank account? You can boost savings rates

    Surprisingly, some banks' current accounts pay a higher rate of interest than their savings accounts – these are currently the top rates available, though many have cut their rates and perks in recent months. Unlike normal savings accounts, you'll need to pass a credit check.

    For a selection, see our top pick bank account section below, or for a full range of accounts, see the Best Bank Accounts guide.

  • Can you put money aside each month? Consider a regular saver

    This is a specific product for putting £10-£500 in every month (maximum deposits vary by account). If you want to save more, combine a few. The main advantage is they tend to pay much higher rates of interest than standard deals. For more details and best buys, see the full Regular Savings Accounts guide.

  • Can you lock the cash away? Fixed-rate bonds give a (slightly) better return

    You may want to consider getting a fixed-rate bond – which is just a savings account where the amount you earn is set in stone over a fixed time period. However, you can't usually access the cash during that time, and even if you can, the penalties can be large.

    Usually fixed rates are higher than easy access, so they can be good deals. However, if normal savings rates were to increase during that time – and we are now in a position of rising rates – you'd be unable to ditch and switch to a better payer. See the full top fixed-rate bonds section.

  • Up to £85,000 in savings per person is safe in UK-regulated accounts

    Ten years ago, we wouldn't have had to stress this so clearly. No bank had collapsed in 100 years, but then the credit crunch and global market turmoil hit. After the calamities that hit Northern Rock, RBS, the Lloyds group, Bradford & Bingley, Icesave and Kaupthing, every sensible saver should ask: "Is my money safe?"

    Provided the money is in a UK-regulated bank or building society, it's protected under the Financial Services Compensation Scheme (FSCS) for up to £85,000 per person. Read more in the Are My Savings Safe? guide.

    Quick questions

    What counts as UK-regulated?

  • Ditch and switch after introductory 'bonus' rates end

    These are temporary interest boosts to attract new customers. They're actually a good thing for many, as they effectively act as a minimum rate guarantee during the introductory period, promising you at least some interest.

    But it is vital to diarise the end date and switch as soon as the bonus ends, so you don't languish on a rubbish rate. Always know your account's exact name and the rate it pays as some try to flog you a similarly named deal at bonus-end.

  • In a couple? Put savings in the name of the partner who pays less tax

    If one of you pays a lower rate of tax than the other, it's financially worth considering whose name you save in (but ONLY if you trust them). Put it in the lower rate taxpayer's name and it'll fall under a higher personal savings allowance, so you can save more without paying tax. There's nothing stopping married couples or civil partners moving money between them.

    If you're not married, there's no tax on giving your partner a 'gift' – though once the money goes across, be aware it becomes their cash, not yours. The only extra issue here would be inheritance tax. If the person who gave the cash dies within seven years the surviving partner may be charged tax.

  • Got kids? Encourage them to start saving

    If you've got children aged under 18, then you could consider opening a specialist savings account for them. Though they tend to mirror adult accounts (in that you can get easy access, fixed rate, ISAs etc), some of the current rates actually beat their grown-up counterparts. Plus, it can be a great way to teach your kids the merits of saving early.

    You can gift enough savings per parent tax-free to earn £100 interest each year – though open a junior ISA and all interest is tax-free regardless, though the cash is locked away. Other children's savings options include Regular Savings, Easy-Access Savings and Fixed Savings.

Best BuysEasy-Access Savings

An easy-access account does what it says on the tin. Usually. The main idea is you pay cash into them, they pay you interest while the money's in the account and you can withdraw whenever you want.

But interest rates are usually lower than on notice and fixed savings accounts, because you pay for the flexibility to withdraw your cash at any point.

Quick questions (show allhide all)

When is an easy-access account not easy access?

What's the difference between an account with a bonus rate and one without?

Can I get a savings account that lets me withdraw cash from ATMs?

My building society has a better rate than accounts here. Why isn't it featured?

How can I avoid paying penalties on withdrawals?


Bank of Cyprus

Highest rate, and it includes a bonus

The AA* – 1.32% AER Variae

The AA* Easy Saver account pays the highest easy-access rate, allows unlimited withdrawals and you can open it with £100. Bear in mind that the headline interest rate includes a temporary 1.12% bonus for 12 months – so diarise to switch after a year as the rate will drop.

1.32,100
Need-to-knows
  • You can open the account with £100
  • You can make unlimited penalty-free withdrawals from this account.
  • The rate includes a fixed bonus of 1.12% for 12 months.
  • The account must be opened online and can be managed online or by phone.
  • The AA shares its £85,000 UK FSCS savings safety protection with Bank of Ireland UK and Post Office.
SUMMARY:

Rate: 1.32% AER variable (incl 1.12% bonus for 12mths) | Min deposit: £100 | Max deposit: £2 million | Access: Online | Interest paid: Annually | Withdrawals: Unlimited

Bank of Cyprus

Good rate and you can save from £1

Post Office – 1.3% AER variable

The Post Office Online Saver account pays a good easy-access rate which includes a 1.05% fixed bonus for a year. You can also make unlimited penalty-free withdrawals from this account – so it's a good option if you need regular access to your cash. Be prepared to switch accounts after a year when the rate drops.

1.3,1
Need-to-knows
  • You can open the account with £1.
  • You can make unlimited penalty-free withdrawals.
  • The rate includes a fixed bonus of 1.05% for a year.
  • On the off chance that you'd need to withdraw your cash straight after opening the account, some MoneySavers have reported that it can take up to 8 days between opening the account and being able to withdraw money.
  • The account must be opened and managed online.
  • The Post Office shares its £85,000 UK FSCS savings safety protection with AA Savings and Bank of Ireland UK.
SUMMARY:

Rate: 1.3% AER variable (incl fixed 1.05% bonus for 12mths) | Min deposit: £1 | Max deposit: £2 million | Access: Online | Interest paid: Annually or monthly | Withdrawals: Unlimited

Tesco Bank

Another decent rate, though again it has a bonus

Tesco Bank* – 1.3% AER variable

The Internet Saver account from Tesco Bank* pays a decent rate and you only need £1 to open it. But like the AA and Post Office accounts above, the rate includes a fixed bonus for 12 months so be prepared to switch accounts after a year.

You can make unlimited withdrawals from this account so it's a good option if you need the flexibility to access your cash.

1.3,1
Need-to-knows
  • You can open the account with £1.
  • You can make unlimited penalty-free withdrawals from this account.
  • The rate includes a fixed bonus of 0.75% for 12 months.
  • The account must be opened and managed online.
  • Tesco Bank has the full £85,000 UK FSCS savings safety protection.
SUMMARY:

Rate: 1.3% AER variable (incl fixed 0.75% bonus for 12mths) | Min deposit: £1 | Max deposit: £1 million | Access: Online | Interest paid: Annually | Withdrawals: Unlimited

Got £85,000+? How to spread cash for safety

Remember, cash in all the accounts above is protected up to £85,000 per person, per financial institution. If you're lucky enough to have more than this, it's best to spread savings across several different banks in case one gets into difficulty. We've picked a selection of the other top payers…

See list of other top paying accounts

Provider Rate (AER variable) Min/Max Deposit How to Open Withdrawal Restrictions FSCS savings safety
Bank of Cyprus UK 1.25% (incl 0.4% bonus for 12mths) £1/£1million Online None Full
ICICI Bank UK 1.25% (incl 0.6% bonus until 30 Sep 2018) £500/N/A Online None Full
Nottingham BS 1.25% £1,000/£250,000 Online None Full
Kent Reliance 1.21% £1,000/£1million Online/ post/ branch None Full
Shawbrook Bank 1.2% £1,000/£85,000 Online None Full
(1) You can only make two withdrawals per calendar year from this account; account closure also counts as a withdrawal.

Best BuysCurrent Account Savings

Rates are much lower on these accounts than in previous years. Yet you can still beat the easy-access rates above on small amounts, and some even offer security of rate, crucial in these turbulent times. Nationwide's rate's fixed at 5% (though only for a year) and Tesco Bank guarantees at least 3% interest until April 2019.

The beauty of fixes is, once the account's opened, these are locked in, regardless of base rate cuts or banks dropping rates at whim. Do be aware, though, if an account has a variable rate as this provides no certainly and could change at any time (though once you have the account, you'll get 60 days' notice).

Nationwide

Get 5% interest on £2,500 FIXED for 12 months, though only 1% afterwards

Nationwide FlexDirect

Switch to the Nationwide FlexDirect account and you'll get an interest rate of 5% AER on the first £2,500 of your cash. This rate is fixed for the first year you hold the account, giving you certainty in these uncertain times, but it drops to 1% after, which isn't such a good deal.

Unusually for a current account with perks, you don't have to set up any direct debits, you can just open this account as an extra.

Need-to-knows
  • The initial rate is fixed, so provided it's still at 5% when you apply for the account, you know that's the rate you'll get for the first year.

  • To get the interest, you'll need to pay in £1,000+ per month.

  • This account also offers a 12mth 0% overdraft, though the limit you get is credit score dependent. After the 12 months, it charges 50p per day for the overdraft.

  • You need to pass a credit check to get this account.

  • Nationwide has the full £85,000 UK savings safety guarantee.
SUMMARY:

Rate: 5% AER fixed on up to £2,500 for 12mths; 1% AER variable after | Min deposit: £1,000 per calendar month to get the interest | Max deposit: None, interest only paid up to £2,500 | Access: Online, branch or by phone | Interest paid: Monthly | Withdrawal restrictions: None

KEY QUESTIONS:

How do I get the interest? To get interest, you need to pay in £1,000 a month.

What if I can't pay in £1,000? Nothing happens, you just won't be paid any interest that month.

How much will the overdraft cost? For the first year, your overdraft will cost nothing so long as you stay within your limit. After that, you pay 50p per day you're overdrawn (within your limit). So, if you have a limit of £1,500 and owe £1,000, then you'll pay £182.50 if you're overdrawn every day of the year.

Don't bust your overdraft limit, as you'll pay £5 per day plus a charge of £5 for every paid or unpaid item.

Can I have two accounts? And two overdrafts? You can definitely have two accounts, and can even get two lots of interest – though one of your accounts must be joint to get this. Nationwide say that you may be able to get two overdrafts if you have two FlexDirect accounts, but each would be assessed on its merits, so there's no guarantee.

Tesco Bank

Tesco pays 3% guaranteed on £3,000 until at least Apr 2019 (and you can open two)

Tesco Bank

The Tesco Bank Current Account pays 3% AER variable on the first £3,000, but you can open two accounts, so could get 3% on up to £6,000 (a couple can save £12,000 in four accounts). Plus, Tesco Bank has guaranteed the rate will be a minimum of 3% until 1 April 2019.

However, to get the interest you must pay in £750 and pay out at least three direct debits every month. If you've two accounts, you must meet this criteria for each account.

As an extra perk, you get Clubcard points on debit card spending. The number you can earn in Tesco will be quadrupled for two years until 1 April 2019, from 1 per £4 to 1 per £1 – good if you're a Tesco shopper. For example, if you spend £80/week in Tesco, you get 80 extra points per week (4,160/yr). The extra is usually worth £41.60 in Clubcard points, but you can boost that to £166, and this is on top of the points you'd normally collect.

Need-to-knows
  • The interest rate is guaranteed to be a minimum of 3% AER until 1 April 2019.

  • You can open two of these accounts, so it's possible to earn 3% on up to £6,000.

  • You must pay in £750 a month and make three direct debit payments every month. Direct debit payments to Tesco savings accounts do not count.

  • You'll get one extra Clubcard point per £4 spent in Tesco (boosted to 1 per £1 for two years until 1 April 2019), and one point for every £8 spent elsewhere.

  • Service is good, with 71% of Tesco Bank customers in our recent poll rating it 'great', though we had a limited number of votes.
  • You need to pass a credit check to get this account.
  • Tesco Bank has the full £85,000 UK savings safety guarantee.

SUMMARY:

Rate: 3% AER variable under £3,000. Nothing above. | Min deposit: £750 per statement month | Max deposit: None, interest only paid up to £3,000 | Access: Online | Interest paid: Monthly | Withdrawal restrictions: None

KEY QUESTIONS:

How much interest can I earn? You can earn 3% AER on the first £3,000 you have in the account, but no interest on anything over that amount. Put and keep the full £3,000 in, and you'll get £88.80.

How many Clubcard points could I get? On top of your normal Clubcard points, you'll also earn 1 point per £1 spent in Tesco and 1 point per £8 spent elsewhere on your Tesco debit card until 1 April 2019. We've crunched the numbers to see how much this could be worth, assuming you take advantage of Clubcard Boost to get 4x value for your points.

Annual spend £3,000 £5,000 £10,000 £20,000
Number of Clubcard points earned (1) 1,030 1,720 3,440 6,870
Value of Clubcard points (2) £41 £68 £137 £275
(1) Assumes 25% of spend in Tesco and 75% elsewhere. (2) Assumes you use Clubcard Boost to get 4x value.

Other top interest-paying current accounts

It's not just these accounts that offer decent interest rates. Several other accounts give you varying levels of decent interest (see below), and the one you pick should depend on how much cash you're likely to be able to keep in your account.

Be wary of these accounts though. While we've marked below where we know account rates or perks are under review, any bank could choose to cut its rate or change its deal at any point.

The top current account savings interest
For comparison, the top easy-access savings deal open to all pays just 1.32%.
In-credit interest (AER) Max
interest /yr (1)
Min monthly pay-in How many can you have?
TSB Classic Plus* 3% on up to £1,500 £44 £500 2 (2nd must be joint)
Bank of Scotland Vantage 2% on up to £5,000 £99 £1,000 3
Club Lloyds 2% on up to £5,000 £99 £1,500 2 (2nd must be joint)
Halifax £3/mth (2) £36 £750 2 (2nd must be joint)
(1) Before any tax if you always held the max balance+. (2) Paid regardless of balance, as long as you stay in credit. The £3 is classed as after having paid basic rate tax. So higher taxpayers will lose some of the gain.

Do note there are bank accounts which will pay you £100+ to switch, which beat some of the accounts below in the first year – especially as many of them also have 5% regular savers. See a full list of accounts that pay you to switch and the top regular savings accounts.

Best BuysNotice savings accounts

You can sometimes boost the interest rate from the easy-access accounts above if you're able to wait a little to get your hands on your savings. Generally, the more notice you can give, the better the rate you'll get.

Secure Trust Bank Bank

Boost your interest rate, but only if you can wait for your cash

Secure Trust Bank – 1.66% AER Variable

The 180-day notice account from Secure Trust Bank allows you to boost rates to beat easy-access deals, but you must give 180 days' notice before each cash withdrawal – so only get this account if you'd never need the money in an emergency.

If you'd prefer a shorter notice period, Secure Trust also offer a 120-day notice account paying 1.56% AER variable and a 90-day account at 1.46% AER variable.

1.66,1000
Need-to-knows
  • You must open the account online and can manage it online or by phone.

  • You can make three capital and four interest withdrawals per calendar year, though you must give 180 days' notice each time.

  • Interest is paid quarterly on 31 March, 30 June, 30 September and 31 December
  • You must deposit at least £1,000 to open the account.
  • Secure Trust Bank has the full £85,000 UK FSCS savings safety protection.
SUMMARY:

Rate: 1.66% AER variable | Min deposit: £1,000 | Max deposit: £1million | Access: Online/ phone | Interest paid: Quarterly | Withdrawals: 3 capital and 4 interest /yr (180 days' notice)

Quick question

Do I always have to give notice on these accounts?


Best BuysFixed-rate bonds

Most savings accounts are variable, so the rate can change both with the Bank of England's base rate or at the provider's whim – so to keep earning well you need to actively monitor accounts. Yet there is an alternative...

Don't be scared by the name, fixed-rate bonds are just savings accounts which give a guaranteed rate for a set period. The best buy fixed-rate deals are almost always higher than the best buy easy-access rates.

The big catch is you can't take your money out during that time, and you won't benefit if other rates rise in that period. Therefore, they're only suitable for those who are happy to lock cash away for the entire term.

The one exception is the three-year NS&I bond, which allows you to withdraw your money subject to 90 days' loss of interest on the amount taken out.

Quick questions

Is now the right time to fix savings?

Why do you list the AER interest rate when not all of these accounts pay it?

I know these are fixed savings, but can I access my cash?

How do I get paid interest monthly?

The best UK-protected fixed-rate accounts

Here we've included the best UK-protected accounts that pay a fixed rate of interest, from one to five years.

The best one-year fixed rates

Product Rate (AER) Interest paid Min/Max Deposit How to Open FSCS Protection
Atom BankAtom Bank 1.9% Annually or monthly £50/£100,000 Mobile app: Android or iOS Full
AldermorePost Office 1.8% Monthly or at maturity £1,000/£1million Online Full
OakNorth BankInvestec 1.8% At maturity £1,000/£250,000 Online Full

Best 'Big Brand' Savings. While all the accounts above have the full £85,000 UK savings safety protection – you asked us to ensure there's a 'name you know' too. The account below is the top payer of those (however, there are other products – albeit not by well-known names – as well as the ones above, that beat it on rate too).

Post OfficeSainsbury's Bank 1.78% Annually or monthly £500/£2million Online Shared

The best two-year fixed rates

Product Rate (AER) When is interest paid? Min/Max Deposit How to Open FSCS Protection
Atom BankAtom Bank 2.1% Annually or monthly £50/£100,000 Mobile app: Android or iOS Full
Union Bank of India UKUnion Bank of India UK 2.05% Annually £1,000/£1million Post/ branch Full
Axis Bank Axis Bank 2.04% Annually, quarterly, monthly or at maturity £1,000/£200,000 Online/ branch Full

Best 'Big Brand' Savings. While all the accounts above have the full £85,000 UK savings safety protection – you asked us to ensure there's a 'name you know' too. The account below is the top payer of those (however, there are other products – albeit not by well-known names – as well as the ones above, that beat it on rate too).

Sainsbury's BankSainsbury's Bank 1.75% Annually or monthly £5,000/£1million Online/ phone Full

The best three-year fixed rates

Product Rate (AER) When is interest paid? Min/Max deposit How to open FSCS protection
Atom BankAtom Bank 2.2% Annually or monthly £50/£100,000 Mobile app: Android or iOS Full
NS&INS&I 2.2% Annually £500/£1million Online 100% of your cash is protected

The NS&I bond allows withdrawals subject to 90 days' loss of interest on the amount withdrawn.

Access Bank UKAccess Bank UK 2.2% Annually and at maturity £5,000/£500,000 Online/post Full

The best four-year fixed rates

Product Rate (AER) When is interest paid? Min/Max Deposit How to Open FSCS Protection
MasthavenMasthaven 2.23% Annually £500/£250,000 Online Full

Masthaven doesn't have a four-year fixed rate bond so use its 'flexible term' slider to select 48 months.

The best five-year fixed rates

Product Rate (AER) When is interest paid? Min/Max deposit How to open FSCS protection
Secure Trust BankAtom Bank 2.43% Annually and at maturity £1,000/£1million Online Full

The Secure Trust account matures on 28 Feb 2023.

Atom BankAtom Bank 2.4% Annually or monthly £50/£100,000 Mobile app: Android or iOS Full
Paragon BankParagon Bank 2.4% Annually or monthly £1,000/£100,000 Online Full

Best 'Big Brand' Savings. While all the accounts above have the full £85,000 UK savings safety protection – you asked us to ensure there's a 'name you know' too. The account below is the top payer of those (however, there are other products – albeit not by well-known names – as well as the ones above, that beat it on rate too).

Virgin MoneyYorkshire Bank 1.75% Annually or monthly £1/£1million Online Full

Higher-paying fixed savings with a but...

If you can buck convention you can earn more with fixed savings. All the accounts above are straightforward deals, yet a few other accounts do pay more, but with a but. So we'll only list accounts here that beat the normal best buys.

  • Sharia-compliant accounts – fully UK protected, but rate not guaranteed. Some top-paying fixed bonds are from a sharia-compliant Islamic bank.

    As Islam bars interest, instead of an interest rate they give an 'expected profit rate' – this has always been paid out by the bank listed below, though by definition it can't be certain.

    So if you've £25,000+, BLME pays an expected 2.5% for 5 years and has the full UK £85,000 per person savings safety protection.

Best Buys Ethical savings

Ethical savings accounts – where providers claim to behave ethically in terms of the environment, human rights and more – have jumped in popularity. Our main focus is always telling you the top savings rates, but to match demand we've worked with Ethical Consumer to list the top-paying accounts that also rate highly on their ethics.

When giving a bank or building society an ethical rating, Ethical Consumer looks at its track record on various environmental, social and political issues. For banks and building societies, this not only looks at how the business is operated, but also who their investors are, and what they invest in.


Ethical easy-access savings

These easy-access accounts are just the same as the ones above, but here we list only accounts from ethical providers.

Ethical easy-access top pick: 1.21% AER

All the accounts below have the full £85,000 UK FSCS savings safety guarantee.

Ethical Rating 12.5/20

1.21% AER variable – Unlimited withdrawals

The Easy Access savings account from Kent Reliance pays 1.21% AER variable and you can open it online, by post or in branch. You can save from £1,000 and make an unlimited number of withdrawals.

Ethical fixed-rate bonds

Again, these operate the same way as normal fixed savings, there's nothing special about what you have to do, but we only list ethical providers here.

Earn up to 1.96% AER fixed in an ethical bank

All the accounts below have the full £85,000 UK FSCS savings safety guarantee

Ethical Rating 12.5/20

1.78% AER fixed for one year

The Kent Reliance one-year Fixed Rate Bond pays 1.78% AER on balances over £1,000. You can open and operate the account online, by post or in branch.

Ethical Rating 12.5/20

1.96% AER fixed for two years

Kent Reliance pays 1.96% AER on balances over £1,000 in its two-year Fixed Rate Bond. You can open and operate the account online, by post or in branch.

The Savings Calculator

This multifunctional calculator allows you to calculate how much interest you'll be paid, how long you'll need to save for something, or tell you how much you need to save each month to meet a goal.

You might get one rate now, but unless you've fixed your rate, it's likely you won't get the same rate in a year – so you may need to redo the calculation then.

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 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.

Savings Calculator

Pick your question...


How far ahead do you want to look? &
How much tax do you pay?

How much tax do you pay?

When do you need it by? &
How much tax do you pay?

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...

Free tool if you're having a problem

This tool helps you draft your complaint and manage it too. It's totally free, and offered by a firm called Resolver, which we like so much we work with to help people get complaints justice.

If the complaint isn't resolved, you can use Resolver to escalate it to the free Financial Ombudsman Service.

Q&A Savings

  • What's the top account for joint savings?

  • Are there savings accounts designed for my business?

  • Haven't you forgotten about inflation-linked savings?

  • How does inflation affect my savings?

  • What about when there's deflation?

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