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Top savings accounts
Up to 2.92% easy access or up to 4.5% fixed
After many years of low rates, savings have made a significant comeback. Yet with inflation roaring, in real terms money in savings is shrinking, so it's doubly important to maximise every penny of savings interest to mitigate the impact. We've the top easy-access, notice and fixed-rate accounts below.

This is our main savings guide, but there are other options that can pay even more...
Lifetime ISA: 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% on kids' savings
Current accounts: Earn up to 5.12% on smaller sums
What is a savings account?

A savings account is simply an account for you to put money in and earn interest.
Savings interest is paid tax-free and most won't pay any tax on it at all. Basic-rate taxpayers can earn £1,000/year tax-free and higher-rate taxpayers £500. Full info on this allowance and how it works is in our Personal savings allowance guide.
As rates have risen, you'd need around £40,000 in easy-access savings at the best rates, or £20,000 in top fixed rates to reach this, as a basic-rate taxpayer. If that's you, 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.
Help choosing 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 return. Here are our tips to decide where's best to put your money...
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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 in to them to meet the ongoing financial challenges.
But interest rates are usually lower than on fixed savings accounts, because you pay for the flexibility. And since the rates are variable, it's worth checking your rate regularly to make sure you're getting the best possible returns.
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Easy-access accounts – what we'd go for
There are a few different options here, but what you go for will depend on how much you have to save, and how you want to save...
For easy access, Shawbrook Bank pays the top rate of 2.92% (min £1,000) with unlimited withdrawals (provided they're £500+. Want to take out less? Withdraw £500 then re-deposit whatever you don't need). Sainsbury's Bank also offers 2.92%, though you're limited to three penalty-free withdrawals a year.
Yet there are ways to beat these rates and get more on your easy-access account...
- If you've less than £5,000 to save. Yorkshire Building Society pays 3.35% on up to £5,000 (2.85% above), but only allows two penalty-free withdrawals per year.
Alternatively, if you bank with Barclays, Nationwide, Santander or HSBC, you can get access to accounts paying up to 5%, though you'll need to be (or become) an existing customer, usually with a current account – we've full details in the table below.
- If you don't mind interest that isn't really interest. App-only Chip is another option. It pays 3%, allows unlimited withdrawals and also has an optional auto-saving feature (it charges for this). Although it outpays the rates above, it's not without complexity – the interest is technically a 'bonus', which means it doesn't compound (you won't get interest on your interest). And although the money you put in is protected, the interest doesn't yet have that same protection.
- If you don't mind waiting a few days. From next Wed 1 Feb, new app-only bank Kroo* will pay 3.03% AER interest (currently 2%) on up to £85,000 in its current account. It has the full UK £85,000 savings safety protection, you needn't switch bank to get it, and there's no hard credit-check – so you could open one now to get money in there in time for the higher rate.
Provider | Rate (AER variable) | Min/max deposit | Unlimited withdrawals? | How to open |
---|---|---|---|---|
Top savings accounts. Here are the highest paying traditional savings accounts. | ||||
Shawbrook Bank | 2.92% | £1,000/ £85,000 (sole) £170,000 (joint) | Yes, but min withdrawal £500 | Online |
Sainsbury's Bank | 2.92% | £1,000/ £500,000 | No, max three a year or rate drops to 0.8% | Online |
Cynergy Bank | 2.9% (includes fixed 0.15% bonus for first 12 months) | £1/ £1m | Yes | Online |
Alternative savings accounts. These pay slightly higher rates, but have added complexities. | ||||
Yorkshire BS | 3.35% (rate falls to 2.85% if saving over £5,000) |
£1/ £5,000 | No, max two a year | Online/ post/ branch |
Chip | 3% Be aware. This is a bonus, not interest, and the bonus isn't Financial Service Compensation Scheme-protected (more info) |
£1/ £250,000 | Yes | App (no joint accounts) |
Kroo* (current account) |
2% (3.03% from 1 Feb) |
£0/ £85,000 | Yes | App (no joint accounts) |
Decent option from a high-street name. As we know some prefer to save with bigger brands. | ||||
Nationwide* | 2.5% | £1/ £5m | No, max three per year or rate drops to 0.75% | Online/ app |
Ways to boost your interest. It's possible to beat the rates above with these non-standard accounts. | ||||
(Barclays Blue Reward customers only) |
5.12% | £1/ £5,000 | Yes | Online/ app/ phone/ branch |
(current account) |
5% | £0/ £1,500 | Yes | Online |
(Santander Edge current account holders only) |
4% (includes 0.5% bonus for first 12 months) | £0/ £4,000 | Yes | Online/ branch |
(HSBC current account holders only) |
3%
|
£1/ £10,000 | Yes, but rate drops to 0.65% for months you withdraw | Online |
All have Financial Services Compensation Scheme savings protection of up to £85,000.
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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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, but don't know when. 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.
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Notice accounts – what we'd go for
If you're happy waiting three to four months for access to your cash, you can get a rate boost above easy-access accounts.
120 days' notice. Hinckley & Rugby BS pays the top rate at 3.6%, though its account can only be opened by post or in branch. For an online account, OakNorth Bank is the top-payer at 3.35%.
90 days' notice. Investec is the top payer at 3.22%, though you must have at least £5,000 saved to open.
Provider | Rate (AER variable) | Notice | Min/max deposit | How to open |
---|---|---|---|---|
Top notice accounts. Here are the highest paying traditional notice accounts. | ||||
Hinckley & Rugby BS | 3.6% | 120 days | £2,500/ £300,000 | Post/ branch |
OakNorth Bank | 3.35% | 120 days | £1/ £500,000 | Online/ app |
Investec | 3.22% | 90 days | £5,000/ £250,000 | Online (smartphone required) |
All have Financial Services Compensation Scheme savings protection of up to £85,000.
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.

Quick questions
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Fixed-term savings accounts
With fixed savings you can't usually withdraw your money until the end of the term. And in return, you get a better rate – and that rate's guaranteed. This is because the bank gets the certainty of holding your cash for a set amount of time, and in exchange, you get the certainty of the interest rate it offers. Therefore, you should only lock away what you definitely won't need access to.
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Six- and nine-month fixes – what we'd go for
Zenith Bank pays the top six-month rate of 3.5%, though the account must be opened via the online savings marketplace Raisin. If you'd rather save direct, app-only Atom Bank pays a slightly lower 3.45%.
For a nine-month fix, Atom Bank is the top payer at 3.75%. Or, if you've £10,000+ to save, you can get £40 cashback with Brown Shipley via Raisin's 3.68% account.
Provider | Rate (AER) | Min/max deposit | How to open |
Top standard short-term fixes. Here are the highest paying traditional accounts. | |||
Atom Bank |
3.75% for nine months | £50/ £100,000 | App (no joint accounts) |
Brown Shipley via Raisin (online savings marketplace) |
3.68% for nine months + £40 cashback for some | £1,000/ £85,000 | Online (no joint accounts) |
Zenith Bank via Raisin (online savings marketplace) |
3.5% for six months + £40 cashback for some | £1,000/ £85,000 | Online (no joint accounts) |
Atom Bank |
3.45% for six months | £50/ £100,000 | App (no joint accounts) |
All accounts have Financial Services Compensation Scheme savings protection of up to £85,000.
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One-year fixes – what we'd go for
SmartSave currently pays the top one-year fix at 4.21% (min £10,000). Alternatively, if you've less to save and/or want your interest paid out to you monthly, take a look at Vanquis Bank's 4.2% account.
There's also Nationwide's 4% account, which we've included as we know many prefer to save with the big high-street names.
Provider | Rate (AER) | When can I get the interest? | Min/max deposit | How to open |
Top standard one-year fixes. Here are the highest paying traditional accounts. | ||||
SmartSave | 4.21% | At maturity | £10,000/ £85,000 | Online (no joint accounts) |
Vanquis Bank | 4.2% | Monthly or at maturity | £1,000/ £250,000 | Online |
Atom Bank | 4.15% | Monthly or at maturity | £50/ £100,000 | App (no joint accounts) |
Decent option from a high-street name. As we know some prefer to save with bigger brands. | ||||
Nationwide | 4% | At maturity | £1/ £5m | Online |
All accounts have Financial Services Compensation Scheme savings protection of up to £85,000, though Cahoot's is shared with Santander.
Long-term fixed rate accounts
Fixing for more than a year can be lucrative, though it means locking your savings away for a long period of time – so only do this if you're certain you won't need your savings anytime soon.
Usually, you get a decent interest rate boost the longer you fix for – though at the moment the top two-, three- and five-year rates are only slightly higher than the top one-year rate, so there's little incentive to fix for longer terms. And remember, if interest rates were to rise further, the longer you fix, the longer you forgo the ability to ditch and switch to a better deal.
Important! On multi-year accounts, you're taxed on savings interest in the tax year you can access that interest
The personal savings allowance (PSA) means basic-rate taxpayers can earn £1,000 in savings interest before having to pay any tax (£500 for higher-rate taxpayers). But for long-term fixes where interest is paid at maturity, all of the interest earned over the term of the fix only counts towards the final year's PSA. As you'd be getting multiple years' worth of interest in one go at the end, it's much more likely that you'd exceed the PSA limit and therefore have to pay tax.
If a long-term fix does sound like the right option for you, we've the top two-year, three-year and five-year fixes below, plus our MSE analysis of what we'd go for...
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Two-year fixed savings – what we'd go for
App-only Atom Bank pays the top two-year rate at 4.45%, or for an online account, Vanquis Bank's 4.4% account is the top payer.
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 accounts. | ||||
Atom Bank | 4.45% | Monthly, annually or at maturity | £50/ £100,000 | App (no joint accounts) |
Vanquis Bank | 4.4% | Monthly, annually or at maturity | £1,000/ £250,000 | Online |
SmartSave | 4.36% | At maturity | £10,000/ £85,000 | Online (no joint accounts) |
All accounts have Financial Services Compensation Scheme savings protection of up to £85,000.
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The top three- and five-year rates are only slightly higher than the top two-year rate – so there's little incentive to lock in for longer right now.
If you do want a longer fix, the top three-year and five-year rates are both 4.5%, offered by Vanquis Bank and Isbank via Raisin respectively.
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 accounts. | ||||
---|---|---|---|---|
Vanquis Bank | 4.5% | Monthly, annually or at maturity | £1,000/ £250,000 | Online |
Atom Bank | 4.45% | Monthly, annually or at maturity | £50/ £100,000 | App (no joint accounts) |
Zenith Bank via Raisin (online savings marketplace) |
4.4% + £40 cashback for some | At maturity | £1,000/ £85,000 | Online (no joint accounts) |
All accounts have Financial Services Compensation Scheme savings protection of up to £85,000.
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 accounts. | ||||
---|---|---|---|---|
Isbank via Raisin (online savings marketplace) |
4.5% + £40 cashback for some |
Annually or at maturity | £1,000/ £85,000 | Online (no joint accounts) |
Atom Bank | 4.45% | Monthly, annually or at maturity | £50/ £100,000 | App (no joint accounts) |
Close Brothers | 4.45% | Annually or at maturity, paid away |
£10,000/ £2m | Online |
All accounts have Financial Services Compensation Scheme savings protection of up to £85,000.
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.

Boost savings interest
We've a way of boosting the returns you get even further – but it's a bit more complicated than opening a standard savings account...
Get £40 cashback when you save through a 'savings marketplace'
Raisin is a 'savings marketplace', which means it offers savings accounts from the various banks that it partners with. It currently has a cashback offer where you get £40.
To qualify for the cashback, you need to be a new customer to Raisin. Here's how it all works...
- Register with Raisin through this link* and enter MSE40 in the promo code box (it's the very last field before you create your account) by 11.59am on Tuesday 31 January.
- Open a new savings account (our top picks are below, though other accounts are available) and fund it with at least £10,000 by Friday 24 February.
- The £40 cashback is then paid after 14 days. The exception is if you open an easy-access or notice account, in which case you'll need to keep £10,000+ in the account for at least six months – the cashback's then paid after 14 days of the six-month period ending.
Our top-pick Raisin accounts
After you factor in the cashback, the accounts below can beat the top rates from standard savings accounts, depending on how much you save. For full info, see our analysis of the top fixed-term accounts.
- Six-month fix: Zenith Bank 3.5% AER fixed*
- Nine-month fix: Brown Shipley 3.68% AER fixed*
- Five-year fix: Isbank 4.5% AER fixed*
All of these accounts have £85,000 UK savings safety protection and are available to individuals only – Raisin doesn't currently offer joint savings accounts.
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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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