Top savings accounts
Up to 5% easy access or up to 4.62% fixed
After many years of low rates, savings have made a significant comeback over the last couple of years. And while rates are on their way back down from recent peaks, top savings still pay more than inflation, so there's a chance to really make your money work for you. We've the top easy-access, notice and fixed-rate accounts below.
This guide was originally written by Martin Lewis and is now updated by the MSE Money Team.
Top-pick savings accounts
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Easy-access savings: allows unlimited withdrawals
Chase – 5% (top standard savings)
Trading 212 – 4.98% (top cash ISA) -
Notice savings: give notice to withdraw
RCI Bank – 4.6% for 95 days -
Fixed term accounts: must lock cash away
Oxbury Bank – 4.62% for six months
GB Bank – 4.58% for one year
GB Bank – 4.43% for two years
We’re testing our brand-new Savings Picker to help you figure out which type of savings account might work best for you – and we’d love your feedback.
Answer 7 quick questions – We’ll get a feel for where you're at with saving.
Get real-time pointers – As you go, we’ll explain what your answers mean for your Savings Strategy.
Explore your best match – When you're done, we’ll highlight which types of savings accounts could suit you – and which might not.
It’s early days for this tool, so have a play and let us know what you think. Once you’ve got your results, check out the latest rates in our Savings Hub. Got feedback? Drop us a line on the MSE Forum.
What is a savings account?
A savings account is simply a place for you to put your money and earn some interest.
Savings interest will be paid to you tax-free and most savers won't pay any tax on the interest they earn. Basic-rate taxpayers can earn £1,000 a year in interest tax-free, and higher-rate taxpayers £500, because of the personal savings allowance.
As rates have risen, you'd need around £20,000 in savings to reach this allowance, and soon have to pay tax, as a basic-rate taxpayer. If you're nearing this limit, it's worth considering a cash ISA, as interest on these is always tax-free (and doesn't count towards your PSA).
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.
Do I need to pay tax on my savings interest?
There are three tax-free allowances for those on lower incomes, which means not all will pay tax on their interest. Exactly how it works depends on how much you earn. See Martin's how savings tax works video for a full explanation, but in brief...
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On a very low income? The Personal Allowance means most can usually earn up to £12,570 a year from earnings and interest combined before paying Income Tax.
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Low earnings & savings interest. If you've an income under £12,570, the starting rate for savings lets you earn up to £5,000 in interest tax-free. For each £1 you earn above £12,570, you lose £1 of the allowance (so nowt if you earn £17,570+).
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Basic 20% or higher 40% rate taxpayers. Most people who pay tax on income get a Personal Savings Allowance (PSA). This is the amount you can earn each year from any form of savings, without paying tax on it...
- Basic 20% rate taxpayers can earn £1,000 interest each tax year.
- Higher 40% rate taxpayers can earn £500 interest each tax year.
- Top 45% rate taxpayers do not get a PSA.In practice, you'd currently need over £21,000 at the top easy-access savings rate to generate £1,000 interest, so only basic rate taxpayers with more are taxed. For higher rate taxpayers you'd need £10,500 at that rate to generate £500 interest.
"Do you need to pay tax on savings interest? If so, how do you do it? And more crucially, how do you protect yourself so you can pay less tax, legally and morally through legit government schemes? I'm Martin Lewis from MoneySavingExpert.com and this is my savings briefing. So the first question, do you actually pay tax on savings? Well the answer is yes and no.
"You don't pay tax on the amount of savings you have, but you are eligible to pay tax on the interest that the savings earn you each year. That's the crucial thing. Savings tax is all about the interest because the interest paid is a form of earnings, just like going out to work and earning it. Now I'm going to split this into two categories.
"The first category is for those who are already taxpayers. You're a basic or a higher rate taxpayer. You're going out to work. Your income is already taxed. Later on I'm going to talk about non-tax payers and lower earners because there are special things for them. But talking about those people who are generally paying tax, the most important thing to understand is you will probably have a personal savings allowance.
"This is a special amount of savings interest that you can earn each year which isn't taxed. Now, if you're a basic-rate taxpayer, a 20% rate taxpayer, which is generally someone earning between about £12,500 and £50,000 a year, then your personal savings allowance is £1,000. That means you can earn £1,000 of interest from any legitimate UK sources, and you do not have to pay tax on it. So your savings interest is untaxed.
"So let's do a little bit of basic maths. At the time of doing this, the top paying easy-access account is around 5% interest. So how much would you have to have in there to earn a grand’s worth of interest? About £20,000. So if you've got £20,000 or less in savings and you're a basic-rate taxpayer, it is very unlikely that your savings interest would be taxed. So you don't have to pay anything so you can get on with it.
"If you're a higher 40% rate taxpayer, which is someone earning over around £50,000 pounds, up to about £125,000, then your personal savings allowance is £500 a year. So to earn that in that top easy access account, you probably would need to have more than £10,000 in savings. If you've got less, you probably don't pay tax.
"If you are a top-rate taxpayer, so earning over £125,000 a year, you do not get a personal savings allowance. So all of your savings interest is taxed.
"Now the next question before I come on to how you can prevent some of that taxation is, how do you pay it? Well, if you pay tax through the self-assessment system, so you're filling in a tax return each year, which you have to do if HMRC asks you to, then you would simply put the total amount of interest that you earn in your tax return.
"If you don't have [to do] a self-assessment return, which [is] many people who are employed and in jobs that aren't very high earners, then as long as you're earning less than £10,000 of interest a year, you don't really have to do anything because the banks and building societies are feeding through your savings interest to HMRC, and it will automatically alter your tax code for you, to take into account the tax on savings that you should be paying.
"So the next question [is] how do you protect yourself from that tax? Well, the biggest scheme and the most obvious one is a cash ISA, an Individual Savings Account. A cash ISA is simply a savings account you don't pay tax on. You can put £20,000 in per tax year. Tax year starts on the 6th of April, ends on the 5th of April.
"Once you put the money inside a cash ISA, it's protected from tax. Now there are lots of different types of cash ISAs, just like there are lots of different types of savings. There's easy-access ones you can put your money in and out of. There are fixed ones. They’re basically a savings account in a special tax wrapper that you don't pay tax on.
"Now, the important thing about a cash ISA is you can put your money in, it's then protected from tax. So money in there, you don't pay tax on it, and it doesn't count towards the interest in the personal savings allowance. This is on top of that. As long as it stays inside the cash ISA.
"You can put £20,000 in this year. Well let's say you can then put £20,000 in the next tax year. So that's £40,000. And then in the next tax year and that's £60,000. So if you are lucky enough to be able to max it out each year, you could protect more and more and more of your savings inside a cash ISA without having to pay tax on it.
"So for those who've got a good whack of savings, it's very worthwhile to look at a cash ISA because, well, as a 20% rate taxpayer, 20% of your interest would be taken away in tax if you're above the personal savings allowance. It won't in the cash ISA. Higher-rate or top-rate taxpayer, that's 40% of your interest or 45% of your interest that will be taken away. It won't be in the cash ISA.
"The other thing that you can look at that's very easy to do is Premium Bonds. Premium Bonds are where you put your money away, the money you put in is safe, but you then get paid interest, depending on a prize draw. The prizes that you get from Premium Bonds are also tax-free.
"Now I would always go for a cash ISA first, the rate on Premium Bonds for most people, you will earn less in Premium Bonds than you would in a top cash ISA. But if you are going to be paying tax on your savings and you've got a decent whack, you could put [some] in Premium Bonds, then they could become a pretty interesting option for you.
"Not my first option, but an interesting option. Now both of those cash ISAs and Premium Bonds, there's a full Best Buys guide to cash ISAs and normal savings on MoneySavingExpert.com. And there's a ‘Are Premium Bonds worth it?’ article on MoneySavingExpert.com that you should read too. I'm not going to go into those today, but just saying that if you're going to be paying tax on savings they are a worthwhile option.
"Now I would like to move on to non-taxpayers or low earners who pay a little bit of tax - because there are a couple of allowances you need to understand for savings tax as well.
"The first one is the general tax-free allowance. Most people in the UK can earn up to £12,570 a year from all sources. So from work, from other money coming in, from savings and you don't pay tax on it. So if you're total earnings, savings and work, is below £12,570 a year, it's all tax-free.
"If you start to go a little bit above that, there is another special allowance just for savings interest for people on lower incomes. It's called the ‘starting savings rate’. Here's how the starting savings rate works. So you've got the £12,570 a year that you can earn tax-free from all sources, and then you have a £5,000 starting savings rate allowance. But for each £1 above your normal tax-free allowance that you earn from working, you lose £1 from your starting savings rate allowance.
"Let me give you a practical example. Let's say you earn £14,570 from work. That's £2,000 above the starting savings allowance. So you had the £5,000 allowance, but you lose £2,000 of it. So now you earn your £14,570, but you can only earn a further £3,000 from savings interest tax-free. Not the whole £5,000 because you were £2,000 above the threshold. Hope that makes sense.
"But what this means in practice is you could earn up to £12,570 from working. You then have your £5,000 starting savings allowance from savings interest that would be tax-free. Plus, we talked about it earlier [referring to a prior segment in his briefing], the personal savings allowance, that's £1,000 for a basic-rate taxpayer.
"So if all of your money came from savings interest, you'd be able to earn £18,570 pounds a year of interest tax-free. Now, I know that's a little bit complicated. My main aim telling you in the video is just to say, if you're on a lower income, you need to understand the starting savings allowance.
"Do go and read the full article on that on MoneySavingExpert.com.
Transcript of what Martin said in his briefing
These allowances mean some can earn up to £18,570 of earnings and interest combined without paying tax on it.
It's also worth remembering that cash ISAs don't count towards these allowances. So if you're going to pay tax, protecting it in a top cash ISA is crucial.
How to choose the right savings account
There are many different types of savings account and if you're not sure what each one does, the choice can be confusing. This guide focuses on the top-pick 'standard' savings accounts, but there are other ways to boost your returns. Here are our top tips to help you decide where's best to put your money...
If you've expensive debt, it always pays to clear it before saving. For example, £1,000 in top savings earns up to £50/year, while £1,000 debt on a credit card with an APR of 24% costs £240/year. Clear the debt with the savings and you're £190+ better off. See Repay debts or save?
If you've got a mortgage, it's similar logic, but there are a few catches. See Overpay mortgage with savings? and the Mortgage Overpayment Calculator.
Easy-access accounts let you make withdrawals at will (though some do limit the total number you can make a year). They tend to pay lower rates than many other types of account, but are a good place to keep your money if you're going to need it soon (or frequently).
Make sure you keep an eye out for introductory 'bonus' rates. 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 remember the end date for the bonus and switch as soon as it ends, so you don't languish on a rubbish rate.
Or, boost rates but still keep some access...
Easy-access accounts are the simplest savings, letting you put lump sums in and withdraw when you want. Yet while you pay for that flexibility with lower rates, many leave cash in there for years, without touching it, arguing: "I may need to get at it at some point". So we've a few boosts – higher payers which give some access to your cash. And you can MIX these, so split your money across different ones, if suitable...
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Boost 1: Fixed cash ISAs – let you access cash in an emergency.
With normal fixed savings you lock money away with no access in return for higher, guaranteed interest. Tax-free fixed-rate cash ISA savings pay slightly lower rates, but the rules state they must allow you to access your cash, though they can charge an interest penalty if you do. Yet as rates are much higher than easy access, if you're unlikely to touch the cash, but want insurance that you can if needed, these win. -
Boost 2: Use a notice account if you know, or will know, when you'll need to withdraw.
Notice accounts require you to, er, give notice before you can withdraw your cash, so they're good if you know when you'll need the money, for example, if saving for a home, you should have a good idea in plenty of time. See the best payers in top notice accounts. -
Boost 3: Short-term fixes work if you know exactly when you'll need the money.
If you know when you'll need your cash (for example, for future mortgage overpayments), you can lock it away for six months, for example, in the top shorter fixes. If you know when you'll need it, but you've more time, see top longer fixes.
A fixed-rate account 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, but if normal savings rates were to increase during that time you'd be unable to ditch and switch to a better payer until your fixed term ended.
Want to know how much you'll earn in fixed-rate savings? Find out with our Savings Calculator. Simply plug in the rate, and how much you'll save, and it'll tell you how much you'll earn.
The Lifetime ISA (LISA) scheme gives first-time buyers a 25% boost to their savings, and should be your first port of call if you're saving for your first home.
Anyone aged 18 to 39 can open a LISA and save up to £4,000/tax year into it, as a lump sum or by putting cash in when they can. Then the state adds a 25% bonus on top. So save £1,000 and you'll have £1,250.
First-time buyers can use the money and bonus towards the deposits for any residential property costing up to £450,000 once they've held the LISA for 12 months. But be warned – there's usually a 25% withdrawal penalty if you take the money out for anything other than purchasing a first home or for retirement aged 60+. Full info in our Lifetime ISAs guide.
The Government's Help to Save scheme is designed to encourage people claiming Universal Credit or Working Tax Credits to save. It pays a 50% bonus on the amount saved, up to a maximum bonus of £1,200 over four years.
Our Help to Save guide has full info on the scheme, including when you should and shouldn't go for it.
The personal savings allowance (PSA) means that many people don't pay tax on their savings. This means that deciding whether or not to put your money into a cash ISA is usually just a question of which account pays the highest interest rate. If you've reached your personal savings allowance limit (£1,000 in interest if you're a basic-rate taxpayer, or £500 for higher-rate), then it's worth considering a cash ISA as you never pay tax on the interest paid on that. Read our Top cash ISAs guide for the current best buys and a full analysis on whether or not you should open one.
Not sure how much interest you'll get? Find out with our Savings Calculator. Simply plug in the rate, and how much you'll save (and if you pay tax on savings interest), and it'll tell you how much you'll earn.
Surprisingly, some banks' current accounts or their linked savers pay a higher rate of interest than most savings accounts, though you tend to only get interest on smaller amounts, often the first £4,000 or so. And unlike savings accounts, you'll need to pass a credit check to open one.
Our Best bank accounts guide has the highest paying options.
These are specific products that let you save about £50 to £500 every month (maximum deposits vary by account). The main advantage is they tend to pay higher rates of interest than standard deals. For more details and best buys, see the full Regular savings accounts guide.
If you've got children aged under 18, then you can get a specialist savings account for them. Though they tend to mirror adult accounts (in that you can get easy access, fixed rate, ISAs and so on), 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 open a junior ISA and lock cash away until they're 18. If that's not what you want, see our Kids' savings guide.
If you've lots to save, you can open several different savings accounts. For example, if you had £20,000 and you needed £5,000 of it in two months' time, you could stick £5,000 in the top easy-access account, and then put the rest into a one-year fix.
If you don't yet know what you want to do with your cash, just stick your money (up to the protected £85,000) in the top easy-access account while you're deciding.
As a MoneySaving website, the most important thing for us is rate, so we always include accounts with the highest interest rates in each category in this guide, regardless of which bank or building society offers them.
In some cases, the best buys can change several times a day, and we don't have the resources to forensically check each savings provider to see what it is (and isn't) invested in, or what lending it uses savings balances to fund.
Yet if green savings are important to you, we have a separate Green savings guide, where we do look at the banks and building societies that promise to help the environment or to use your savings to help fund green initiatives.
We also have a broader Ethical banking guide, which provides a good starting point if you're looking for an account that backs good causes, or at least avoids 'bad' ones.
However, these accounts do tend to have lower interest rates than the best buys in this guide, so there is usually a trade-off between interest and green credentials.
If you've got debts or a mortgage, overpaying often beats saving
Need instant access to your cash? Go for easy access
Lock cash away in return for higher fixed rates
Wannabe first-time buyer? A Lifetime ISA gives a 25% boost, so should be your first port of call
On Universal Credit or Tax Credits? Help to Save gives a 50% bonus, so smashes other accounts
A cash ISA is the likely winner if you pay tax on savings interest (most don't)
Happy to open a current account? You can boost interest on small amounts
If you're able to save monthly, regular savings accounts often pay high rates on small amounts
If you're saving for your kids, children's accounts often pay better rates
You can split money across different accounts to get a mix of benefits
Want green savings? They do exist, though you'll usually need to accept lower interest rates
Top easy-access savings
With easy-access accounts, you pay cash into them, then they pay you interest while the money's in the account and you can withdraw whenever you want – useful if you'll need to dip into them regularly. Some accounts limit the number of withdrawals you can make each month or year – we highlight whenever this is the case.
Rates on these accounts are variable, which means they can go up or down. You'll be notified of any change, but you should regularly check the table below for the current top payer. If your account is lagging behind, simply move your cash over.
Interest is usually paid into the account either monthly or annually. If you choose an account which pays interest annually, you won't be able to use the interest until the year's up. If you'd prefer to use it sooner, for example if you want a monthly income stream from your interest, choose an account which offers a monthly option.
If you'd rather a guaranteed interest rate, you may need to sacrifice this flexibility and lock cash away in a fixed savings account.
Get 5% easy access if you've never banked with Chase. If you don't mind opening a Chase* current account first, its linked boosted saver allows unlimited withdrawals and pays newbies the top market rate at 5% on £1+ (made up of a standard variable 2.75% + a 2.25% fixed 12-month bonus). The account's app only and easy to get, with just a soft credit check that doesn't impact your credit record (see our full review).
The next best easy-access rate is Trading 212's 4.98% cash ISA. Cash ISAs offer tax-free savings, on up to £20,000 per tax year, so this is a good option if you're likely to pay tax on the interest.
offers unlimited penalty-free withdrawals, though the rate includes a 0.88% 12-month newbies-only bonus, so make sure to diarise then to switch when the rate falls. You won't get the bonus if you transfer in from an existing ISA (so see our full cash ISAs guide for more options).
Still after other options? App-based Atom Bank* pays 4.75% (though the interest rate drops in any month you withdraw) so it's best for those who just want to store money, but with the ability to access it if needed. For an online account where you can withdraw when you like with no interest-rate bonus, Family Building Society pays 4.52% (min £100 withdrawal). There are many other options in the table below, including bigger names if you prefer to save with someone you've heard of.
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Top savings accounts (all have full £85k protection) |
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Are you a basic-rate taxpayer with £20,000+ of savings (half that if higher-rate)? Cash ISAs are winners.Cash ISAs are a type of savings account where you never pay tax on interest and every UK adult can save £20,000 into one each tax year (you've until 5 April). |
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Cash ISA
, 4.98%
- 4.1% variable + 1yr 0.88% newbie bonus
- Min. £1,
Max. £20,000
- Open online
- Interest paid: monthly
- Is a |
Cash ISA
, 4.98%
- 3.29% variable + 1yr 1.69% newbie bonus
- Min. £100,
Max. £20,000/yr tax-free
- Open via app
- Interest paid: monthly and annually
- Is not a |
Top normal accounts(In rate order – see what we'd go for above) |
Top well-known name accounts(As many tell us you prefer names you know) |
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Top rate for newbies only
, 5%
- Requires its current account (click for info)
- Min. £1,
Max. £3m
- Open via app
- Interest paid: monthly
- No joint accounts |
Cahoot (part of Santander), 4.55%
- Matures after 12 months
- Min. £1,
Max. £500,000
- Open online
- Interest paid: monthly or annually
- Sole or joint accounts |
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Open-to-all, limited withdrawals
Atom Bank*, 4.75%
- Rate falls to 2.5% in months you withdraw
- Min. £0,
Max. £100,000
- Open via app
- Interest paid: monthly
- No joint accounts |
Skipton BS*, 4.5%
- 2.8% variable + 1yr 1.7% bonus
- Min. £1,
Max. £50,000
- Open online, app, phone, post, branch
- Interest paid: annually
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Online, unlimited withdrawals
Family Building Society, 4.52%
- Min withdrawal £100
- Min. £100,
Max. £250,000
- Open online
- Interest paid: annually
- Sole or joint accounts |
- 50-day interest charge from 5th withdrawal
- Min. £1,
Max. £1m
- Open online, phone, post, branch
- Interest paid: monthly or annually
- Sole or joint accounts |
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, 4.51%
- 3.95% variable + 1yr 0.56% newbie bonus
- Min. £5,000,
Max. £85,000
- Open via app
- Interest paid: daily and monthly
- Withdrawals next working day |
Leeds BS*, 4.35%
- Matures 2 September 2026
- Min. £1,000,
Max. £1m
- Open online
- Interest paid: at maturity
- Sole or joint accounts |
Ways to boost your interest.Some non-standard accounts pay higher rates. |
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, 6%
- Requires its current account (click for info)
- Min. £1,
Max. £4,000
- Open online, via app or in branch
- Interest paid: monthly
- No joint accounts |
- Min. £1,
Max. £3,000
- Open online
- Interest paid: monthly or annually
- Sole or joint accounts |
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Top unlimited withdrawals rate
, 4.6%
- Min. £1,
Max. £85,000
- Open via app
- Interest paid: daily
- No joint accounts |
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All rates are AER. Santander and Cahoot share FSCS protection. |
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Remember, cash in all the accounts above has the full £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.
We include them because they often have the best rates, and these accounts may suit some people who might not need to access their savings from one month to the next. But we will always include the top accounts with unlimited withdrawals as well, so you can pick the one that works best for you.
If you have an account that limits withdrawals, check what happens if you make too many. Some will drop the interest they pay if you make too many, others will close the account and transfer savings to another account with a worse interest rate.
Bonus rates are temporary interest hikes to attract new customers, so the rate will DEFINITELY plummet after the term ends, so ditch and switch then.
Bonus rates can be a good thing, as they essentially act as a minimum rate guarantee during the introductory period, promising you at least some interest. Though the rate could still fall during the bonus period if the non-bonus element drops.
Clean rate accounts don't pay a bonus. They are completely variable, so you could end up taking one out, and the provider drops the rate it pays on the account a couple of weeks later.
In our experience, all savings account rates – if you hold the account long enough – become rubbish accounts. But active savers can avoid this by shifting the cash to a better payer once they see their rate has dropped.
Why do you include accounts which limit withdrawals?
What's the difference between an account with a bonus rate and one without?
Top notice savings accounts
These accounts require you to give notice before you can withdraw your cash. They're good for people who know they'll need their money, don't know exactly when, but know they'll not need it straightaway when they do.
A good example might be if you're a first-time buyer. You know you'll need your saved cash for the deposit, but you might find your dream home in two months or in 10. A (shortish) notice account could let you get a boosted rate, but would also let you access your cash in time to exchange.
With notice accounts, you'll have to wait a little to access your cash, but in return you usually get a rate boost above easy-access accounts. However, right now many notice accounts offer similar rates to the top easy-access accounts, so there's little advantage here. And although they out-pay most fixed-term accounts, the rates here are variable, which means they could change at any time.
On the plus side, if rates fall, providers will generally give you enough notice that you can withdraw your money before the lower rate kicks in. This gives you rate certainty for a longer period – particularly useful right now, as rates are expected to continue falling. Not all providers work like this though, so do check.
If a notice account is the right choice for you, RCI Bank* offers 4.6% for 95 days' notice (min £1,000). RCI Bank will provide advance warning of any interest rate decreases by at least the notice period + 14 days.
Oxbury Bank offers notice accounts with interest tied to the Bank of England base rate (currently at 4.25%) so your rate will rise and fall in tandem with the base rate. Its 60 day notice account at 4.51% tracks 0.26% above the base rate, while its 120 day notice account at 4.65% tracks at 0.4% above. If Oxbury changes the tracking margin, it'll provide advance warning of at least your notice period + 14 days.
| Provider | Rate (AER variable) | Notice | When is interest paid? | Min/max deposit | How to open |
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Top standard notice accounts. Here are the highest paying traditional savings accounts. |
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| Oxbury Bank | 4.65% | 120 days | Monthly, paid into the account | £1,000 / £500,000 | Online/ app (no joint accounts, need app to manage) |
| RCI Bank* | 4.6% | 95 days | Monthly or annually, paid into the account or paid away | £1,000 / £1m | Online |
| Oxbury Bank | 4.51% | 60 days | Monthly, paid into the account | £1,000 / £500,000 | Online/ app (no joint accounts, need app to manage) |
Ways to boost your interest. Beat the rates above via an online 'savings marketplace'. |
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| 4.52% | 32 days | 4.37% paid daily into the account, 0.15% 'boost' paid annually into nominated account | £20k / £2m | App (no joint accounts) | |
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None of these accounts let you withdraw from them during the notice periods – so plan in advance if you'll need access to your cash. All have Financial Services Compensation Scheme savings protection of up to £85,000. |
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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.
The short answer's yes. The clue's in the name!
You may find a few notice accounts will allow you immediate (or at least sooner) access to your funds and charge you an interest penalty for 'breaking the rules'. But these are few and far between.
But in general, if you think you might ever need immediate access to your cash, it's much safer to opt for an easy-access account.
The savings provider will generally give you enough notice that you can withdraw your money if you want to. So for example, if your cash was in a 95-day notice account, your savings provider would probably give you 95 days' notice, plus a bit more – often a couple of weeks.
Some providers will choose to change the rate sooner than that, but if they do this, they should give you the chance to access and withdraw your money without giving the full notice period required by the account.
Do I always have to give notice on these accounts?
What happens if my provider changes the interest rate?
Top fixed-term savings accounts
With fixed savings you can't usually withdraw your money until the end of the term, but in return the interest rate is guaranteed. So only lock away what you definitely won't need access to.
If you want a fix that you can access money from, consider a cash ISA, which by law must allow you to do this (though usually for a fee).
The difference in interest between fixed-term accounts ranging from six months to five years is minor – so there's little incentive to lock in for longer right now, unless you want certainty of returns over a longer period. Just remember, if interest rates rise, the longer you fix, the longer you forgo the ability to ditch and switch to a better deal.
Basic-rate taxpayers can earn £1,000 a year in interest tax-free as part of their personal savings allowance (PSA), for higher-rate taxpayers it's £500. Getting all your interest from long-term fixes in one go may mean you exceed your PSA in that year, which could mean you end up paying more tax.
In terms of interest available, there's currently little difference between the top easy-access and the top short-term fixed-rate accounts. The question to ask is – will you need flexible access to your cash more than a fixed interest rate.
If you do want a short-term fix, Oxbury Bank offers top rates at 4.61% for three months and 4.62% for six months (both min £1,000).
| Provider | Rate (AER variable) | When is interest paid? | Min/max deposit | How to open | |
|---|---|---|---|---|---|
Top shorter-term fixes. Here are the highest paying short-term fixed accounts. |
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| Oxbury Bank | 4.62% for six months | At maturity | £1,000 / £500,000 | Online/ app (need app to manage, no joint accounts) | |
| GB Bank | 4.5% for six months | Monthly or at maturity | £1,000 / £100,000 | Online | |
| Oxbury Bank | 4.61% for three months | At maturity | £1,000 / £500,000 | Online/ app (need app to manage, no joint accounts) | |
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All have Financial Services Compensation Scheme savings protection of up to £85,000. |
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The top one-year fix is a credit union account. pays 4.59%, though you have to work in certain industries or belong to certain membership groups to apply (click the link to see if you're eligible).
Top open-to-all one-year fix: GB Bank pays 4.58% (min £1,000) for a straight one-year fix. When your fix ends, your interest is paid in one lump sum.
Prefer a well-known name? Virgin Money pays a bit less at 4.31%, (min £1) – a good option for those with less than £1,000 to start with.
When the interest is paid matters: If you pick a one-year fix that pays interest at maturity, it counts towards your tax-free savings allowance for the tax year when it’s paid – not the year you put the money in. Monthly interest is different: it counts for the tax year you actually receive it, though you won’t earn extra interest on those payouts. See tax on savings interest for full help.
| Provider | Rate (AER variable) | When is interest paid? | Min/max deposit | How to open | |
|---|---|---|---|---|---|
Top standard one-year fixes. Here are the highest paying traditional savings accounts. |
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| GB Bank | 4.58% | Monthly or at maturity | £1,000 / £100,000 | Online | |
| Tandem Bank | 4.52% | At maturity | £1 / £2.5m | Online/ app (manage via app, no joint accounts) | |
| Vanquis Bank | 4.5% | Monthly or at maturity | £1,000 / £250,000 | Online | |
Top rates from established names. As we know some prefer to save with bigger brands. |
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| Virgin Money | 4.31% | Monthly or at maturity | £1 / £1m | Online (no joint accounts) | |
| Cahoot (part of Santander) | 4.15% | Monthly or at maturity | £500 / £1m | Online | |
| NS&I | 4.05% | Monthly (paid away) or annually (paid into the account) | £500 / £1m | Online | |
Ways to boost your interest. Beat the rates above via an 'online savings marketplace'. |
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| 4.59% | At maturity | £1,000 / £85,000 | Online (no joint accounts) | ||
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All have Financial Services Compensation Scheme savings protection of up to £85,000. | (1) Early closure permitted for 90 day interest penalty. |
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If you're going for a two-year fix, make sure you know the tax implications of how you take interest. Accounts paying interest 'at maturity' do so as a lump sum, which could take you over your personal savings allowance (PSA) for the year it matures – meaning you'd pay some tax on the interest. Alternatively, accounts that pay interest out of the account to you monthly or annually might help keep you under your PSA as it's spread across tax years. However, interest doesn't compound in this case.
Top standard two-year fix. GB Bank pays the top rate at 4.43% (min £1,000).
Prefer a more well-known name? Santander-owned Cahoot pays 4.1% and can be opened with £500+. Alternatively, state-backed NS&I pays 3.85% for its two-year British Savings Bond. You can opt for two types of account depending on when and where you'd like interest to be paid. Its Guaranteed Growth Bond pays interest pack into the account each year, while its Guaranteed Income Bond pays interest monthly into your nominated account.
| Provider | Rate (AER variable) | When is interest paid? | Min/max deposit | How to open | |
|---|---|---|---|---|---|
Top standard two-year fixes. Here are the highest paying traditional savings accounts. |
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| GB Bank | 4.43% | Monthly, annually or at maturity | £1,000 / £100,000 | Online | |
| JN Bank | 4.4% | At maturity | £100 / £500,000 | Online (no joint accounts) | |
| Vanquis Bank | 4.4% | Monthly, annually or at maturity | £1,000 / £250,000 | Online | |
Top rates from established names. As we know some prefer to save with bigger brands. |
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| Santander-owned Cahoot | 4.1% | Monthly, annually or at maturity | £500 / £1m | Online | |
| NS&I | 3.85% | Monthly (paid away) or annually (paid into the account) | £500 / £1m | Online | |
Ways to boost your interest. Beat the rates above via an 'online savings marketplace'. |
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| 4.46% | At maturity | £20,000 / £50,000 | App (no joint accounts) | ||
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All have Financial Services Compensation Scheme savings protection of up to £85,000. |
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The difference in interest between fixed-term accounts ranging from one to five years is minor – so there's little incentive to lock in for longer right now, unless you want certainty of returns over a longer period.
If you are locking in, make sure you know the tax implications of how you take interest. Accounts paying interest 'at maturity' do so as a lump sum, which could take you over your personal savings allowance (PSA) for the year it matures – meaning you'd pay some tax on the interest. Alternatively, accounts that pay interest out to you monthly or annually might help keep you under your PSA, as it's spread over tax years. Yet interest doesn't compound in this case.
GB Bank is our top pick for a three-year fix at 4.42% (min £1,000), while Birmingham Bank offers the top five-year fix at 4.47% (min £5,000).
Prefer a more well-known name? NS&I's British Savings Bonds pay 3.88% for three years and 3.84% for five years. You can opt for two types of account depending on when and where you'd like interest to be paid. Its Guaranteed Growth Bond pays interest pack into the account each year, while its Guaranteed Income Bond pays interest monthly into your nominated account.
Three-year fixed rates
| Provider | Rate (AER variable) | When is interest paid? | Min/max deposit | How to open | |
|---|---|---|---|---|---|
Top standard three-year fixes. Here are the highest paying traditional savings accounts. |
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| GB Bank | 4.42% | Monthly, annually or at maturity | £1,000 / £100,000 | Online | |
| Birmingham Bank | 4.41% | At maturity | £5,000 / £250,000 | Online (no joint accounts) | |
| JN Bank | 4.39% | At maturity | £100 / £500,000 | Online (no joint accounts) | |
Top rates from established names. As we know some prefer to save with bigger brands. |
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| NS&I | 3.88% | Monthly (paid away) or annually (paid into the account) | £500 / £1m | Online | |
Ways to boost your interest. Beat the rates above via an 'online savings marketplace'. |
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| 4.46% | At maturity | £20,000 / £50,000 | App (no joint accounts) | ||
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All have Financial Services Compensation Scheme savings protection of up to £85,000. |
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Five-year fixed rates
| Provider | Rate (AER variable) | When is interest paid? | Min/max deposit | How to open | |
|---|---|---|---|---|---|
Top standard five-year fixes. Here are the highest paying traditional savings accounts. |
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| Birmingham Bank | 4.47% | At maturity | £5,000 / £250,000 | Online (no joint accounts) | |
| GB Bank | 4.46% | Monthly, annually or at maturity | £1,000 / £100,000 | Online | |
| JN Bank | 4.45% | At maturity | £100 / £500,000 | Online (no joint account) | |
Top rates from established names. As we know some prefer to save with bigger brands. |
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| NS&I | 3.84% | Monthly (paid away) or annually (paid into the account) | £500 / £1m | Online | |
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All have Financial Services Compensation Scheme savings protection of up to £85,000. |
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Want to know how much you'll earn in fixed-rate savings? Find out with our Savings Calculator. Simply plug in the rate, how much you'll save and how long for and it'll tell you how much you'll earn.
How do online savings platforms work?
Savings platforms, or savings marketplaces, offer accounts from the various banks that they partner with – often at higher rates than are available direct with that bank. Essentially it's a way to easily switch between accounts, though rates are not always as good as the ones above. Big names in this space include Raisin, Flagstone and Hargreaves Lansdown Active Savings.
Raisin
Raisin accounts are provided by ClearBank, which is regulated by the Financial Conduct Authority. When you add money to a Raisin account, before funding your chosen savings product, your funds will be covered by ClearBank's £85,000 Financial Services Compensation Scheme (FSCS) protection.
Note: App-only Chip, often featured in this guide, is also protected by ClearBank, so be aware that only £85,000 will be covered if you have both.
This gets complex, so stick with us. For the accounts above, payments are then automatically transferred through Meteor Investment Management (MIM), which passes your money to the bank offering the account you've chosen. It's then covered by that bank's £85,000 FSCS protection.
For the short time MIM holds your money, it's technically held in trust in a MIM client account with RBS. The FSCS has confirmed in this type of structure you still get the UK £85,000 per person, per institution savings safety protection of the account provider (between leaving your Raisin UK account and arriving with the end bank, it's through RBS's protection).
Important: We only feature UK-protected accounts in this guide, but be aware that not all banks that Raisin partners with are covered by the FSCS – some are protected by European deposit schemes, so it could be harder to get your money back if the bank went bust. For more on how savings are protected, see Are your savings safe?
Hargreaves Lansdown Active Savings
Money saved in a bank or building society via Hargreaves Lansdown's Active Savings platform is protected by the FSCS for that particular institution. If the bank or building society fails, your money is safe up to £85,000, though it may take longer to receive your money than if you had saved with that institution directly. This also applies if Hargreaves Lansdown itself were to fail.
Any savings not yet invested in a bank or building society through Active Savings is kept in what Hargreaves Lansdown call a cash hub. This cash hub is ringfenced by Barclays, which means your money would be covered by the Financial Conduct Authority's safeguarding rules – there's no £85,000 limit here and Hargreaves Lansdown would have no right to your money if it collapsed. However, some costs could be taken by the administrator and it might take longer to get your money back than if you saved directly with a bank.
If Barclays collapsed, rather than Hargreaves Lansdown, your savings in the cash hub would be covered up to £85,000 by the FSCS, though note – any other money held separately with Barclays would fall under that same £85,000.
Flagstone
Before you open any savings accounts with Flagstone’s partner banks, your cash will be held in your Flagstone holding account. This is provided by HSBC – so it's eligible for FSCS protection up to £85,000. Once you've deposited your cash into a savings account, that cash will be held by the bank in question. So, provided that bank is a member of the FSCS, your eligible funds will be protected should that bank fail.
When your cash is in the Flagstone holding account, it's held in a trust structure. That means you are always the sole beneficial owner of your cash. So, if Flagstone were to collapse, it wouldn't be entitled to any of your cash, and if there was cash in your holding account, these funds would be unaffected, as the holding account is provided by HSBC.
Prosper
Money saved in a bank or building society via Prosper is protected by the FSCS for that particular institution. If the bank or building society fails, up to £85,000 of your money is safe.
Any savings not yet invested in a bank or building society through Prosper is kept in what Prosper call a hub account, which is provided by the e-money and payment services provider Bondsmith Savings Ltd. This cash hub is ringfenced by Barclays or HSBC, which means your money would be covered by the Financial Conduct Authority's safeguarding rules – there's no £85,000 limit here and Prosper would have no right to your money if it collapsed. However, some costs could be taken by the administrator and it might take longer to get your money back than if you saved directly with a bank.
If Barclays or HSBC collapsed, rather than Prosper, your savings in the cash hub would be covered up to £85,000 by the FSCS, though note – any other money held separately with Barclays or HSBC would fall under that same £85,000.
You'll be emailed before your fixed term ends asking what you want to do with the money. You can choose to get it paid back into your bank account or to open another product with the savings platform – remember, it won't necessarily offer the best rates at that point, so do check.
Do nothing, and the money will go back to your Raisin UK account, Hargreaves Lansdown cash hub or Flagstone Hub account – so make sure you respond to the email or it'll be sitting earning zero interest.
Note: Hargreaves Lansdown may return any money back to your nominated account if you leave it for longer than 30 days in the cash hub.
f you have any issues with your account, you need to contact the savings platform directly. You can contact all the providers we list by email, phone or secure messaging when logged in online.
Raisin has links with about 40 banks, Hargreaves Lansdown has about 20, and Flagstone around 65. This means their offerings are not whole-of-market – so they won't always offer the top rates. Before you sign up to a new account through these platforms, check this guide to see if the rate can be beaten.
Cashback bonuses are not treated as savings interest income, so are not subject to the same tax. This means if you receive a cash bonus, it won't count towards your personal savings allowance, and if you've already exceeded your allowance or are an additional rate taxpayer, it won't be taxed.
Are my savings safe?
Important – you'll need to take action when your fixed term ends
Is there anything else I should know?
You don't pay tax on introductory cash bonuses
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...You can use free complaints tool Resolver. The tool helps you manage your complaint, and if the company doesn't play ball, it also helps you escalate your complaint to the free Financial Ombudsman Service.
This is our main savings guide, but there are other options which can pay even more...
Lifetime ISAs: 25% bonus for first-time buyers aged 18 to 39
Help to Save: 50% savings bonus if you've a low income
Cash ISAs: The likely winner if you pay tax on savings interest
Regular savings: Up to 7.5% interest if you can save monthly
Children's savings: Earn up to 5% on kids' savings
Current accounts: Earn up to 5% on smaller sums
Savings Q&A
This is a commonly asked question, but most savings accounts can be held by two people – so actually the question should just be: "What is the best savings account?", which this guide is set up to answer.
Except where noted, each of the accounts above can be set up as a joint account – so if you're looking to save with someone else, just head to our top easy-access accounts, top notice accounts and top fixed-rate accounts.
Where an account can't be opened jointly, we've highlighted this in the relevant table.
MoneySavingExpert.com is a national website serving England, Scotland, Wales and Northern Ireland. So we try to feature accounts open to everyone, which means you need to be able to open them online, in-app, or by phone or post.
Branch-based accounts are more difficult, as – unless the account is offered by one of the big banks – it's unlikely that everyone will be able to reach a branch. For example, Skipton Building Society sometimes offers decent branch-based accounts.
But a person in Brighton would have to travel almost 40 miles to their nearest branch to be able to open it. Similarly, someone in Carlisle couldn't access branch-based accounts offered by Ipswich Building Society as there isn't one close by.
It is always worth looking at local building societies as they can occasionally have a corking branch-based account. But because we're a nationwide site, we just can't feature them all.
If you have a business current account, the chances are it pays 0% interest. So any businesses with cash stored, even just to pay the taxman, are missing out on interest.
If you're a sole trader, you're likely to be able to save the business's cash in a personal savings account. It's best to do this, as you get the best rates. But if you've a limited company, then you'll need to use a specially designed business savings account.
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.
Are your savings 'losings'? (Spoiler: almost certainly, yes)
A savings account that pays less than the rate of inflation is eroding your wealth. And with today's high inflation figures, most savings account can't match it.
Here's an example using simple numbers of how inflation and interest interact...
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Imagine inflation is 10%. Things costing £1 this year will then cost £1.10 next year.
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You have £1 in a savings account at 5% interest. By next year, it will have grown to £1.05.
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So, saving has reduced your spending power by 5p per £1. It's a 'losings' account, not a savings account.
What about deflation?
Of course, sometimes prices drop – as happened in 2009 – and you get negative inflation, known as deflation. This can sometimes be a positive for savers.
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Imagine inflation is minus 2%. Things costing £1 this year will then cost 98p next year.
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You have £1 in a savings account. The interest rate has fallen to 1%. Despite the lower rate, by next year your savings will have grown to £1.01.
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So, saving has increased your spending power by 3p per £1. Even though the interest rate has plummeted, you're 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.
Not all providers will let you open a new account on another person's behalf through Power of Attorney. For those that do, in most cases, you will need to contact the provider's customer support line to open a new Power of Attorney account as well as provide relevant documentation.
We have listed below some providers who consistently appear on our savings guides who explicitly allow new accounts through Power of Attorney. Take a look at some of these providers and compare the rates to the ones in the tables above to get as close to a competitive rate as possible.
If you found an account you would like to open on someone else's behalf, try searching the FAQs for a specific Power of Attorney page or ring the provider's customer support line. Note that some providers have stipulations such as requiring sole signatories.
These providers DO let you open a new account through Power of Attorney:
For full information on registering a Power of Attorney with your bank, or opening new accounts on behalf of a donor, see our guide Which bank is best if you have Power of Attorney?
Sharia accounts – in accordance with Islamic banking principles – prohibit interest. Instead, they give 'expected profit' rates which, by definition, mean returns aren't guaranteed – though we're not aware of any UK-based sharia banks that have failed to pay their expected rates in the past.
The accounts are open to anyone, of any faith, and the ones above are fully UK-regulated, meaning you get £85,000 per person, per institution savings safety protection. Sharia banks also follow a rule not to invest in areas such as gambling and alcohol.
We list the AER (annual equivalent rate) as it's the best way to compare rates.
Savings accounts pay interest in different ways. Most pay interest into the fixed account itself, meaning you get interest on that interest as time goes on.
But a few banks pay interest into separate accounts, meaning you don't earn interest on the interest, and so the actual rate of interest you get is slightly lower than the AER.
You might then be thinking that getting your interest paid into your fixed account is a no brainer, but it could mean you end up paying more in tax.
For some accounts you can choose for interest to be paid out to an external account (for example, your bank account), while others pay the interest back into the account itself.
You can often choose how often interest is paid too, for example monthly or annually, or for a fixed-term account, even at the end of the fixed term (at maturity).
Your choice can have a significant impact, as it's when you can ACCESS the interest that matters for tax reasons, which is not necessarily the same time as when the bank pays interest. Here's an example to help explain...
Imagine you save £10,000 in a five-year fix which pays 4.5%.
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Option 1: Interest is paid out of the savings account to your bank account each year, meaning you can access it when it's paid.
Here, you'd earn £450 each year for five years. As you'd be earning less interest than the basic- and higher-rate personal savings allowance (PSA) limits (£1,000/year and £500/year respectively), you'd pay no tax on the interest.
After the five years, you'd have earned a total of £2,250. -
Option 2: Interest is paid back into the fixed account each year, and you can't access it till the account matures.
Here, you'd earn interest on your interest, meaning that after five years you'd have earned £2,460 – about £200 more than with the first option. However, because you can't access the interest until the end of the five-year fixed term, all the interest counts towards the fifth year's PSA, and far exceeds both the basic- and higher-rate limits. This means you'd have to pay tax – about £292 for basic-rate taxpayers, £784 for higher-rate.
This means that, overall, basic-rate taxpayers would be £80 worse off than with the first option, higher-rate taxpayers a massive £570 worse off.
So some may want to have interest paid out to a bank account monthly or annually, so it's spread out over multiple tax years. Others may want it all paid at the end if, for example, you're retiring and may be a lower taxpayer then.
What else can I do?
This is complex, so check with your savings provider about when you can access the cash, then call HM Revenue & Customs on 0300 200 3300 (call charges may apply) so it can help you declare the income for tax purposes in the right year, if you need to.
It's also a good idea to get independent tax advice, as there are so many variables and what you do and don't pay tax on will depend on other savings and income you have. See how to find a financial adviser.
What is the top account for joint savings?
My building society has a better rate than accounts here. Why isn't it featured?
Are there savings accounts designed for my business?
How do inflation and deflation affect my savings?
Can I open an account through Power of Attorney?
How do sharia-compliant accounts work?
Why do you list AER interest when not all these fixed accounts pay it?
When should I choose to have my interest paid?
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