What's the top account for joint savings?

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.

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

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.

Are there savings accounts designed for my business?

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 via 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 via Power of Attorney: Atom Bank Charter Savings Bank Close Brothers Ford Money OakNorth Bank 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?

How do inflation and deflation affect my savings?

To really know how well your savings are doing, you have to look at it compared to the rate of inflation. Inflation is the measure of the rate at which prices increase, so if savings don't beat inflation after tax, they're losing you money. Ensure your savings aren't 'losings'... A savings account that pays less than the rate of inflation is eroding your wealth. An example using simple numbers should help... Imagine inflation is 5%... Things costing £1 this year will then cost £1.05 next year. You have £1 in a savings account at 2% interest... By next year, it will have grown to £1.02. Therefore, saving has reduced your spending power by 3p a pound... 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. Imagine inflation is minus 2%... Things costing £1 this year will then cost 98p next year. 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. Therefore, saving has increased your spending power by 3p a pound... 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.

Top savings accounts

Up to 3.4% easy access or up to 4.6% fixed

Money Team

Updated Daily

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 £32,000 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...

1. If you've got debts or a mortgage, overpaying often beats saving

If you've expensive debt, it always pays to clear it before saving. For example, £1,000 in top savings earns up to £20/year, while £1,000 debt on a credit card with an APR of 18% costs £180/year. Clear the debt with the savings and you're £160+ 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 my mortgage with my savings? and the Mortgage Overpayment Calc.
2. Need instant access to your cash? Go for easy access
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...

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 or nine months in the top shorter fixes. If you know when you'll need it, but you've more time, see top longer fixes.
3. Lock cash away in return for higher fixed rates

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.
4. Wannabe first-time buyer? A Lifetime ISA gives a 25% boost, so should be your first port of call

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+ (though this penalty has been temporarily cut). Full info in our Lifetime ISAs guide.
5. On universal credit or tax credits? Help to Save gives a 50% bonus, so smashes other accounts

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.
6. A cash ISA is the likely winner if you pay tax on savings interest (most don't)

The personal savings allowance (PSA) means that most 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 used your personal savings allowance (£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.
7. Happy to open a current account? You can boost interest on small amounts

Surprisingly, some banks' current accounts pay a higher rate of interest than their savings accounts, though you tend to only get interest on the first £1,500 or so. Unlike savings accounts, you'll need to pass a credit check to open one.

Our Best bank accounts guide has the highest paying options.
8. If you're able to save monthly, regular savings accounts often pay high rates on small amounts

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.
9. If you're saving for your kids, children's accounts often pay better rates

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.
10. You can split money across different accounts to get a mix of benefits

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.
11. Want green savings? They do exist, though you'll usually need to accept lower interest rates

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. However, these accounts do tend to have lower rates than the best buys in this guide, so there is usually a trade off between interest and green credentials.

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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 into them regularly to meet the ongoing cost of living crisis.

However, the rates 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 – you might even find your existing provider is offering a higher rate on a different account or new version. If your account is lagging behind that, simply move your cash over.

If you'd rather a guaranteed interest rate, you may need to sacrifice this flexibility and lock cash away in a fixed savings account. Though before you do, check out our ways you can boost your rate, while still keeping the access you need, to see if any suit.

Easy-access accounts – what we'd go for

App-only Chip currently offers the top rate for easy-access accounts at 3.4% (min £1).

If you don't want to save through an app, Cynergy Bank's account pays 3.25% (min £1), can be opened online and allows unlimited withdrawals.

Yet we know some prefer to save with a name they know. If that's you, Sainsbury's Bank* offers 3.07% and can be opened online, but limits you to three withdrawals a year. If that won't work for you, we've some other big-name options in the table too.

Alternatively, some banks offer higher rates on lower amounts for existing customers. For example, if you bank with Barclays or Santander, you can access accounts paying up to 5% – we've full details in the table below.

Provider	Rate (AER variable) & withdrawal restrictions	Min/max deposit	How to open
Top savings accounts. Here are the highest paying traditional savings accounts.
Chip	3.4%	£1/ £250,000	App (no joint accounts)
Cynergy Bank	3.25% (includes a bonus of 0.15% for 12 months)	£1/ £1m	Online
Paragon Bank	3.25% (max three withdrawals a year or rate drops to 0.75%)	£1/ £500,000	Online
Coventry Building Society	3.25% (max six withdrawals, seventh onwards charged at 50 days' interest of amount withdrawn)	£1/ £250,000	Online
Zopa	3.21%	£1/ £85,000	App (no joint accounts)
Decent options from established names. As we know some prefer to save with bigger brands.
Sainsbury's Bank*	3.07% (max three withdrawals a year or rate drops to 1%)	£1,000/ £500,000	Online
Post Office	3% (includes bonus of 2.2% for 12 months)	£1/ £2m	Online
Nationwide*	2.5% (max three withdrawals a year or rate drops to 0.75%)	£1/ £5m	Online
Ways to boost your interest. It's possible to beat the rates above with these non-standard accounts.
Barclays Rainy Day Saver (Barclays Blue Reward customers only)	5.12%	£1/ £5,000	Online/ app/ phone/ branch
Nationwide FlexDirect (current account)	5%	£0/ £1,500	Online
Santander Edge Saver (Santander Edge current account holders only)	4% (includes 0.5% bonus for first 12 months)	£0/ £4,000	Online/ branch (no joint accounts)

All have Financial Services Compensation Scheme savings protection of up to £85,000. Chip is not a bank, but deposits your money in ClearBank, which means it is protected.

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

Why do you include accounts which limit withdrawals?

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

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.

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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.

Notice accounts – what we'd go for

With notice accounts you'll have to wait a little to access your cash, but in return you can get a rate boost above easy-access accounts. Which you go for depends on how long you're willing to wait...

Cynergy Bank pays the top rates for accounts needing 120 days' notice at 3.65%, and 95 days' notice at 3.6% (both min £500). For a shorter notice period, app-only Zopa pays 3.31% for 31 days' notice and 3.25% for seven days' notice – via the 'boosted pots' feature of its easy-access savings account.

Provider	Rate (AER variable)	Notice	Min/max deposit	How to open
Top notice accounts. Here are the highest paying traditional notice accounts.
Cynergy Bank	3.65%	120 days	£500/ £1m	Online
Cynergy Bank	3.6%	95 days	£500/ £1m	Online
Zopa	3.31%	31 days	£1/ £85,000	App (no joint accounts)
Zopa	3.25%	7 days	£1/ £85,000	App (no joint accounts)

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

Do I always have to give notice on these accounts?

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.
What happens if my provider changes the interest rate?

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.

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Fixed-term savings accounts

With fixed savings you can't usually withdraw your money until the end of the term. 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.

Top tip: If you want a fix that you can access money from, then the top fixed cash ISAs must by law allow you to do that, though they can charge interest penalties for letting you get to your money.

Short-term vs longer-term fixes

Usually, you'd expect to 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.

This can significantly impact how much interest you'll earn. Here's an example to help explain...
Imagine you save £10,000 in a five-year fix which pays 4.5%...

You can choose for your interest to either 1) be paid out into an external account each year, or 2) be paid back into the fixed-term account each year, where you'd only be able to access all of it in five years' time:

Option 1: Here, you'd earn £450 each year for five years, paid into an external bank account (this is called simple interest). As you'd be earning less interest than the basic- and higher-rate PSA limits, you'd pay no tax each year.

After the five years, you'd have earned a total of £2,250 in interest.

Option 2: Here, interest is paid back into the fixed-term account each year, meaning you'd earn interest on your interest (this is called compound interest). After five years, you'd have earned just over £2,460 in interest – about £200 more than with the first option.

However, all of this interest counts towards the fifth year's PSA, and far exceeds both the basic- and higher-rate limits. This means there's a sizeable chunk of tax to pay – basic-rate taxpayers will have to pay £292, higher-rate taxpayers £784.

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!

Though being paid your interest at maturity can be more lucrative, spacing out your interest payments yearly or monthly can mean you make the most out of your PSA – particularly if you're a higher-rate taxpayer or have a large amount to save.

Six- and nine-month fixes – what we'd go for

Allica Bank currently offers the top rate for six-month accounts at 4% (min £10,000)

If you've less to save, Shawbrook Bank also offers 4%, though it's for a slightly longer nine-month term (min £1,000).

Provider	Rate (AER)	Min/max deposit	How to open
Top standard short-term fixes. Here are the highest-paying traditional accounts.
Allica Bank	4% for six months	£10,000/ £250,000	Online
Shawbrook Bank	4% for nine months	£1,000/ £2m	Online