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Top savings accounts
Up to 5.2% easy access or up to 6.2% fixed rates
After many years of low rates, savings have made a significant comeback over the last year. Yet with inflation still soaring, 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 7.5% interest if you can save monthly
Children's savings: Earn up to 5.8% 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 £20,000 in easy-access savings at the best rates, or £16,250 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.
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 return. Here are our tips to decide where's best to put your money...
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Top 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, 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 to boost your rate, while still keeping the access you need, to see if any suit.
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Easy-access accounts – what we'd go for
There continues to be fierce competition among easy-access savings providers, though the top rates often come with conditions – such as limited withdrawals or bonus rates – so it's crucial to check all the details in full before you apply.
Best interest rate: The current top rate for easy-access savings accounts stands at 5.2% and is offered by two institutions:
- NatWest Group's Ulster Bank* may appeal to those who like saving with a name they've heard of. Yet you only get the 5.2% if you've £5,000+ in the account, so it won't work for those with small savings (see Coventry below). The account can be opened online, though joint accounts are only available for customers in Northern Ireland. Withdrawals are unlimited, so a good one to go for if you know you'll often dip in to your savings.
- Coventry Building Society also offers 5.2%, and pays it on £1+ in the account. However, it only allows three penalty-free withdrawals a year – the fourth and any subsequent withdrawals are charged a penalty equal to 50 days' interest on the amount withdrawn – so this won't be a good fit if you know you'll need frequent access.
Have Santander's Edge account? If you have, or get, a Santander Edge current account, you can get 7% on up to £4,000, also with unlimited withdrawals. This beats the top rate savings account above, but the current account has a £3/month fee, so only get it if you want the cashback it pays as well. The link in the table has more info to help you decide.
Provider | Rate (AER variable) & withdrawal restrictions | When can I get the interest? | Min/max deposit | How to open |
---|---|---|---|---|
Top savings accounts. Here are the highest paying traditional savings accounts. | ||||
NatWest Group's Ulster Bank* | 5.2% | Annually | £5,000/ no max | Online (joint accounts NI only) |
5.2% |
Monthly or annually |
£1/ £250,000 |
Online |
|
5.11% (min £500 per withdrawal, must request withdrawal by 2.30pm to receive funds on next working day) |
Monthly or annually |
£1,000/ £85,000 |
Online |
|
5.1% (includes bonus of 2.45% until 31 Oct 2024) |
Annually |
£1,000/ £85,000 |
Online/ app (no joint accounts) |
|
5.06% |
Monthly |
£1/ £85,000 |
Online (no joint accounts) |
|
Ways to boost your interest. Competitive rates, but more difficult to qualify for. | ||||
(Santander Edge current account holders only) |
7% | Monthly | £1/ £4,000 | Online/ app/ branch (no joint accounts) |
(Barclays Blue Reward customers only) |
5.12% |
Monthly |
£1/ £5,000 |
Online/ app/ phone/ branch |
All have Financial Services Compensation Scheme savings protection of up to £85,000. | Beehive shares FSCS protection with Nottinghamshire BS. | Ulster Bank shares FSCS protection with NatWest.
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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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.
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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...
If you know you won't need to dip into your savings for some time, Stafford Railways BS offers 5.75% for 120 days' notice (min £5,000), while RCI Bank* offers 5.6% for 95 days' notice (min £1,000).
If you need a shorter notice period, Dudley BS offers 5.4% for 60 days' notice (min £1,000) and Monument offers 5.22% for 35 days' notice (min £25,000).
Provider | Rate (AER variable) | Notice | When can I get the interest? | Min/max deposit | How to open |
---|---|---|---|---|---|
Stafford Railway BS | 5.75% | 120 days | Monthly or annually | £5,000/ £150,000 | Online/ post/ branch |
5.6% |
95 days |
Monthly or annually |
£1,000/ £1m |
Online |
|
5.4% |
60 days |
Annually |
£1,000/ £500,000 |
Online/ post/ branch |
|
Monument | 5.22% | 35 days | Monthly | £25,000/ £400,000 | 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
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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).
For fixes that go across more than one tax year, when you can access the interest matters.
Basic 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.
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Six- and nine-month fixes – what we'd go for
Our top-pick nine-month accounts pay higher interest, though your money's locked away for longer than a six-month account, so it's important to consider whether you want better returns, or access to your money sooner.
The current top rate for six-month accounts is offered by app-only Monument Bank at 5.65%, though it has a high minimum deposit of £25,000. The top nine-month fix come from Ahli United Bank UK at 5.79% via online savings marketplace Raisin (min £1,000).
Provider | Rate (AER) | When can I get the interest? | Min/max deposit | How to open |
Top six-month fixes | ||||
Monument Bank | 5.65% | At maturity | £25,000/ £400,000 | App (no joint accounts) |
5.6% |
At maturity |
£1/ £250,000 |
Online |
|
(matures 30 Apr 2024) |
5.6% |
At maturity |
£1,000/ £1m |
Online |
Top nine-month fixes | ||||
5.79% | At maturity | £1,000/ £85,000 | Online (no joint accounts) |
|
(matures 31 Aug 2024) |
5.75% | Monthly or at maturity | £1/ £250,000 | Online/ phone/ post/ branch |
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
NS&I offers the top rate for one-year fixes at 6.2% (min £500, max £1m). There are two different accounts:
- The Guaranteed Growth Bond pays interest at maturity
- The Guaranteed Income Bond pays interest monthly, out of the account
How much can I save in these bonds?
Both accounts allow a max deposit of £1 million per person, per 'issue'. So if you have a joint account, you can save up to £2 million in it. Both account holders get their own login details to view and manage the account.
How is money in NS&I protected?
As NS&I is state-owned, unlike normal accounts where your savings are protected up to £85,000 per institution, here every penny saved is backed by the Treasury, so it's as safe as it gets (unless the UK itself goes bust, in which case we've all got bigger problems).
Which account should I choose?
The choice will depend on a couple of things. If you need the account to pay you interest as you're counting on it as income to support your lifestyle, then you need to go for the Income Bond.
If you don't need an income, then there's a choice to be made. If you go for the Growth Bond, the interest will all count towards your tax-free allowance for the next tax year, not this. It may mean that you bust your personal savings allowance (PSA) for the 2024/25 tax year. Taking monthly interest could help prevent this as you're able to spread the interest over this tax year and the next – though here you won't get interest on the interest, so there's a trade off. This choice is very particular depending on your own tax position, so see tax on savings interest for full help.
I already save with NS&I, can I open these bonds?
You can open one or both of these accounts, even if you have existing NS&I accounts. Yet if you've already opened one of these accounts at 6.2% interest, you're limited to depositing £1m per person across all bonds opened in this 'issue'.
What if neither account suits me?
See the next-best options in the table below, including a 6.11% account from Oxbury bank (min £1,000).
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. | ||||
NS&I | 6.2% | At maturity |
£500/ £1m | Online |
Monthly, paid away |
||||
6.11% |
At maturity |
£1,000/ £500,000 |
Online (smartphone required, no joint accounts) |
|
(matures 30 Nov 24) |
6.1% |
At maturity |
£500/ £250,000 |
Online/ app (no joint accounts) |
StreamBank | 6.1% | Monthly or at maturity | £1,000/ £1m | Online |
All accounts have Financial Services Compensation Scheme savings protection of up to £85,000. NS&I backed by HM Treasury, all savings protected 100%.
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Two-year fixed savings – what we'd go for
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.
The top rate for two-year fixes is currently offered by Ford Money at 6.05% (min £500). The account can be opened online, with interest available monthly, annually or at maturity.
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. | ||||
Ford Money | 6.05% | Monthly, annually or at maturity | £500/ £2m | Online |
6% |
At maturity |
£1,000/ £1m |
Online |
|
6% |
At maturity |
£5,000/ £1m |
Online |
All accounts have Financial Services Compensation Scheme savings protection of up to £85,000.
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Currently, 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 absolute 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 across tax years. Yet interest doesn't compound in this case.
JN Bank offers the top three- and five-year fixed rate accounts at 5.97% and 5.8%, respectively (both min £1,000).
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. | ||||
---|---|---|---|---|
JN Bank | 5.97% | At maturity | £1,000/ £100,000 | Online/ phone (no joint accounts) |
5.95% |
At maturity |
£1,000/ £1m |
Online |
|
FirstSave | 5.95% | Monthly, annually or at maturity | £1,000/ £2m (1) | Online |
All accounts have Financial Services Compensation Scheme savings protection of up to £85,000. | (1) Min £5,000 for monthly interest.
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. | ||||
---|---|---|---|---|
JN Bank | 5.8% | At maturity | £1,000/ £100,000 | Online/ phone (no joint accounts) |
5.75% |
At maturity |
£1,000/ £1m |
Online |
|
5.65% |
Annually, paid out of account |
£1/ £2.5m |
Online/ app |
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.
How do savings platforms work?
Raisin and Hargreaves Lansdown Active Savings are types of savings platforms, often referred to as 'savings marketplaces', which offer savings accounts from the various banks that they partner with.
All accounts on both platforms have £85,000 UK savings safety protection and are available to individuals only – neither 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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