Top savings accounts

The Tembo Homesaver* account pays 4.55% on up to £20,000, including 3% variable + a 1.55% one-year fixed bonus, which you only get if you keep the account open for at least a year. The underlying interest rate is paid each month, while the fixed bonus is paid after a year (so if the rate drops, just take everything but £1 out and you’ll still get the bonus for the time you had the real amount in there).

There's also an extra 1% bonus for Tembo mortgage customers (hence the 'Homesaver' name), though this will be unimportant for most.

How Tembo's FSCS protection works. Deposited funds are held in a 'client money' account, separate from Tembo's own money with Lloyds Bank. This is a fully regulated UK bank and therefore covered by the FSCS. The cash that Tembo holds on your behalf is protected thanks to industry rules on client money.

However, the FSCS only covers up to £120,000 per person, per financial institution – meaning that if you have money in other accounts with Lloyds Bank (eg, a current account or savings account), the total protection you get is capped at £120,000. For more on this see Are my savings safe?

Trading 212 Cash ISA 'need to knows'

If you're new to Trading 212* and apply via our link using promo code MSE you’ll get 4.76% – this is made up of 3.6% variable plus a 12-month 1.16% fixed bonus. The bonus rate only applies to new money you pay in and transfers of cash deposited in the current tax year. If you transfer money from another ISA which includes deposits from previous tax years, that 'older money' will only earn 3.6%.

To get the bonus rate you must use promo code MSE when signing up – this should be applied automatically if you go via our link, but you can also enter it manually in the app within 10 days of opening the account. You'll also need to put £1+ in the account within 10 days.

Trading 212 is mainly an investment platform, so this ISA is likely a loss-leader to attract new savers who may then open other investment products. There’s nothing wrong with that – your ISA savings stay in cash and won’t be invested – but don’t be tempted to try investing unless you fully understand the risks.

If you only want the savings account, make sure you choose ‘Trading 212 Cash ISA’ when you apply. It also offers a stocks & shares ISA, which is very different (we cover those on our stocks and shares ISA page).

One final thing: Trading 212’s help is online-only, via live chat or email. If you’d rather have phone support, check our table for other top-paying cash ISAs with phone lines.

About FSCS protection for this account

The Trading 212 Cash ISA has full FSCS protection up to £120,000. However, because Trading 212 isn’t a bank, your money’s held in a separate ‘client money account’ with one or more banks – currently Barclays, NatWest and JPMorgan – all fully regulated and covered by the FSCS.

Keep in mind: FSCS protection is £120,000 per person, per financial institution. So if you already have savings with any of these banks (or their brands, like Chase for JPMorgan or Ulster Bank for NatWest), your combined total with each group is only protected up to £120,000. If you’re over that limit and the bank went bust, any extra savings could be at risk.

Moneybox currently pays 4.75% AER variable – this is comprised of an underlying 3.45% plus a 12-month 1.3% bonus. You can only make three penalty-free withdrawals a year (the rate plummets to 0.75% if you make more), so it's best for those who won't need regular access to their savings.

This is only available for new Moneybox cash ISA customers – you can't have previously signed up to its cash ISA at any point in the past, though you can get it if you've had other Moneybox accounts.

About FSCS protection for this account

When you deposit into Moneybox's cash ISA, the funds are held in a 'client money account', separate from Moneybox's own money. Moneybox currently holds its client money with one of many banks – see the full list – which means YOUR money could be with one (or more) of these banks. These are all fully regulated UK banks and are therefore covered by the FSCS.

You can find out which of these banks your money is actually being held with by contacting Moneybox's customer service team, however it's important to understand that if you've existing savings with any of them, the FSCS only covers up to £120,000 per person, per financial institution – in other words, the total protection for all accounts held with a particular bank is capped at £120,000.

It's also important to understand that, while your deposit and interest paid are covered by the FSCS, interest due but not yet paid is not covered. However, Moneybox does ringfence these funds, so in the unlikely event it did go bust, you'd have a clear claim to the unpaid accrued interest.

For more on this see Are my savings safe?

You can take money out, and return it in the same tax year (by 5 April), without reducing your current year's ISA allowance, which is £20,000.

An example helps to explain it:

Tom has £40,000 in his cash ISA which is made up of £35,000 from previous years and £5,000 from money deposited in the current tax year, meaning he can still put £15,000 in of this year's allowance. If he withdraws £10,000 he can put in a further £25,000 this tax year: the £10,000 he took out, plus the remaining £15,000 allowance.

For full info see our Flexible ISAs guide.

You can take money out, and return it in the same tax year (by 5 April), without reducing your current year's ISA allowance, which is £20,000.

An example helps to explain it:

Tom has £40,000 in his cash ISA which is made up of £35,000 from previous years and £5,000 from money deposited in the current tax year, meaning he can still put £15,000 in of this year's allowance. If he withdraws £10,000 he can put in a further £25,000 this tax year: the £10,000 he took out, plus the remaining £15,000 allowance.

For full info see our Flexible ISAs guide.

Trading 212 Cash ISA 'need to knows'

If you're new to Trading 212* and apply via our link, you’ll currently get up to 4.76% AER – this includes an underlying 3.6% AER variable rate plus a 12-month 1.16% AER fixed bonus. This top rate only applies to new money you pay in. If you transfer money from another ISA, it won’t get the bonus and will earn just the 3.6% AER.

Trading 212 is mainly an investment platform, so this ISA deal is clearly a loss-leader to attract new savers who may then open other investment products. There’s nothing wrong with that – your ISA savings stay in cash and won’t be invested – but don’t be tempted to try investing unless you fully understand the risks (your money can go down as well as up).

If you only want the savings account, make sure you choose ‘Trading 212 Cash ISA’ when you apply. It also offers a stocks & shares ISA, which is very different (we cover those on our stocks and shares ISA page).

One final thing: Trading 212’s help is online-only, via live chat or email. If you’d rather have phone support, check our table for other top-paying cash ISAs with phone lines.

About FSCS protection for this account

The Trading 212 Cash ISA has full FSCS protection up to £120,000. However, because Trading 212 isn’t a bank, your money’s held in a separate ‘client money account’ with one or more banks – currently Barclays, NatWest and JP Morgan – all fully regulated and covered by the FSCS.

Keep in mind: FSCS protection is £120,000 per person, per financial institution. So if you already have savings with any of these banks (or their brands, like Chase for JP Morgan or Ulster Bank for NatWest), your combined total with each group is only protected up to £120,000. If you’re over that limit and the bank went bust, any extra savings could be at risk.

Moneybox cash ISA 'need to knows'

Moneybox currently pays 4.75% AER variable – this is comprised of an underlying 3.45% plus a 12-month 1.3% bonus. You can only make three penalty-free withdrawals a year (the rate plummets to 0.75% if you make more), so it's best for those who won't need regular access to their savings.

This is only available for new Moneybox cash ISA customers – you can't have previously signed up to its cash ISA at any point in the past, though you can get it if you've had other Moneybox accounts.

About FSCS protection for this account

When you deposit into Moneybox's cash ISA, the funds are held in a 'client money account', separate from Moneybox's own money. Moneybox currently holds its client money with one of many banks – see the full list – which means YOUR money could be with one (or more) of these banks. These are all fully regulated UK banks and are therefore covered by the FSCS.

You can find out which of these banks your money is actually being held with by contacting Moneybox's customer service team, however it's important to understand that if you've existing savings with any of them, the FSCS only covers up to £120,000 per person, per financial institution – in other words, the total protection for all accounts held with a particular bank is capped at £120,000.

It's also important to understand that, while your deposit and interest paid are covered by the FSCS, interest due but not yet paid is not covered. However, Moneybox does ringfence these funds, so in the unlikely event it did go bust, you'd have a clear claim to the unpaid accrued interest.

For more on this see Are my savings safe?

Key 'need-to-knows'

The Tembo Homesaver* account pays 4.55% on up to £20,000, including 3% variable + a 1.55% 12mth fixed bonus, which you only get if you keep the account open for at least 12mths.

You don't have to keep all your money deposited the whole time though, bonus interest is calculated daily, so you could withdraw your deposit whenever you like, just leave the £1 minimum in to keep the account open, and still receive your bonus interest. The underlying interest rate is paid each month, while the fixed bonus is paid after the 12mths are up.

Extra bonus for mortgage customers: This account also pays an additional 1% 12-month fixed bonus, but only to account holders who complete a mortgage or remortgage through Tembo's mortgage advice service in their first three years. The bonus is paid after 12mths if you complete a mortgage during this time, or straight after completion any time after 12-36 months from account opening. You don't get this bonus if you withdraw more than three times/yr OR if your deposit drops below £1,000 after the first year.

FSCS protection: Deposited funds in the Homesaver are held in a 'client money' account, separate from Tembo's own money with Lloyds Bank. This is a fully regulated UK bank and therefore covered by the FSCS. The cash that Tembo holds on your behalf is protected thanks to industry rules on client money.

However, the FSCS only covers up to £120,000 per person, per financial institution – meaning that if you have money in other accounts with Lloyds Bank (eg, a current account or savings account), the total protection you get is capped at £120,000.

For more on this see Are my savings safe?

Key 'need-to-knows'

The app-only Chase* 'boosted saver' pays 4.5% for its easy-access account. This includes a 2.25% 12-month fixed bonus only available to new Chase customers. To get the bonus you first need to open its current account – a quick, and straightforward process that usually takes just a few minutes – and then open its linked easy-access saver within 31 days to get the boosted rate.

Opening the current account is free and only requires a soft credit check which won't impact your credit score. Other perks include 2% cashback on UK grocery, transport and fuel spending up to £20/mth and fee-free overseas spending. See our full review.

Key 'need-to-knows'

The Santander Edge Saver account* pays 6% on up to £4,000, including a 2.5% bonus for the first 12 months. To get it, you need to open a Santander Edge current account. Unlike the linked savers in the table above, this current account has a £3 monthly fee.

You also have to use the current account regularly, including depositing at least £500 a month and having two or more active direct debits.

So the saver will only be worth it if you take into account the effort and cost of the current account. On a positive note, it does have decent perks which might help mitigate the fee, including 1% cashback on certain bills and a switching deal. For full info, including other options for cashback accounts, see Best bank accounts.

Key 'need-to-knows'

Prosper is a 'savings marketplace', which means that it does special deals with banks to offer savings accounts – often at higher rates than are available direct with that bank. It offers a couple of market-leading short-term fixes...

• AlRayan Bank at 4.5% for six months – 4.24% underlying rate + 0.26% Prosper 'boost' (min £10k, max £1m)

• AlRayan Bank at 4.5% for nine months – 4.2% underlying rate + 0.3% Prosper 'boost' (min £10k, max £1m)

If you open an account through Prosper, you first add your deposit to your 'Prosper wallet' – this is a holding account provided by Griffin Bank, which has FSCS protection up to £120,000. The deposit is then transferred to the savings account you picked (covered by the bank's FSCS protection).

The way the rates are structured with Prosper accounts is a little different to a standard savings account – there's an underlying rate from the bank (which is paid at maturity) plus a 'Prosper Boost' on top (which is paid a week after maturity). You only get the boost if you've never had a Prosper account before.

The 'Prosper Boost' is paid in cash into your linked bank account at the end of the fixed term – so it's essentially a cashback bonus. How much you earn will vary depending on how much you save – save more and you'll earn more, just like how interest works.

AlRayan Bank accounts are sharia-compliant

Sharia-compliant 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 the expected rate in the past.

The accounts are open to anyone, of any faith, and the ones in our guide are fully UK-regulated, meaning you get the normal £120,000 per person, per institution savings safety protection. Sharia banks also follow a rule not to invest in areas such as gambling or alcohol.

Key 'need-to-knows'

Prosper is a 'savings marketplace', which means that it does special deals with banks to offer savings accounts – often at higher rates than are available direct with that bank. It offers a couple of notice accounts paying a smidge higher than current market leading rates...

• Vida Bank at 4.2% for 95 days' notice – 3.95% underlying rate + 0.25% Prosper 'boost' (min £10k, max £120k).

• Vida Bank at 4.17% for 45 days' notice – 3.9% underlying rate + 0.27% Prosper 'boost' (min £10k, max £120k).

If you open an account through Prosper, you first add your deposit to your 'Prosper wallet' – this is a holding account provided by Griffin Bank, which has FSCS protection up to £120,000. The deposit is then transferred to the savings account you picked (covered by the bank's FSCS protection).

The way the rates are structured with Prosper accounts is a little different to a standard savings account – there's an underlying rate from the bank (which is paid daily into the account) plus a 'Prosper Boost' on top (which is paid annually and at account closure to your nominated account). You only get the boost if you've never had a Prosper account before.

The boost is essentially a cashback bonus. How much you earn will vary depending on how much you save – save more and you'll earn more, just like how interest works.

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 FSCS protection.

This gets complex, so stick with us. When you go to fund your chosen savings account, depending on the bank your deposit will either be transferred directly to the account or your funds will be transferred through Raisin Platforms Limited (RPL), which will hold and administer your deposit in what is known as a 'bare trust' arrangement.

For the short time RPL holds your money before it's transferred to your savings account of choice, it's technically held in trust in an RPL account with ClearBank. The FSCS has confirmed in this type of structure you still get the UK £120,000 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 ClearBank's). RPL will then transfer your deposit and any interest to your Raisin UK account in the event you withdraw, you close the account or it matures.

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 £120,000, 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 £120,000 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 £120,000 by the FSCS, though note – any other money held separately with Barclays would fall under that same £120,000.

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 £120,000. 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.

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 £120,000 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 £120,000 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 £120,000 by the FSCS, though note – any other money held separately with Barclays or HSBC would fall under that same £120,000.

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 FSCS protection.

This gets complex, so stick with us. When you go to fund your chosen savings account, depending on the bank your deposit will either be transferred directly to the account or your funds will be transferred through Raisin Platforms Limited (RPL), which will hold and administer your deposit in what is known as a 'bare trust' arrangement.

For the short time RPL holds your money before it's transferred to your savings account of choice, it's technically held in trust in an RPL account with ClearBank. The FSCS has confirmed in this type of structure you still get the UK £120,000 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 ClearBank's). RPL will then transfer your deposit and any interest to your Raisin UK account in the event you withdraw, you close the account or it matures.

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 £120,000, 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 £120,000 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 £120,000 by the FSCS, though note – any other money held separately with Barclays would fall under that same £120,000.

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 £120,000. 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.

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 £120,000 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 £120,000 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 £120,000 by the FSCS, though note – any other money held separately with Barclays or HSBC would fall under that same £120,000.