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.

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/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/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 1.75% easy access or up to 3.4% fixed

Money Team

Updated Daily

Savings rates have been creeping up lately, with the highest rates we've seen for more than a decade. Yet it's never been more important to maximise every penny of savings interest. With inflation roaring, in real terms money in savings is shrinking. To mitigate the impact, you need as high a rate as possible. 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 3.5% interest if you can save monthly
Children's savings: Earn up to 3% on kids' savings
Current accounts: Earn up to 2% 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, so it's only those with very large amounts of savings who would need to worry about this – and that's less than 5% of us. Find full info in our Personal savings allowance guide.

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.
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 in to them to meet the ongoing financial challenges.

But interest rates are usually lower than on fixed savings accounts, because you pay for the flexibility. And since the rates are variable, it's worth checking your rate regularly to make sure you're getting the best possible returns.

Easy-access accounts – what we'd go for

All the top easy-access accounts are variable rate, so monitor the interest in case it drops (or, here's hoping, rises).

Shawbrook Bank pays the top standard easy access rate of 1.75% (min £1,000).

Alternatively, the Virgin Money M Plus Saver* pays 1.71% on up to £25,000, though it's linked to a current account, so you need to open that first to get it. However, the current account does have many perks – it pays 2.02% interest on up to £1,000, comes with a top debit card for overseas use, and if you switch to it from your existing bank, gives 20,000 points (worth £100ish) to spend on a variety of experiences, gifts or flights (though if you're switching, other accounts offer up to £160 free cash).

As this is a bank account rather than savings, it does need a full credit check to open. This isn't usually a big deal, but best to hold off if you're due an important credit application.

Provider	Rate (AER variable)	Unlimited withdrawals?	Min/max deposit	How to open
Top savings accounts. Here are the highest paying traditional savings accounts.
Shawbrook Bank	1.75%	Yes (min £500)	£1,000/ £85,000	Online
Virgin Money M Plus Saver*	1.71% (via a current account – full info)	Yes	£0/ £25,000	Online
Tandem*	1.65%	Yes	£0/ £250,000	App (no joint accounts)
Cynergy Bank	1.6% (includes a fixed 0.15% 12-month bonus)	Yes	£1/ £1m	Online
Ways to boost your interest. It's possible to beat the rates above with these non-standard accounts.
Nationwide FlexDirect (current account, low max deposit)	5%	Yes	£0/ £1,500	Online
Al Rayan Bank	1.8% (expected profit)	Yes	£5,000/ £1m	Online
Hampshire Trust Bank via Flagstone (online savings marketplace)	1.41% + £30 bonus for some	Yes	£10,000/ £85,000	Online (no joint accounts)

All have Financial Services Compensation Scheme savings protection of up to £85,000 (Virgin Money's is shared with Clydesdale Bank and Yorkshire Bank).

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

Notice accounts require you to give, er, 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

You can boost your savings interest if you're willing to lock your cash away for a short period – from 1.65% with Zopa's 31-day notice account to 2.15% with OakNorth's 120-day notice account.

Though do take a look at the table for alternative non-standard accounts which can beat these rates.

Provider	Rate (AER variable)	Notice	Min/max deposit	How to open
Top notice accounts. Here are the highest paying traditional notice accounts.
OakNorth Bank	2.15%	120 days	£1/ £500,000	Online/ app (joint accounts must be opened online)
OakNorth Bank	2.12%	90 days	£1/ £500,000	Online/ app (joint accounts must be opened online)
Zopa	1.65%	31 days	£1/ £50,000	App (no joint accounts)
Ways to boost your interest. It's possible to beat the rates above with this non-standard account.
Allica Bank via Flagstone (online savings marketplace)	2% + £30 bonus for some	95 days	£10,000/ £85,000	Online (no joint accounts)
Investec via Raisin (online savings marketplace)	1.61% + £25 bonus for some	32 days	£10,000/ £85,000	Online (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-rate accounts

With fixed savings you can't usually withdraw your money until the end of the term. And in return, you get a better rate – and that rate's guaranteed. This is because the bank gets the certainty of holding your cash for a set amount of time, and in exchange, you get the certainty of the interest rate it offers. Therefore, you should only lock away what you definitely won't need access to.

Fixed savings rates have been creeping up over the last few months. And, as City expectations are for more Bank of England rate rises, many expect the rates you can get on fixed savings to continue to rise. As such, you may not want to fix for too long right now. We've the top fixes from six months to five years below, plus our MSE analysis of what we'd go for at each level...

Six-month fixed savings – what we'd go for

Currently we're seeing fixed rates rising, meaning what you can get this week is likely to be beaten next. If this trend continues, it may be wise to fix for a short period, so your money's getting interest, but it's not locked away for too long. We've some decent six-month options in the table below.

Provider	Rate (AER)	Min/max deposit	How to open
Top standard six-month fix. Here is the highest paying traditional account.
Atom Bank	2%	£50/ £100,000	App (no joint accounts)
United Trust Bank	1.96%	£5,000/ £1m	Online
Ways to boost your interest. It's possible to beat the rates above with these non-standard accounts.
My Community Bank (credit union account)	2.02%	£1,000/ £85,000	Online (no joint accounts)
BLME	2.01% (expected profit)	£1,000/ £1m	Online
Shawbrook via Flagstone (online savings marketplace)	2% + £30 cashback for some	£10,000/ £85,000	Online (no joint accounts)
National Bank of Egypt via Raisin (online savings marketplace)	2% + £25 cashback for some	£10,000/ £85,000	Online (no joint accounts)