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?

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.

Are there savings accounts designed for my business?

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. 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 inflation figures of 6% plus, no savings account can match it. Here's an example using simple numbers of how inflation and interest interact... Imagine inflation is 10%... Things costing £1 this year will then cost £1.10 next year. You have £1 in a savings account at 5% interest... By next year, it will have grown to £1.05. Therefore, saving has reduced your spending power by 5p 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.

Can I open an account through Power of Attorney?

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: 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 sharia accounts work?

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.

Why do you list AER interest when not all these fixed accounts pay it?

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 .

When should I choose to have my interest paid?

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 fixed-term account itself. You can often choose how often interest is paid too, for example monthly or annually, or even 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%. 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 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 years. Others may want it all paid at the end if, for example, you're retiring and may be a lower taxpayer then.

Top savings accounts

Up to 5.01% easy access or up to 4.8% fixed

Money Team

Updated 14 January 2025

After many years of low rates, savings have made a significant comeback over the last 18 months. 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 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% 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 5.8% on kids' savings
Current accounts: Earn up to 5.12% on smaller sums

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 £19,000 in easy-access savings at the best rates, or £18,000 at the top fixed rates, 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 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 returns. Here are our top tips to help you 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 £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.
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+. 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 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.
7. Happy to open a current account? You can boost interest on small amounts

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.
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.

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.

MSE weekly email

FREE weekly MoneySaving email

For all the latest deals, guides and loopholes simply sign up today – it's spam-free!

Show less

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.

With easy-access accounts, 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 – so there's a long wait. 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.

Easy-access accounts – what we'd go for

Right now, top easy-access cash ISAs pay more than most top savings accounts. Cash ISAs are just savings accounts you NEVER pay tax on, and all UK adults get an ISA allowance at the start of each tax year. So if you've yet to use this year's £20,000 allowance, they're worth considering – our top pick is Plum's 5.01% (max three penalty-free withdrawals a year).

Top standard savings accounts. There aren't currently any standard accounts which allow unlimited withdrawals paying top rates, so you'll need to sacrifice on rate for this flexibility. Chetwood Bank's 4.66% (no min) allows you to withdraw once per day, but for truly unlimited withdrawals, top rates are Monument Bank's 4.55% (min £25k) and Cynergy Bank's 4.5% (min £1).

Alternatively, if you're willing to accept restrictions on your withdrawals, you can get a higher 4.85% with two app-based banks. Chip limits you to just three withdrawals a year, while Atom Bank pays a much lower rate in any month you make a withdrawal – so they're best for those who won't need to withdraw often.

You can also get up to 6% interest with a variety of non-standard accounts.

Prefer an established name? Virgin Money pays the top rate at 4.51%, though as with Chip above, here you're limited to three penalty-free withdrawals a year.

Top savings accounts. All have the full £85,000 savings protection.

Top cash ISAs currently pay more than normal savings. Cash ISAs are savings accounts you never pay tax on – a strong choice if you've not yet used your £20k annual allowance.

Cash ISA

Plum, 5.01% (click for info)

- Max three penalty-free withdrawals a year

- Min £100

- Open via app

- Interest paid: monthly and annually

- Is not a flexible ISA

Cash ISA

Moneybox, 5% (click for info)

- Max three penalty-free withdrawals a year

- Min £500

- Open via app

- Interest paid: annually

- Is not a flexible ISA

Top normal accounts

(In rate order – see what we'd go for)

Top well-known name accounts

(As many tell us you prefer names you know)

Top rate if you'll withdraw rarely

Chip, 4.85% (click for more info)

- No min, max £1m

- Open via app

- Interest paid: monthly

- No joint accounts

Top big name rate if you'll withdraw rarely

Virgin Money, 4.51%

- Max three penalty-free withdrawals a year

- Min £1, max £250,000

- Open online

- Interest paid: choose monthly or annually

- Sole or joint accounts

Top rate if you'll withdraw rarely

Atom Bank, 4.85%

- Rate drops to 3.25% in each month you withdraw

- No min, max £100,000

- Open via app

- Interest paid: monthly

- No joint accounts

Top big name rate with unlimited withdrawals

Leeds BS, 4.4% (matures 2 Feb 26)

- Min £1,000, max £1m

- Open online

- Interest paid: annually

- Sole or joint accounts

Max one withdrawal per day

Chetwood Bank, 4.66%

- No min or max

- Open online

- Interest paid: monthly

- No joint accounts

- Withdrawals by end of next working day

Skipton BS, 4.4% (includes fixed 1.1% 1yr bonus)

- Min £1, max £1m

- Open online/ app/ phone/ post/ branch

- Interest paid: annually

- Sole or joint accounts

Top unlimited withdrawals but high min

Monument Bank, 4.55%

- Min £25,000, max £2m

- Open via app

- Interest paid: monthly

- No joint accounts

Yorkshire BS*, 4.35%

- Min £1, max £500,000

- Open online

- Interest paid: annually

- Sole or joint accounts

Top unlimited withdrawals with low min

Cynergy Bank, 4.5% (includes fixed 1.5% 1yr bonus)

- Min £1, max £1m

- Open online

- Interest paid: annually

- Sole or joint accounts

Marcus (Goldman Sachs), 4.3%

- Min £1, max £250,000

- Open online

- Interest paid: monthly

- Sole or joint accounts

Ways to boost your interest. Some non-standard accounts pay higher rates.

Santander Edge, 6% but only for its current account customers (click for info)

- Min £1, max £4,000

- Open online, via its app or in branch
- Interest paid: monthly

- No joint accounts

- Requires a Santander Edge current account (click for full review)

Chase*, 5% but only for new current account customers (3.5% variable + 1.5% fixed bonus for 6mths, variable rate falls to 3.25% on 19 Feb)

- Min £1, max £3m

- Open via app
- Interest paid: monthly

- No joint accounts

- Requires a Chase current account (click for full review)

GB Bank via NuWealth, 4.86% (click for info)

- Min £500, max £25,000

- Open via app
- Interest paid: underlying 4.4% paid daily, 0.46% bonus paid monthly

- No joint accounts

Monument Bank via Raisin, 4.52% + £100 cashback

- Min £1,000/ £85,000

- Open online

- Interest paid: monthly

- No joint accounts

- Min £500 per withdrawal

All rates are AER. Santander and Cahoot share FSCS protection.

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.

MSE weekly email

FREE weekly MoneySaving email

For all the latest deals, guides and loopholes simply sign up today – it's spam-free!

Show less

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.

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. As things stand, these accounts currently out-pay even fixed-term accounts, though the rate is variable here, which means it could go up or down over time.

OakNorth Bank pays the top rate for a notice account at 4.91% for 95 days' notice (min £1). This rate tracks 0.16% above the Bank of England base rate (currently 4.75%), so will rise and fall alongside it.

Provider	Rate (AER variable)	Notice	When is interest paid?	Min/max deposit	How to open
Top standard notice accounts. Here are the highest paying traditional savings accounts.
OakNorth Bank	4.91% (tracks 0.16% above Bank of England base rate)	95 days	Monthly, paid into the account	£1/ £500,000	Online/ app
Oxbury Bank	4.9% (tracks 0.15% above Bank of England base rate)	90 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 with an account from an online savings marketplace.
OakNorth Bank via Prosper (online 'savings marketplace')	4.95%	95 days	4.77% paid daily into the account, 0.18% 'boost' paid annually into nominated account	£20,000/ £500,000	App (no joint accounts)

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.

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.

MSE weekly email

FREE weekly MoneySaving email

For all the latest deals, guides and loopholes simply sign up today – it's spam-free!

Show less

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).

At the moment, shorter-term fixes of a year or less currently pay higher rates than longer-term fixes. Though it's worth noting that, unusually, notice accounts actually pay the highest rates right now – and the top easy-access rates are only a smidge behind the top fixed rates. So there's an important question to consider – do you want the flexibility of an easy-access or notice account, or the certainty of a fixed-rate account?

Just remember, if interest rates rise, the longer you fix, the longer you forgo the ability to ditch and switch to a better deal.

For fixes that go across more than one tax year, when you can access the interest matters.

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.

Fixes less than a year – what we'd go for

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, Zenith Bank pays the top rate for a six-month fix at 4.8% (min £1,000).

Top shorter-term fixes. Here are the highest paying six- and nine-month accounts.
Provider	Rate (AER) + fix length	When can I get the interest?	Min/max deposit	How to open
Zenith Bank	4.8% for six months	At maturity	£1,000/ £2m	Online
Hampshire Trust Bank	4.77% for six months	At maturity	£1/ £250,000	Online
Ways to boost your interest. Beat the above rates with an account via an online savings marketplace.
Santander International via Prosper (online 'savings marketplace')	5% for three months	At maturity	£20,000/ £1m	App (no joint accounts)
FCMB UK via Raisin (online 'savings marketplace')	4.7% for six months + £100 cashback	At maturity	£1,000/ £85,000	Online (no joint accounts)

All have Financial Services Compensation Scheme savings protection of up to £85,000.

One-year fixes – what we'd go for

If you go for a one-year fix that pays interest 'at maturity', it'll count towards your tax-free allowance for the next tax year, not this one. Monthly interest paid out of the account is different, as it's counted for the tax year in which it's paid to you – though here you won't get interest on the interest. See tax on savings interest for full help.

Top standard one-year fix. Vida Savings pays the top rate of 4.77% with an account you can open online with £100+.

Prefer an established name? Virgin Money pays 4.52% for a one-year fix (min £1) – you can choose to have your interest paid monthly or at the end of the term.

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 savings accounts.
Vida Savings	4.77%	Monthly, annually or at maturity	£100/ £85,000	Online
Secure Trust Bank (matures 19 Feb 26)	4.76%	At maturity	£1,000/ £1m	Online
SmartSave	4.76%	At maturity	£10,000/ £85,000	Online (no joint accounts)
Top rates from established names. As we know some prefer to save with bigger brands.
Virgin Money (matures 20 Dec 25)	4.52%	Monthly or at maturity	£1/ £1m	Online (no joint accounts)
Ways to boost your interest. Beat the rates above with cashback from an online 'savings marketplace'
Zenith Bank via Raisin (online 'savings marketplace')	4.72% + £100 cashback	At maturity	£1,000/ £85,000	Online (no joint accounts)

All have Financial Services Compensation Scheme savings protection of up to £85,000.

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 two-year fixed rate is paid by app-based Atom Bank at 4.7% (min £50). If you'd prefer to bank online, SmartSave pays a lower 4.66%, though note its high £10,000 minimum deposit requirement.

Prefer an established name? Leeds BS pays 4.05% for a two-year fix (min £100) – you can choose to have your interest paid monthly, annually or at the end of the term.

A PS about Close Brothers. It’s in the tables below, where we list based on the top rates. We’ve had a few questions about it, as its share price plunged on the back of its exposure to car finance mis-selling – likely why it wants to attract savers money. Crucially, like all regulated banks, you’ve full UK savings safety guarantee up to £85,000 per person, per institution. If you’ve more than that, with any bank we’d suggest you’re careful and limit exposure, and that certainly applies here.

Top standard two-year fixes. Here are the highest paying traditional savings accounts.
Provider	Rate (AER)	When can I get the interest?	Min/max deposit	How to open
Atom Bank	4.7%	Monthly, annually or at maturity	£50/ £100,000	App (no joint accounts)
SmartSave	4.66%	At maturity	£10,000/ £85,000	Online (no joint accounts)
Close Brothers	4.66%	Annually, paid away	£10,000/ £2m	Online
Top rate from an established name. As we know some prefer to save with bigger brands.
Leeds BS (matures 1 Feb 27)	4.05%	Monthly, annually or at maturity	£100/ £1m	Online/ post/ branch
NatWest* (matures 17 Feb 27)	3.8%	Monthly or at maturity	£1/ £5m	Online (existing customers also via app)

All have Financial Services Compensation Scheme savings protection of up to £85,000.

Three- and five-year fixes – are they worth it?

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.

The top longer-term fixed rates are paid by Hodge Bank at 4.61% for three years (min £1,000) and Birmingham Bank at 4.55% for five years (min £5,000).

Three-year fixed rates

Top standard three-year fixes. Here are the highest paying traditional savings accounts.
Provider	Rate (AER)	When can I get the interest?	Min/max deposit	How to open
Hodge Bank	4.61%	Monthly, annually or at maturity	£1,000/ £1m	Online (no joint accounts)
Atom Bank	4.6%	Monthly, annually or at maturity	£50/ £100,000	App (no joint accounts)
JN Bank	4.6%	At maturity	£100/ £500,000	Online (no joint accounts)
Top rates from established names. As we know some prefer to save with bigger brands.
Skipton BS	4%	Monthly, annually or at maturity	£500/ £1m	Online/ app/ phone/ post/ branch

All have Financial Services Compensation Scheme savings protection of up to £85,000.

Five-year fixed rates

Top standard five-year fixes. Here are the highest paying traditional savings accounts.
Provider	Rate (AER)	When can I get the interest?	Min/max deposit	How to open
Birmingham Bank	4.55%	At maturity	£5,000/ £250,000	Online (no joint accounts)
Shawbrook Bank	4.52%	Monthly, annually or at maturity	£1,000/ £2m	Online
Close Brothers	4.52%	Annually, paid away	£10,000/ £2m	Online
Top rates from established names. As we know some prefer to save with bigger brands.
Skipton BS	4%	Monthly, annually or at maturity	£500/ £1m	Online/ app/ phone/ post/ branch

All 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 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 cashback offer

Newbies to Raisin who save £10,000+ for at least six months can get £100 cashback. Here's how it works...

Register with Raisin through this link* and enter code SAVINGS100 in the promo code box (it's the very last field before you create your account) by 11.59am on 17 January.
Open a new savings account and fund it with at least £10,000 by 11.59pm on 7 February. Qualifying accounts include easy-access accounts, notice accounts and fixed accounts with a length of six months or longer.
Keep £10,000+ saved for at least six months.
For easy-access and notice accounts: the cashback is paid into your Raisin account within 14 days after the account has been active for six months. For fixed accounts: the cashback is paid into your Raisin account after 28 days.

Here are our top-pick accounts available on Raisin:

There are many more accounts available, including longer fixes – see the full list*.

Hargreaves Lansdown Active Savings cashback offer

New Hargreaves Lansdown Active Savings customers can claim between £10 and £150 cashback depending on the amount being saved. Here's how to get it....

Register for the offer by entering in your details on the Hargreaves Lansdown Active Savings* website.
Open a new Active Savings account by 5 February 2025.
Add at least £5,000 by debit card or Pay by Bank into the Active Savings account and instruct Hargreaves Lansdown to deposit it into the savings product of your choice within 60 days.
The cashback will be paid into your Active Savings cash hub by 11 April 2025. For easy-access or notice accounts, the balance must stay above the qualifying cashback amount for six months, or Hargreaves Lansdown may reclaim the cashback awarded.

The cashback breakdown is as follows:

Amount saved	Cashback
£5,000 to £9,999	£10
£10,000 to £19,999	£20
£20,000 to £29,999	£40
£30,000 to £49,999	£60
£50,000 to £74,999	£100
£75,000 or more	£150

Are my savings safe?

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.
Important – you'll need to take action when your fixed term ends

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.
Is there anything else I should know?

If 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.
You don't pay tax on introductory cash bonuses

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.

MSE weekly email

FREE weekly MoneySaving email

For all the latest deals, guides and loopholes simply sign up today – it's spam-free!

Show less

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 case to the free Financial Ombudsman Service.

Savings Q&A

MSE weekly email

FREE weekly MoneySaving email

For all the latest deals, guides and loopholes simply sign up today – it's spam-free!

Show less

MSE Forum

Have your say in our forum!

Top savings accounts

Spotted out of date info/broken links? Email: brokenlink@moneysavingexpert.com

MSE tools & calculators

Clever ways to calculate your finances

Credit Card Eligibility

See which cards are likely to accept you

Tool

Loans Eligibility

See which loans you've the best chance of getting

Tool

MSE App

Get MSE on your Apple or Android phone

Tool

Broadband Unbundled

Compare broadband deals & save

Tool

Mortgage best buys

Compares thousands of mortgages

Tool

Mortgage Calculator

Eight calcs for all your mortgage sums

Tool

Tools and calculators

What the * means above
If a link has an * by it, that means it is an affiliated link and therefore it helps MoneySavingExpert stay free to use, as it is tracked to us. If you go through it, it can sometimes result in a payment or benefit to the site. It's worth noting this means the third party used may be named on any credit agreements.

You shouldn’t notice any difference and the link will never negatively impact the product. Plus the editorial line (the things we write) is NEVER impacted by these links. We aim to look at all available products. If it isn't possible to get an affiliate link for the top deal, it is still included in exactly the same way, just with a non-paying link. For more details, read How this site is financed.

Duplicate links of the * links above for the sake of transparency, but this version doesn't help MoneySavingExpert.com:

Chase, GB Bank via NuWealth, NatWest, Plum, Prosper, Raisin, Yorkshire BS

MoneySavingExpert.com Limited is an appointed representative of MONY Group Financial Limited. MONY Group Financial Limited is authorised and regulated by the Financial Conduct Authority (FRN: 303190). The registered office address of both MONY Group PLC and MONY Group Financial Limited (registered in England No. 3157344) is MONY Group House, St. David's Park, Ewloe, Chester, CH5 3UZ.

In this guide

In this guide

Regular savings accounts

Top cash ISAs

Help to Save

Top savings accounts

Up to 5.01% easy access or up to 4.8% fixed

In this guide

In this guide

Top-pick savings accounts

What is a savings account?

Your savings are safe – up to £85,000 is protected per bank or building society

How to choose the right savings account

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

2. Need instant access to your cash? Go for easy access

Or, boost rates but still keep some access...

3. Lock cash away in return for higher fixed rates

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

5. On Universal Credit or Tax Credits? Help to Save gives a 50% bonus, so smashes other accounts

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

7. Happy to open a current account? You can boost interest on small amounts

8. If you're able to save monthly, regular savings accounts often pay high rates on small amounts

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

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

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

Top easy-access savings

Easy-access accounts – what we'd go for

Top normal accounts

Top well-known name accounts

Top notice savings accounts

Notice accounts – what we'd go for

Top fixed-term savings accounts

Fixes less than a year – what we'd go for

One-year fixes – what we'd go for

Two-year fixed savings – what we'd go for

Three- and five-year fixes – are they worth it?

Three-year fixed rates

Five-year fixed rates

How do online savings platforms work?

Raisin

Hargreaves Lansdown Active Savings

Flagstone

Prosper

Want to complain about your savings provider?

Savings Q&A

Share this guide

Have your say in our forum!

Clever ways to calculate your finances