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This comparison simply includes all savings accounts.

SmartSave
Instant Access Account SmartSave
Min deposit £10000
Term Instant Access
Interest AER 5.07%

Why we like it: Sign up to a Flagstone account, and access hundreds of savings accounts from 60+ banks, including this one. Easily split cash between multiple accounts, all with a single application. Maximise your interest with exclusive rates. Personalised illustration tool to see how you can maximise your cash. FSCS Protected. Minimum deposit £10,000. Must be UK resident and aged 18 or older

Leeds Building Society
Limited Issue Online Access Account Leeds Building Society
Min deposit £1000
Term Instant Access
Interest AER 4.85%

Why we like it: Interest paid annually. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must be UK resident and be aged 18 or older

Chip
Instant Access Account Chip
Min deposit £1
Term Instant Access
Interest AER 4.84%

Why we like it: A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. Must be UK resident. Must be aged 18 or older.

RCI Bank
Freedom Savings Account RCI Bank
Min deposit £100
Term Instant Access
Interest AER 4.75%

Why we like it: Which? Recommended Savings Provider. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services. Compensation Scheme (FSCS)

Investec Savings
Online Flexi Saver Investec Savings
Min deposit £5000
Term Instant Access
Interest AER 4.70%

Why we like it: Instant access to your savings. Unlimited deposits and withdrawals. Interest paid monthly, either to a linked current account, or adding it to your Online Flexi Saver account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Must be aged 18 or older and have a UK address. Must have a linked UK current account. Your eligible deposits with Investec Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)

Post Office
Online Saver Account Post Office
Min deposit £1
Term Instant Access
Interest AER 4.60%

Why we like it: Choose monthly or annual interest payments. Unlimited deposits and withdrawals. 24/7 access to your savings. Open and manage online. After 12 months the rate will revert to the underlying rate, currently 1.55% gross/AER variable. Post Office Online Saver is provided by Bank of Ireland UK. Must be UK resident. Must be aged 18 or older. FSCS protected

Yorkshire Building Society
Easy Access Saver Yorkshire Building Society
Min deposit £1
Term Instant Access
Interest AER 4.60%

Why we like it: Save from £1. Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £500,000. Open and manage account online. FSCS Protected. Must be UK resident. Must be aged 16 or older

RCI Bank
E-Volve 14 Day Notice Account RCI Bank
Min deposit £1000
Term 14 Day Notice
Interest AER 4.80%

Why we like it: All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Which? Recommended Savings Provider. Unlimited withdrawals subject to 14 days notice. Must be UK resident. Must be aged 18 or older. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)

OakNorth
Base Rate Tracker 95 Day Notice Account OakNorth
Min deposit £1
Term 95 Day Notice
Interest AER 5.37%

Why we like it: The interest rate tracks the Bank of England (BoE) Base Rate. Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Open and manage account online. Your eligible deposits are protected up to £85,000 by the Financial Services Compensation Scheme. The maximum deposit you may pay into any one OakNorth Account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with OakNorth Bank across multiple accounts is also £500,000. Unlimited withdrawals, subject to 95 days notice. Available to individuals, aged 18 or over, who are UK residents

Investec Savings
90 Day Notice Account Investec Savings
Min deposit £5000
Term 90 Day Notice
Interest AER 5.25%

Why we like it: Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must be aged 18 or older and have a UK address. Must have a linked UK current account

Aldermore
Fixed Rate Bond Aldermore
Min deposit £1000
Term 9 Months
Interest AER 4.90%

Why we like it: 9 month term, minimum deposit £1,000, no withdrawals permitted. FSCS Protected

Hampshire Trust Bank
Fixed Rate Bond Hampshire Trust Bank
Min deposit £1
Term 1 Year
Interest AER 5.05%

Why we like it: Interest paid annually. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2024. Must be UK resident and be aged 18 or older. No withdrawals permitted

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First Direct 1st Current Account

If you like to have your overdraft as a safety net then the First Direct 1st current account is a great choice with its £250 0% overdraft

Access to a Regular Saver paying 1.00% AER/gross fixed for the first 12 months.

Additionally, if you go more than £250 into your overdraft, you pay interest of 15.9% EAR, making it one of the lower-cost overdrafts on offer.

While the benefits of the First Direct 1st current account are attractive, it won’t be suitable for everyone because it requires paying in £1,000 every month. Failure to do so could result in you having to pay a fee of £10 per month.

First Direct offers, as standard:

  • Beautifully designed Internet Banking service
  • Award-winning customer service from real people answering your calls, 24 hours a day, 7 days a week
  • Mobile banking on the go with their app for iPhone, Android and iPad


It is important to note, however, that you don’t receive interest payments on your balance, which is not ideal for those people who are keeping large sums of money in this account and would like to see some kind of growth.

A separate savings account could counteract this issue but still allow you to enjoy the other benefits, such as the low-cost overdraft.

Why use an overdraft?

  1. An agreed overdraft can be a useful tool if you want to borrow money over the short-term, or in an emergency allowing you to borrow money through your bank's current account up to a certain limit

  2. An 'authorised overdraft' is the set limit agreed with your bank. However, you will be charged for using this, and what rate you pay depends on your bank and the type of account you have

  3. You risk high charges if you slip over the agreed limit and if you continually max out your overdraft you may also find it hard to get credit elsewhere

  4. Remember that your overdraft isn't guaranteed to stay in place, as this facility could be taken away by your bank

Useful Information to Know

  • You need to pay in £1,000+ each calendar month, or maintain an average monthly balance of £1,000 to keep the account free, otherwise there will be a ten pound fee
  • First Direct shares its £75,000 UK savings safety guarantee with HSBC, so ensure you don't hold more than £75,000 across the two banks

Finally, the account comes with a satisfaction guarantee.

If you don’t love their service within 12 months of opening your account, they will give you £100 providing you have met their initial criteria. You will get the money within 28 days of the criteria being met.

Generally, people seem very happy with the customer service that First Direct provide. This is likely due to their 24 hour/day calls and seamless internet banking program.

For more information click here - First Direct Current Account >>

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Simplysavingsaccounts.co.uk is a trading style of Fair Investment Company Ltd.

We've been comparing savings and current accounts for many years so you can trust you're in good hands.