This comparison simply includes all savings accounts.
Savings Accounts
Why we like it: Tiered interest: £1 to £10,000 – 1.10% Gross/AER, £10,001 to £50,000 – 1.33% Gross/AER, £50,001 to £500,000 – 1.38% Gross/AER. 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
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 2021. Must be UK resident and be aged 18 or older. No withdrawals permitted
Why we like it: Interest paid on maturity. Automatic repayment to your linked account. Maximum deposit £250,000. FSCS Protected. Must have a UK residential address and be aged 18 or older. No withdrawals permitted. Can’t have held an Investec Online Flexi Saver or Fixed Rate Saver in the last 12 months
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)
Why we like it: SPECIAL OFFER - Get £150 when you switch to a First Direct 1st Account, or if you're not ready to switch £20 welcome when you open a current account. You also get access to a 3.5% AER/gross fixed for 12 months Regular Saver Account if saving between £25 and £300 a month (up to £3,600 per year). £250 interest-free overdraft (subject to status). No minimum monthly funding and no monthly account fee. Mobile banking app. UK based contact centre. For the £150 switching cash offer you need to open a 1st Account, switch your everyday banking to us using the Current Account Switch Service and pay in at least £1,000 within three months of opening the account. To get the £20 welcome cash offer you need to open a 1st Account and log into our app / online banking within three months of opening the account. This offer can’t be added to any other joiner or switcher offer
Why we like it: Earn 0.75% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% cashback on household bills - 1% on council tax bills, Mobile and home phone bills, broadband and paid-for TV packages, and Santander monthly mortgage payments. 2% on Gas and electricity bills, Santander Home Insurance premiums and Santander Life Insurance premiums, and 3% on water bills. Monthly fee of £4. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000.
Why we like it: Free current account. Pays 0.05% AER interest on balances up to £85,000. Get set up in minutes. Send money abroad: Fast and secure money transfers to bank accounts in 38 countries worldwide. No fees when you pay with your card abroad or withdraw money. Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. 3 month interest holiday on the first £500 of an arranged overdraft. Voted best British Bank and Best Current Account 2018 - 2021 at the British Bank Awards. Awarded 5 stars by Defaqto. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected
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)
Why we like it: Unlimited payments and withdrawals. 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 2021. Must be UK resident and be aged 18 or older
Why we like it: Monthly regular saver account. Deposit up to £250 per month (maximum £6,000 over the term). Withdrawals are limited to 1 each year without loss of interest (including account closure). Further withdrawals (including account closure) will be subject to 30 days’ loss of interest on an equivalent amount to that withdrawn. Interest paid annually. Open and manage online. FSCS Protected. Minimum opening and operating balance £100. If the balance falls below £100, the rate of interest which shall apply is 0.05% Gross/AER. Variable interest rate. Must be UK resident and be aged 18 or older
Why we like it: Register for a free Raisin UK Account to apply for product and receive a £25 cash bonus for deposits of £10,000 or more. Interest paid monthly. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older.
Instant Access Best Buys
RCI Bank »
RCI Bank offers a competitive instant access savings account.
- 0.40% AER/Gross pa (variable) interest rate
- Interest is paid monthly or annually
- Withdrawals - Unlimited & no penalties
- Online account
- Minimum deposit - £100
- FSCS Protected
Quick online application setup from RCI Bank
Investec Bank »
Investec Bank also offer an instant access account.
- 0.45% AER/Gross pa (variable) interest rate
- Interest is paid monthly either to linked bank account, or added back in
- Unlimited payments and withdrawals
- Online account
- Minimum deposit - £5,000
- FSCS Protected
Quick online application setup from Investec
Fixed Rate Best Buys
Investec Bank 1 Year Fixed Rate Bond »
- Fixed 1 Year 1.01% at time of writing
- Interest paid at maturity
- Open online
- Minimum deposit - £1,000
- Register for a free Raisin UK Account to apply for product
- FSCS Protected up to £85,000
Quick online application from Investec Bank
QIB Bank 2 Year Fixed Rate Bond »
- Fixed 2 Year 1.25% at time of writing
- Interest paid at maturity
- Open online
- Minimum deposit - £1,000
- Register for a free Raisin UK Account to apply for product
- FSCS Protected up to £85,000
Quick online application from QIB Bank
QIB Bank 3 Year Fixed Rate Bond »
- Fixed 3 Year 1.30% at time of writing
- Interest paid at maturity
- Open online
- Minimum deposit - £1,000
- Register for a free Raisin UK Account to apply for product
- FSCS Protected up to £85,000
Quick online application from QIB Bank
High Interest Current Account
Santander Everyday Current Account »
An everyday bank account which has no monthly fee, no minimum funding per months and offers up to 15% cashback at chosen retailers.
- No minimum monthly funding
- No monthly fee
- Earn up to 15% cashback with Retailer Offers
- Online and Mobile Banking with text and email alerts
- FSCS Protected
For more information and to apply for Santander Everyday Current Account
First Direct 1st Account »
Get £100 for switching, and ten earn 1.00% AER/gross on linked regular savings account.
- £100 when switching to First Direct as a new customer
- No minimum monthly funding
- 1.00% AER/gross for 12 months, available to First Direct 1st Account customers who open a new Regular Saver account, saving between £25 and £300 per month
- No monthly fee
- £250 interest free overdraft (subject to status)
- Money Banking app
- UK based contact centre
- FSCS Protected
For more information and to apply for First Direct 1st Account
Santander 123 Account »
Whilst general interest rates are low some banks and building societies are offering high interest current accounts as an alternative. Santander's 123 Current Account offers a rate of 0.30% AER for savings.
- Fixed interest on balances up to £20,000 - 0.30% AER
- £4 monthly fee
- Up to 3% cashback on household bills
- Must pay in £500 per month
- FSCS Protected
For more information and to apply for Santander 123 Account
Most people want to earn the highest possible rate of interest on their savings, but it’s not always obvious what the best way to do this is. There are various different options for where to put your savings to earn interest, and which option you should choose will depend on various factors.
When thinking about what kind of savings account to use, ask yourself:
- How much do you have in savings?
- What level of interest would you like to earn?
- What level of risk are you willing to take with your savings?
- Are you likely to need your savings in the near future?
Once you know the answers to these questions, it should be easier to identify which type of savings account will best suit your needs. Below are some of the most common kinds of accounts used for savings, one or more of which may be the ideal solution for your saving requirements.
Current Accounts
Many savers don’t realise that current accounts often pay some of the highest interest rates on the market. It is therefore usually a good idea to keep at least some of your savings in your current account to get the best overall rate of return.
Current accounts usually have a fairly low threshold above which they pay no interest, however, so if you have significant savings you will usually need to find another option for the balance to avoid missing out.
Easy Access Savings Accounts
Easy access savings accounts usually come with variable interest rates and allow you to add or withdraw money whenever you like. They don’t necessarily pay the most competitive rates, but are great for those who want the option to save with flexibility. They usually pay interest on much larger balances than current accounts.
Notice Savings Accounts
Similar to easy access savings accounts, except that they usually offer slightly better interest rates in exchange for you having to give the bank a set amount of notice before withdrawing funds. Notice periods vary, but 30, 60, 90 and 120 days are common.
Fixed Rate Bonds
Fixed rate bonds offer guaranteed rates of interest in exchange for agreeing not to touch your savings for a set period. They usually last for 1, 2, 3 or 5 years and some will allow you to withdraw your money early in exchange for a penalty fee.
ISAs
ISAs allow you to earn interest on your savings tax free on deposits up to a threshold decided each year by the UK government. For the 2017/2018 tax year, the limit is £20,000. There are various types of ISAs, including those offering both fixed and variable rates, plus various specialist ISAs.
Compare all high interest savings accounts
With so many different types of savings accounts and lenders to choose from, knowing where the best place to put your savings can be difficult.
The savings account comparison table at the top of this page lets you quickly and easily compare top savings accounts from all the leading providers. This offers a simple way to find the best deal for you, allowing you to start earning a good rate of return on your savings.
