This comparison simply includes all savings accounts.
Best Savings Accounts Without Instant Access
Why we like it: MARKET LEADING. 0.60% AER if customer makes two or fewer withdrawals within an anniversary year. If a customer makes three or more withdrawals in an anniversary year the rate reduces to 0.10% from the date of the third withdrawal. Monthly or annual interest. Must be UK resident and be aged 18 or older. Maximum deposit £1,000,000. Manage your account online. Covered by the FSCS
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: 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: Balances from £1,000 to £1 million. Unlimited withdrawals without restriction or loss of interest. Eligible deposits covered by UK FSCS.
Why we like it: Unlimited withdrawals subject to 95 days notice.
Why we like it: Unlimited withdrawals subject to 120 days notice.
Why we like it: Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected
Why we like it: MARKET LEADING. Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected
Why we like it: MARKET LEADING. Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected
Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £1,000,000. No withdrawals before the end of the term. 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: Which? Recommended Savings Provider. Save from £1,000 to £1,000,000. No withdrawals before the end of the term. 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: 2.00% interest for 12 months on balances up to £1,500 for the first year. You must pay in £1,000 or more each month to receive interest (excluding transfers from any Nationwide account held by you or anyone else). 12 month fee-free arranged overdraft available. No monthly fee. Access to Flexclusives - Select Credit Card and low personal loan rate. Must be aged 18 or older
Why Have A Savings Account Without Instant Access?
The issue with instant access accounts is that often their interest rate drops after the first year or they have a maximum balance over which you cannot earn interest. For more significant savings, fixed rate bonds may be more appropriate. Fixed rate bonds allow you to access higher rates of interest in exchange for restricted access. Typically, fixed rate bonds run for 1 year, 2 years, 3 years or 5 years. Normally, longer fixed rate bonds offer the highest interest.
Although the majority of banks require you to leave your savings in the bond for the duration of the term, there are some banks that are prepared to provide access to your savings.
Fixed Rate Bond Options:
-1 Year Fixed Rate Bond:
1 year fixed rate bonds ensure your money is only locked away for a relatively short period of time. You can earn a return and maintain the value of your funds relative to inflation while still giving you access to your money when you need it.
If you are not planning on using your money in the near future, you may want to consider 2 year, 3 year or 5 year fixed rate bonds as these provide a better rate of interest. However, these longer term bonds will increase the length of time during which you cannot access your savings.
-2 Year Fixed Rate Bond:
2 year fixed rate bonds are great if you don’t immediately need access to your savings, but want to keep your options open for the not too distant future. They allow you to earn a good rate of interest on your savings and help maintain the value of your money relative to inflation.
-3 Year Fixed Rate Bond:
A 3 year fixed rate bond is a good idea if you are certain you will not need access to your funds any time soon. They usually offer attractive rates of interest and help your savings to retain their value relative to inflation.
-5 Year Fixed Rate Bond:
5 year fixed rate bonds are aimed at customers who have no immediate need for their savings and generally offer much better rates of interest than shorter term bonds. They are also a great way to maintain the value of your savings relative to inflation.
Written notice
Depending on the bank, you may be able to withdraw your money from a fixed rate bond with written notice. You often have to wait a certain number of days to receive it, typically 30 to 40 days. It should be noted that a withdrawal from a fixed rate bond will usually result in a charge, which will vary from bank to bank.
