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This comparison simply includes all savings accounts.

Santander
Everyday Current Account Santander
Open With £1
Account Type Current Account
Features Fee FREE Account Earn up to 15% cashback

Why we like it: No minimum monthly funding or monthly fee to maintain the account. Earn up to 15% cashback with Retailer Offers. Stress-free account switching in 7 days with the Current Account Switch Service. £300 ATM withdrawal per day, Arranged Overdraft facility (subject to status). Online and Mobile Banking with text and email alerts. Must be 18 or older and live in the UK permanently. 39.94% EAR overdraft charge. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000

HSBC
Advance Current Account HSBC
Open With £1750
Account Type Current Account
Features Get £125 when you Switch

Why we like it: SPECIAL OFFER - £125 for SWITCHING to an HSBC Advance Account. Earn 1.00% AER/gross when you save between £25 and £250 per month. Arranged overdraft limit of at least £1,000 on account opening. Money banking app. No monthly account fee. Easy switching with the Current Account Switch Service. Must be 18 or older and be UK resident. Must pay in £1,750 per month or £10,500 over 6 months. Must be approved for an arranged overdraft of £1,000+. Get the £125 when switching to an HSBC Advance Account as a new customer with at least 2 Direct Debits or standing orders. Eligibility criteria and T&C’s apply. Offer may be withdrawn anytime

First Direct
1st Current Account First Direct
Open With £1
Account Type Current Account
Features Get £100 when you Switch

Why we like it: SPECIAL OFFER - £100 for SWITCHING to a First Direct 1st Account. Access to Regular Saver Account paying 1.00% AER/Gross fixed for 12 months 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. Easy switching with the Current Account Switch Service. Must be 18 or older and UK resident. Get the £100 when switching as a new customer and paying in at least £1,000 within three months of the account opening

Santander
123 Current Account Santander
Open With £500
Account Type Current Account
Features 0.60% AER Interest Up To £20,000 £5 pm Account Fee

Why we like it: Earn 0.60% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. 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

The Access Bank UK
Fixed Rate Bond The Access Bank UK
Min deposit £5000
Term 1 Year
Interest AER 0.55%

Why we like it: Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected

The Access Bank UK
Fixed Rate Bond The Access Bank UK
Min deposit £5000
Term 2 Years
Interest AER 0.7%

Why we like it: MARKET LEADING. Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected

The Access Bank UK
Fixed Rate Bond The Access Bank UK
Min deposit £5000
Term 3 Years
Interest AER 0.8%

Why we like it: MARKET LEADING. Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected

RCI Bank
Freedom Savings Account RCI Bank
Min deposit £100
Term Instant Access
Interest AER 0.4%

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)

Aldermore
Easy Access Account Aldermore
Min deposit £1000
Term Easy Access
Interest AER 0.3%

Why we like it: Market Leading. Balances from £1,000 to £1 million. Unlimited withdrawals without restriction or loss of interest. Eligible deposits covered by UK FSCS.

RCI Bank
95 Day Notice Account RCI Bank
Min deposit £1000
Term 95 Day Notice
Interest AER 0.45%

Why we like it: Unlimited withdrawals subject to 95 days notice.

RCI Bank
Fixed Rate Bond RCI Bank
Min deposit £1000
Term 4 Years
Interest AER 0.9%

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)

RCI Bank
Fixed Rate Bond RCI Bank
Min deposit £1000
Term 5 Years
Interest AER 0.95%

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)

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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 year2 years3 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.

Latest news

Top 3 picks for current accounts in 2021

Over 5.1 million UK bank and building society customers have switched their bank accounts using the free (and guaranteed) current account switching service which simplifies the process for customers. Read More »

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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.