This comparison simply includes all savings accounts.
First Direct Savings Accounts
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
Why we like it: MARKET LEADING INSTANT ACCESS ACCOUNT. 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: Interest paid annually. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must be UK resident and be aged 18 or older
Why we like it: Easy access savings account that tracks the Bank of England base rate. Wave goodbye to the constant cycle of account hopping and forget waiting for banks to pass on higher interest rates. Interest rate moves with the Bank of England base rate, guaranteeing a fixed margin of up to 0.5% below, and adjusts the very next day. Easy access to your money with once a month withdrawals, without notice and without fees. Earn daily interest on your money, and experience the power of compounding to make your savings work harder. Maximum deposit £250,000. Wombat has partnered with GB Bank to bring you the Base Rate Tracker. GB Bank is an award-winning, fully authorised and regulated UK bank. FSCS eligible on your deposits. Must be UK resident. Must be aged 18 or older
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.
Why we like it: Tiered interest: £1 to £10,000 – 4.80% Gross/AER, £10,001 to £50,000 – 4.80% Gross/AER, £50,001 to £500,000 – 4.80% 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: 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
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: 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: Interest paid monthly or annually. Open in a single or joint name. Unlimited deposits and withdrawals. Covered by the FSCS. Must be UK resident. Must be aged 16 or older
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)
Why we like it: MARKET LEADING 6 MONTH FIXED RATE BOND. Interest paid at maturity. 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
Compare First Direct savings accounts
First Direct is a UK retail bank that operates entirely over the phone and online. Their range of savings products include accounts suitable for a variety of different types of customers, so make sure to familiarise yourself with all of the options before making a decision.
Current Accounts
If you want the best interest rates on a smaller sum of money, keeping it in your current account can be a smart move. Current accounts generally offer very good returns up to a pre-agreed deposit limit, although if you exceed this limit you will likely earn nothing on your remaining balance.
Instant Access Savings Accounts
A simple type of savings account that lets you earn interest while still having instant access to your money if you need it. First Direct instant access savings accounts allow you to instantly transfer money to any other First Direct account over the phone or online. Transfers to other banks can take longer. There may also be a limit on how often you can take money out each year without paying a fee.
Regular Savings Accounts
Many savers want to tuck a little bit away each month and build up their capital over a longer period. Regular savings accounts are designed for this and generally offer good interest rates. The only issue to consider is that you will be likely to get little back out of the high interest rate until the funds in your account start to reach a significant level. This makes a regular savings account best suited to long term saving.
Fixed Rate Bonds
For larger lump sums, a fixed rate bond is often the best way to go. It lets you generate a guaranteed return on your money in exchange for locking it away for a fixed period (generally 1-5 years). The longer you can do without your money, the better interest rate you will usually earn.
Some providers will let you take money out of a fixed rate bond early, but you will typically have to pay a penalty for doing so. This is likely to be in the form of sacrificing some of your interest payments.
Cash ISAs
ISAs are one of the most popular ways of saving in the UK as they allow British tax payers to earn interest without paying tax on deposits up to a certain size. The deposit limit for ISAs is set by the UK government and is £20,000 for the current tax year.You can usually choose from two main sorts of cash ISA – instant access or fixed term. Fixed term ISAs offer guaranteed rates of interest for a set period, but you cannot use your money during that period. Instant access ISAs let you put in and take out money as necessary, but usually offer lower rates of interest which are variable so can move up and down over time.
Find the best First Direct savings account for you
Getting the right savings account can make a big difference to how much you get back when you eventually need to use the money you have put aside. Our savings account comparison tool lets you contrast the different factors, including the interest rates offered with various types of accounts. We keep the tool updated with all the best deals on savings accounts from across the industry, so make sure to visit us regularly so you don’t miss out.
