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This comparison simply includes all savings accounts.

Post Office
Online Saver Post Office
Min deposit £1
Term Instant Access
Interest AER 1.30%

Why we like it: MARKET LEADING - REGULAR SAVER, LOWEST MINIMUM. Earn 1.30% gross/AER variable. Open with £1. Unlimited free withdrawals. Interest paid monthly or annually. Manage your account online. FSCS protected

RCI Bank
Freedom Savings Account RCI Bank
Min deposit £100
Term Instant Access
Interest AER 1.30%

Why we like it: MARKET LEADING RATE. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes.

Ford Money
Flexible Saver Ford Money
Min deposit £1
Term Instant Access
Interest AER 1.17%

Why we like it: Open with £1. Unlimited deposits and withdrawals. Open an account singly or jointly. Interest can be paid monthly or annually. Eligible deposits covered by UK FSCS.

The Access Bank UK
Fixed Rate Bond The Access Bank UK
Min deposit £5000
Term 1 Year
Interest AER 1.80%

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

Ford Money
Fixed Saver Ford Money
Min deposit £500
Term 1 Year
Gross AER 1.70%

Why we like it: Minimum deposit £500. Open an account singly or jointly. Interest can be paid monthly or annually. Eligible deposits covered by UK FSCS.

The Access Bank UK
Fixed Rate Bond The Access Bank UK
Min deposit £5000
Term 2 Years
Interest AER 2.05%

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

Ford Money
Fixed Saver Ford Money
Min deposit £500
Term 2 Years
Gross AER 1.85%

Why we like it: Minimum deposit £500. Open an account singly or jointly. Interest can be paid monthly or annually. Eligible deposits covered by UK FSCS.

Masthaven Bank
Flexible Term Saver Masthaven Bank
Min deposit £500
Term 30 Months
Interest AER 1.85%

Why we like it: 30 month term. Interest can be paid monthly or annually. Minimum deposit £500, Maximum deposit £250,000. No withdrawals permitted. FSCS Protected

The Access Bank UK
Fixed Rate Bond The Access Bank UK
Min deposit £5000
Term 3 Years
Interest AER 2.25%

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

Masthaven Bank
Flexible Term Saver Masthaven Bank
Min deposit £500
Term 4 Years
Interest AER 2.23%

Why we like it: 4 year term. Interest can be paid monthly or annually. Minimum deposit £500, Maximum deposit £250,000. No withdrawals permitted. FSCS Protected

Masthaven Bank
Fixed Rate Bond Masthaven Bank
Min deposit £500
Term 5 Years
Interest AER 2.30%

Why we like it: 5 year term. Interest can be paid monthly or annually. Minimum deposit £500, Maximum deposit £250,000. No withdrawals permitted. FSCS Protected

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.

Right now, TSB are offering 5% AER on their TSB current account for balances up to £2,000, while Santander pay 1.5% AER up to a limit of £20,000. If you decide to change current accounts to get a better interest rate, make sure to check whether the higher rate is only offered for an introductory period and, if so, what the ongoing rate will be.

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 2017/18 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 and these 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 interest rates, offered with various types of accounts. We keep the tool updated with all the best deals on savings accounts we can source from across the industry, so make sure to visit us regularly so you don’t miss out.

Latest news

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