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This comparison simply includes all savings accounts.

RCI Bank
Freedom Savings Account RCI Bank
Min deposit £100
Term Instant Access
Interest AER 0.72%

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)

Shawbrook Bank
45 Day Notice Account Shawbrook Bank
Min deposit £1000
Term 45 Days Notice
Interest AER 0.6%

Why we like it: Interest can be paid monthly or annually. £500,000 maximum balance. FSCS Protected. Must be UK resident and aged 18 or older. Unlimited withdrawals subject to 45 days notice

Shawbrook Bank
120 Day Notice Account Shawbrook Bank
Min deposit £1000
Term 120 Days Notice
Interest AER 0.7%

Why we like it: Interest can be paid monthly or annually. £500,000 maximum balance. FSCS Protected. Must be UK resident and aged 18 or older. Unlimited withdrawals subject to 45 days notice

Habib Bank Zurich
Fixed Rate Bond Habib Bank Zurich
Min deposit £1000
Term 1 Year
Interest AER 1.00%

Why we like it: Minimum deposit £1000. No withdrawals permitted. Apply online. Eligible deposits covered by UK FSCS.

Hodge Bank
Fixed Rate Bond Hodge Bank
Min deposit £1000
Term 18 Months
Interest AER 0.95%

Why we like it: Minimum deposit £1,000. Interest paid at maturity. No withdrawals permitted. Apply online. Eligible deposits covered by UK FSCS.

RCI Bank
Fixed Rate Bond RCI Bank
Min deposit £1000
Term 2 Years
Interest AER 1.05%

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 3 Years
Interest AER 1.20%

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 4 Years
Interest AER 1.35%

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 1.40%

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)

Santander
123 Current Account Santander
Open With £500
Account Type Current Account
Interest AER 1.00%

Why we like it: Earn 1.00% 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.

Think Money
Mobile App Bank Account Think Money
Maximum Monthly Fee £10
Account Type Mobile Bank Account
Features A New Way to manage your money

Why we like it: Check where you’re up to anytime, anywhere with our app and online banking. Keep track of your money with real-time balance and transaction details. Instant spending alerts. Send money in seconds to your existing payees or set up new ones. Contactless debit card. Pay in cash and cheques at the Post Office. Use your fingerprint or facial recognition as a way to access your account. Lock your card if you lose it, and unlock it again if it turns up. No minimum monthly pay in. No fees if we’re refusing a payment due to lack of funds (such as if a Direct Debit bounces). No credit checks. Improve your credit score. Apply in a few minutes with no tricky questions

Compare high interest savings accounts

With any savings account, the interest rate you earn makes a big difference to the ongoing value of your money. There are several different options when it comes to high interest savings accounts, so it’s important to understand the various possibilities and work out which one best fits your needs.

Current Accounts

The highest interest rates are often found with current accounts, although these usually only apply up to a certain deposit threshold.

If your savings go over the interest-paying limit on your current account, you will need to move them to a different kind of account to get the maximum return on your money. It’s also worth bearing in mind that some current accounts offer higher rates for a limited time after you sign-up and then drop to a much lower interest rate long term. You may therefore be better placing your money into a different kind of account, with a fixed interest rate, for saving over a longer period.

Fixed Rate Bonds

If you are willing to lock your money away for a fixed term (generally 1-5 years), you can get very attractive rates of interest that are guaranteed for the length of that fixed term. The longer you can go without access to your savings, the better interest rate you will usually be offered.

Because you won’t have access to your savings if you need them, fixed rate bonds are generally best suited to long term saving. They are, however, often a good choice if you have a large lump sum that you wish to see a return on, as the maximum deposits are often as high as £5million.

Regular Savings Accounts

For people who want to build up their savings over time, a regular savings account will usually offer an attractive rate of interest. To qualify, you will need to commit to making a minimum deposit each month and there will usually be a maximum deposit as well, which prevents you from building up your savings too quickly. There will usually also be a yearly limit to how many times you can take money out of your account if you need to.

Because you can only grow your savings pot slowly with a regular savings account, it will take a while before you start seeing any significant returns on your money. However, if you are planning for long term savings, then this can be an attractive option.

Notice Savings Accounts

If you want to be able to access your savings when you need them, but still get a good interest rate, a notice savings account can be a good compromise. This allows you to remove money from your account whenever you want as long as you give your account provider an agreed period of notice first.

In exchange, you will usually be offered a better rate of interest than you would get with an account that gives instant access to your money. Notice periods generally start from around 30 days, but the more notice you are willing to give, the higher rate of interest you will usually receive.

Cash ISAs

Cash ISAs may not necessarily offer the very best rates of interest, but this can be offset by the fact that they allow you to earn  tax-free interest on deposits up to a yearly maximum set by the government. That amount is £20,000 for the 2017/18 tax year.

Fixed term cash ISAs will usually offer the best return with similar conditions to fixed rate bonds (i.e. not being able to remove funds before your ISA matures, and receiving higher interest rates the longer the account term).

Instant access cash ISAs give you more flexibility by allowing you to put money in and take it out at your convenience, but the trade-off is that you will usually be offered a lower interest rate that for a fixed term cash ISA.

Find the best high interest savings account for you

The interest rates offered by various brands on their savings accounts vary over time in response to market conditions and consumer demand. This can make finding the best interest rate available at any giving moment a challenge.

Our high interest savings accounts comparison table (above) allows you to easily size up the best deals in the industry to find the right choice for you. That way you can be confident of finding the best savings account for your needs.

Latest news

Pensioner Bond Maturity - 5 Ideas For Your Cash

From January 2018 over 900,000 people who invested in pensioner bonds will start to see their bonds mature. Savers who have been enjoying 4% pa are going to get a shock when they look for comparable returns from cash in the current market. We have put together 5 ideas for your cash in 2018

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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.