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This comparison simply includes all savings accounts.

HSBC
Advance Current Account HSBC
Open With £1750
Account Type Current Account
Features Get £170 when you Switch

Why we like it: SPECIAL OFFER - Get £170 when you switch to an HSBC Advance Bank 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+. For £170 Switch Offer: Switch using Current Account Switching Service with 2+ Direct Debits/standing orders within 30 days and pay £1,500k+ into account within 60 days. Once eligible, HSBC will pay £170 into your account within 30 days. Offer excludes customers who’ve held an HSBC/opened a first direct current account since 1/1/19

Santander
123 Current Account Santander
Open With £500
Account Type Current Account
Features 0.50% AER Interest Up To £20,000

Why we like it: Earn 0.50% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% cashback on household bills - 1% on council tax bills, Mobile and home phone bills, broadband and paid-for TV packages, and Santander monthly mortgage payments. 2% on Gas and electricity bills, Santander Home Insurance premiums and Santander Life Insurance premiums, and 3% on water bills. Monthly fee of £4. 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.

Starling Bank
Mobile App Bank Account Starling Bank
Open With £0
Account Type Mobile Bank Account
Features Fee FREE Account Pays 0.05% AER

Why we like it: Free current account. Pays 0.05% AER interest on balances up to £85,000. Get set up in minutes. Send money abroad: Fast and secure money transfers to bank accounts in 38 countries worldwide. No fees when you pay with your card abroad or withdraw money. Get a spotlight on your spending: See what you’ve spent instantly with real-time payment notifications. 3 month interest holiday on the first £500 of an arranged overdraft. Voted best British Bank and Best Current Account 2018 - 2021 at the British Bank Awards. Awarded 5 stars by Defaqto. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000

Investec Savings
Fixed Rate Bond Investec Savings
Min deposit £5000
Term 1 Year
Interest AER 2.25%

Why we like it: Interest paid on maturity. Automatic repayment to your linked account. Maximum deposit £250,000. FSCS Protected. Must have a UK residential address and be aged 18 or older. No withdrawals permitted. Can’t have held an Investec Online Flexi Saver or Fixed Rate Saver in the last 12 months

Paragon Bank
Fixed Rate Bond Paragon Bank
Min deposit £1000
Term 2 Years
Interest AER 2.55%

Why we like it: Register for a free Raisin UK Account to apply for product and receive a £25 cash bonus for deposits of £10,000 or more. Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted

RCI Bank
Freedom Savings Account RCI Bank
Min deposit £100
Term Instant Access
Interest AER 1.10%

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)

Brown Shipley
Easy Access Account Brown Shipley
Min deposit £1000
Term Instant Access
Interest AER 1.10%

Why we like it: Register for a free Raisin UK Account to apply for product and receive a £30 cash bonus for deposits of £10,000 or more. Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted

Investec Savings
Online Flexi Saver Investec Savings
Min deposit £5000
Term Instant Access
Interest AER 1.06%

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)

Nationwide
1 Year Triple Access Online Saver Nationwide
Min deposit £1
Term Easy Access or up to 1 Year
Interest AER 1.00%

Why we like it: Make up to three withdrawals during the 12-month term of this account. Open with £1. Manage your account online. Interest paid at maturity. FSCS Protected. Must be UK resident and aged 16 or older. Make more than three withdrawals and the rate drops to 0.01% AER/gross p.a. (variable). Not available in branch

Yorkshire Building Society
Internet Saver Plus Yorkshire Building Society
Min deposit £10000
Term Instant Access
Interest AER 0.77%

Why we like it: Tiered interest: £1 to £10,000 – 0.60% Gross/AER, £10,001 to £50,000 – 0.77% Gross/AER, £50,001 to £500,000 – 0.82% 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

Leeds Building Society
Online Easy Access Account Leeds Building Society
Min deposit £1000
Term Instant Access
Interest AER 0.71%

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

Nationwide
1 Year Triple Access Online ISA Nationwide
Min deposit £1
Term Easy Access or up to 1 Year
Interest AER 1.00%

Why we like it: Make up to three withdrawals during the 12-month term of this account. Open with £1. Manage your account online. Interest paid at maturity. FSCS Protected. Must be UK resident and aged 16 or older. Make more than three withdrawals and the rate drops to 0.01% AER/gross p.a. (variable). Not available in branch

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Compare high interest savings accounts in 2020

The Bank of England Base Rate in 2020 was lowered to a record low of 0.10% as a result of the ongoing pressure on the UK economy as a result of the Covid 19 crisis. This reduction by the BOE has had a significant impact on savings rates with many high street banks and building societies following suit and cutting saver rates. More than ever savers need to search out the best deals fro their money as some smaller challenger banks are offering considerably better value than their larger high street counterparts.

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.

High Yield Instant Access Savings Accounts

Compare the latest high yielding 2020 instant accounts.

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 2020/21 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 in 2020

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.

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