This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Cookie Policy. Read more

This comparison simply includes all savings accounts.

Aldermore
Easy Access Account Aldermore
Min deposit £1000
Term Easy Access
Interest AER 0.5%

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

Nationwide
Triple Access Online Saver Nationwide
Min deposit £1
Term 1 Year, with three free withdrawals
Interest AER 0.5%

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

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)

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.

The Access Bank UK
Fixed Rate Bond The Access Bank UK
Min deposit £5000
Term 1 Year
Interest AER 0.59%

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
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)

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

Nationwide
FlexDirect Current Account Nationwide
Open With £1000
Account Type Current Account
Features 2% AER Interest (T&Cs)* Fee Free Account

Why we like it: *2.00% interest for 12 months on balances up to £1,500 for the first year. You must pay in £1,000 or more each month to receive interest (excluding transfers from any Nationwide account held by you or anyone else). 12 month fee-free arranged overdraft available. No monthly fee. Access to Flexclusives - Select Credit Card and low personal loan rate. Must be aged 18 or older

Santander
123 Current Account Santander
Open With £500
Account Type Current Account
Features For Children 18 or younger 13 3% AER Interest (T&Cs)

Why we like it: Earn 0.30% 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.

load more

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.

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 »

Newsletter signup

Sign up to our Newsletter to get exclusive news and offers direct to your inbox.

Let's get social now! Twitter Facebook

About us

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.