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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 long term savings accounts

If you want to build up savings over a long time, choosing the right account to place your money in is critical. Which account is right for you will generally depend on how much you intend to save, how long you want to save over and what kind of return you are hoping to see.

Whatever your saving goals, there are many different types of accounts which each have their own benefits and restrictions you need to consider before making a decision.

Current Accounts

A current account may not seem the obvious choice for long term saving, but they often have the best rates of interest for smaller sums of money.

However, if you go over the limit on which your current account pays interest, you will usually earn nothing, so any balance should be placed elsewhere to receive a return. It’s also worth bearing in mind that some accounts offer a better rate of interest for an introductory period which then drops to a lower rate. This can mean your current account may not be the best option for long term saving.

Regular Savings Accounts

If you are planning to make monthly deposits to build up savings over time, a regular savings account can be a good choice. They usually offer appealing interest rates if you are willing to wait a while for your capital to build up before you start seeing significant returns.

Please note that with a regular savings account you will usually have to make a minimum deposit each month, and there will usually be a maximum monthly limit on how much you can put in as well. You may also only be able to make a limited number of withdrawals each year.

Fixed Rate Bonds

If you have a lump sum that you won’t need in the near future, a fixed rate bond can allow you to earn a good return. They usually have very competitive interest rates which are guaranteed for the life of the bond.

The downside is that you cannot usually take money back out if you need it before the bond matures. Fixed rate bonds usually last for 1 to 5 years and can generally be started with deposits of around £500-£2,000, depending on the provider.

Cash ISAs

For most UK taxpayers, it will normally make sense to put at least part of your long term savings into a cash ISA. This allows you to earn interest without paying tax on deposits up to a certain yearly threshold set by the government. For 2017/18 that amount is £20,000.

For long term savings a fixed rate cash ISA may be the best option, as they tend to offer higher interest rates in exchange for not being able to access your money until the deposit term expires. If you want the ability to take money out at your convenience, an instant access cash ISA will allow you to do that, but the trade-off is likely to be a lower rate of return.

It’s worth bearing in mind that cash ISAs do not necessarily offer the best interest rates. This means you will need to calculate whether your likely tax savings will outweigh the extra return you would see on an account with a higher rate.

Notice Savings Accounts

If you are looking to hedge your bets and get a decent return while still being able to access your money relatively easily, a notice savings account may make sense. They work by requiring you to give notice to your account provider when you wish to withdraw funds. In exchange, you will usually be offered a higher interest rate than other accounts which give you instant access to your money.

The notice periods on these types of accounts tend to range from 40-95 days. It is important to note that the longer the notice period often corresponds with the higher the interest rates.

Find the best long term savings account for you

With such a range of competing brands and products to choose from, finding the best one for your financial needs can be tricky. Our long term savings accounts comparison tool at the top of this page lets you easily contrast the best offer we can find from across the market. That way, you can be confident of finding the best savings account for you, whatever your personal saving goals.

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