This comparison simply includes all savings accounts.
Marks And Spencer Savings Accounts
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
Why we like it: Easy access savings account that tracks the Bank of England base rate. Wave goodbye to the constant cycle of account hopping and forget waiting for banks to pass on higher interest rates. Interest rate moves with the Bank of England base rate, guaranteeing a fixed margin of up to 0.5% below, and adjusts the very next day. Easy access to your money with once a month withdrawals, without notice and without fees. Earn daily interest on your money, and experience the power of compounding to make your savings work harder. Maximum deposit £250,000. Wombat has partnered with GB Bank to bring you the Base Rate Tracker. GB Bank is an award-winning, fully authorised and regulated UK bank. FSCS eligible on your deposits. Must be UK resident. Must be aged 18 or older
Why we like it: A new savings account from Chip built to move with the Bank of England and reward you faster than the banks. Interest paid monthly. Deposit and withdraw almost instantly. No fees or charges for holding account. FSCS eligible on your deposits. Must be UK resident. Must be aged 18 or older.
Why we like it: Tiered interest: £1 to £10,000 – 4.80% Gross/AER, £10,001 to £50,000 – 4.80% Gross/AER, £50,001 to £500,000 – 4.80% 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
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)
Why we like it: Choose monthly or annual interest payments. Unlimited deposits and withdrawals. 24/7 access to your savings. Open and manage online. After 12 months the rate will revert to the underlying rate, currently 1.55% gross/AER variable. Post Office Online Saver is provided by Bank of Ireland UK. Must be UK resident. Must be aged 18 or older. FSCS protected
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)
Why we like it: All funds deposited into the RCI Bank E-Volve Savings 14 Day Notice Account will be used to fund pure electric vehicles and charging facilities. Interest paid monthly or annually. Manage account online. UK-based support, seven days a week. Which? Recommended Savings Provider. Unlimited withdrawals subject to 14 days notice. Must be UK resident. Must be aged 18 or older. Your eligible deposits with RCI Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS)
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
Why we like it: Minimum deposit £1,000 - No withdrawals permitted - FSCS Protected
Why we like it: Which? Recommended Savings Provider. Save from £1,000 to £250,000. 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)
Why we like it: Minimum deposit £1,000 - No withdrawals permitted - FSCS Protected
Compare Marks & Spencer savings accounts
Marks & Spencer’s financial services division is known as M&S Bank. They provide a number of different savings options for their customers, which might be a good fit for you. This will depend on your personal finances and saving objectives.
Below we explain the main types of accounts M&S Bank offers to savers.
Current Accounts
If your savings are relatively modest at this point, keeping them in your current account might be your best move. Current accounts generally pay good rates of interest, but only up to a certain deposit limit.
When your savings exceed the deposit limit on your account, you will normally not earn any interest on the excess balance. This should be moved to an alternative account to ensure the best overall return.
Instant Access Savings Accounts
Flexible saving can be very appealing, especially to those who aren’t sure what their financial situation will be like in the near future. An instant access savings account lets you put money in and take it out when it suits you. However, bear in mind there may be a limit on how many withdrawals you can make each year.
Fixed Rate Bonds
If you want to get a guaranteed return on a lump sum, a fixed rate bond is ideal. These pay a set rate of interested over a pre-agreed period. The trade-off is that you cannot access your money during this period, so fixed rate bonds are generally best for long term saving. The longer you can afford to lock your money away, the better interest rate you will normally get.
Cash ISAs
ISAs allow UK taxpayers to earn tax-free interest on their savings, which make them very appealing. There is a limit to how much you can put into an ISA, which is set each year by the government. For 2017/18 this is £20,000.
ISAs will generally fall into one of two camps – fixed term or instant access. A fixed term ISA works like a fixed rate bond, giving a guaranteed interest rate for a set period during which you can’t use your money. Instant access ISAs give variable rates of interest, but provide the freedom to take your money out whenever you want and put more money in later if you can afford to.
ISAs often give slightly lower rates than other types of savings accounts, so this must be offset against the tax incentives on offer to see which type of savings account is the best value overall.
Find the best Marks & Spencer savings account for you
Given that there are many different brands and products on the market to choose from, getting the right one for you can seem a daunting task. Our savings account comparison tool at the top of the page lets you see the different benefits, including all the latest interest rates, of various accounts so you can make an informed decision.
