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 FSCS
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)
Winner of Platinum Feefo Trusted Service Award in 2024
Why we like it
Unlimited payments and withdrawals. Interest paid annually. Open in a single or a joint name. Maximum deposit £250,000. FSCS Protected. Winner of Platinum Feefo Trusted Service Award in 2024. Must be UK resident and be aged 18 or older
*Headline rate includes a guaranteed fixed bonus rate of 3.00% for the first 12 months (on balances up to £1 million), plus the standard variable rate which is currently 1.15%. After 12 months, you’ll continue to receive the standard variable rate (all rates are Gross/ AER. Annual interest payments. Unlimited deposits and withdrawals (daily limits apply). 24/7 access to your savings through the mobile app. Your eligible deposits held by a UK establishment of Barclays Bank UK PLC are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: Barclays, Barclays Business Banking, Barclays Premier Banking, Barclays Wealth Management and Tesco Bank. Any total deposits you hold above the limit between these brands are unlikely to be covered
Save from £1. 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
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 1.25% 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
£500 bonus to boost your savings if you receive a residential purchase mortgage offer from Leeds Building Society
Why we like it
The Home Deposit Saver lets you earn a competitive rate of interest whilst building up the deposit needed for your first or next home. Open and manage online. FSCS Protected. You can only pay in up to £500 in a single month. Withdrawals are limited to 1 each year. You can deposit up to £30,000 in total. Bonus eligibility criteria apply
Interest calculated monthly. Unlimited deposits and withdrawals. Open and manage online. FSCS Protected. Must retain a minimum balance of £20,000 in the account. Must be UK resident and be aged 18 or older
The interest rate tracks the Bank of England (BoE) Base Rate. Interest is calculated on the minimum daily balance and applied to the account on the first day of every subsequent month. Open and manage account online. Your eligible deposits are protected up to £85,000 by the Financial Services Compensation Scheme. The maximum deposit you may pay into any one OakNorth Account is £500,000. The maximum amount (excluding the interest) that you will be allowed to hold on deposit with OakNorth Bank across multiple accounts is also £500,000. Unlimited withdrawals, subject to 95 days notice. Available to individuals, aged 18 or over, who are UK residents
Unlimited deposits and withdrawals. Interest paid monthly: can be added to your Notice Saver or paid to your linked account. Easy application process, you just need a UK mobile phone and UK driving licence or passport. Manage account online. Maximum balance £250,000. Withdrawals subject to 90 days notice. Must have a linked UK current account
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.
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.
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.
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.
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.
