This comparison simply includes all savings accounts.
Savings accounts for 10-20k
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
Looking for a savings account for 10-20k?
If you are looking to open a savings account for 10-20k, there are a variety of options depending on whether you want to access your money regularly, earn a high interest rate, split your money into more than one account, and so on.
What is a Fixed Rate Bond Term?
Fixed rate bond terms typically vary from 3 months to 5 years. Most fixed rate bond deals are for 1 ,2, 3 and 5 year terms. The longer your money is locked away the higher the rate of interest you will receive on your money. If you don’t need instant access or easy access to your money, or a notice account then a fixed rate bond term might suit you best.
There is usually a minimum commitment for depositing money into a fixed rate bond - usually around £500 or more, but this will depend on the fixed rate bond provider. With a fixed rate bond you are normally restricted on access to your money during the specified term. Some fixed rate bond terms will not allow you access at all - while others may provide access on certain terms e.g. one withdrawal a year. Interest paid on your savings is treated as income and you may have to pay tax on it depending on your personal circumstances. If you don’t pay tax you can receive interest gross if you complete HMRC tax form R85. Some accounts will pay interest gross and it is up to you to declare any tax owed to the Inland Revenue. Some bonds allow you to have the interest paid on maturity while others pay monthly or annually.
Minimum bond deposits can vary from £500 to over £10,000. Make sure you are happy to lock away cash for set period of time.
What is an Instant Access Savings Account?
For savers looking to access their money regularly, a good instant access savings account will offer flexible withdrawal facilities while combining these with a good rate of interest.
Interest paid on your savings is treated as income, and you may have to pay income tax on it depending on your personal circumstances. If you don’t pay tax, you can receive interest gross providing you complete tax form R85. Some accounts will pay interest gross, and it is up to you to declare any tax owed to the Inland Revenue.
What are the benefits of a Cash ISA?
- No income tax - you don't pay tax on any interest you earn from the cash in your ISA
- Easy access - if you choose an instant access cash ISA (rather than a fixed-rate cash ISA) it's a convenient way to save at a good interest rate while retaining fast and easy access to your money, should you need it
- No need to declare - you don't need to declare your cash ISA on your tax return
- Straightforward transfers - you can transfer your cash ISA to a different provider to get a better rate of interest.
