This comparison simply includes all savings accounts.
Savings accounts for 10-20k
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
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. Best British Bank and Best Current Account in 2020 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
Why we like it: A bank account that can build credit history. No credit check during sign up. Apply straight from your mobile. Instant online decision. Get your Contactless Debit Mastercard within 3-5 working days. Add Creditbuilder onto your account and it could help build your credit rating at no extra cost. Deposit cash into your account at any Post Office UK branch. Money is available in your account immediately. Manage your account 24/7 from any device with the banking app - get real time balance information, statements, add payees send payments and apply for extras. Automatic payment alerts. UK based Customer Services Team. Your money is protected up to £85,000 by the FSCS (Financial Services Compensation Scheme)
Why we like it: Can be opened by or on behalf of any child up to the age of 18. Debit or cash card available for those aged between 13 and 18. Monthly interest. No monthly fee. For children under age 13, the account must be opened in trust and managed by an adult (trustee). If you’re aged between 13 and 18 years old and live permanently in the UK you can apply online by telephone or in branch. No overdraft facility. 1% interest on the entire balance once the balance is £100, 2.00% AER/1.98% gross (variable) on the entire balance once the balance is £1,500, 3.00% AER/2.96% gross (variable) on the entire balance once the balance is £1,500 or over (up to a maximum of £2,000). Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000
Why we like it: Register for a free Raisin UK Account to apply for product. Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted
Why we like it: Register for a free Raisin UK Account to apply for product. Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted
Why we like it: Register for a free Raisin UK Account to apply for product. Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted
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: 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)
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)
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: Market Leading. Balances from £1,000 to £1 million. Unlimited withdrawals without restriction or loss of interest. Eligible deposits covered by UK FSCS.
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.
