This comparison simply includes all savings accounts.
Savings Accounts For Long Term
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
Is a 5 Year Fixed Rate Bond right for you?
5 year fixed rate bonds are aimed at customers who have no immediate need for their savings and generally offer much better rates of interest than shorter term bonds. They are also a great way to maintain the value of your savings relative to inflation.
Taking out a 5 year bond is a big commitment as you won’t be able to access your money for a long time. If you are concerned about locking up your funds for that long, a 1 year, 2 year or 3 year fixed rate bond could be an easier choice while still offering a decent return.
Is a Lifetime ISA right for you?
The lifetime ISA is designed to allow people aged between 18 and 40 year old to save for both the deposit on their first property as well as their retirement simultaneously. Also, if a saver withdraws the money contained in the account after their 60th birthday, or to purchase their first property they will receive a 25% bonus on their savings from the government which essentially means they could benefit from an extra £1 for every £4 they contribute to the ISA. In order to receive the 25% government bonus, savers have to use the money contained within the ISA either for the deposit on a property as a first time buyer or for withdraw it after their 60th birthday.
The account holder must also be considered a first time buyer which means they have never owned any kind of property before, whether in the UK or elsewhere, they also must be intending to use the house as their residence so buy to lets or other kinds of investment will not be suitable. From the age of 60 the account holder is free to make full or partial withdrawals from the account, for any purpose will still being able to benefit from the 25% bonus, funds are permitted to remain invested and any interest will be tax-free.
Savers under 60 years old will be able to make withdrawals for other reasons than property purchase however this will not receive the bonus or interest on their savings and will need to pay a 5% charge on the amount withdrawn.
