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This comparison simply includes all savings accounts.

NatWest
Select Current Account Natwest
Open With £0
Account Type Current Account
Features Get £150 when you Switch

Why we like it: SPECIAL OFFER - Get £150 if you switch from another bank with Current Account Switcher Service until 5pm on 07/04/22. Terms & Conditions apply. Fee Free Account. An everyday current account. Great money management tools with our mobile banking app. ‘Criteria Apply’. Multiple ways to pay: Apple Pay, Google Pay™ and Contactless Visa Debit Card. Limits apply. Arranged overdraft available (subject to eligibility). No monthly fee. Defaqto 5* rated. Must be 18 or older and UK resident. Representative example: If you use an arranged overdraft of £1,200 you’ll be charged interest at 39.49% EAR variable. To apply you need to be 18+ and a UK resident. No monthly fee. For Switcher offer pay in at least £1250 and log into mobile banking by 12/05/22. Online only and account and app eligibility criteria apply

NatWest
Reward Current Account Natwest
Open With £1250
Account Type Current Account
Features Get £150 when you Switch

Why we like it: SPECIAL OFFER - Get £150 if you switch from another bank with Current Account Switcher Service until 5pm on 07/04/22. Terms & Conditions apply. Earn £4 a month back in Rewards by making a minimum of 2 direct debit payments of at least £2 each, or earn £1 a month in rewards with 1 mobile app login. Earn Rewards that you can redeem as cash back, gift cards or e-codes with our retail partners. Great money management tools with our mobile banking app. ‘Criteria Apply’. Arranged overdraft available (subject to eligibility). Multiple ways to pay: Apple Pay, Google Pay™ and Contactless Visa Debit. Must be 18 or older and UK resident. Customers need to pay at least £1,250 into any eligible personal current account every month (excludes transfers between your own accounts). Must not currently hold 2 Reward accounts. £2 monthly fee. Representative example: If you use an arranged overdraft of £1,200 you’ll be charged interest at 39.49% EAR variable. To apply you need to be 18+ and a UK resident. No monthly fee. For Switcher offer pay in at least £1250 and log into mobile banking by 12/05/22. Online only and account and app eligibility criteria apply

Santander
Everyday Current Account Santander
Open With £1
Account Type Current Account
Features £140 Cashback when you Switch

Why we like it: SPECIAL OFFER – £140 when you switch to Santander Everyday Current Account. T&Cs apply. 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. £140 cashback when you complete a full switch to a Santander Everyday Current Account within 60 days, set up 2 Direct Debits, pay in £1,000 and log into Online or Mobile Banking. T&Cs apply.

Hampshire Trust Bank
120 Day Notice Account Hampshire Trust Bank
Min deposit £1
Term 120 Day Notice
Interest AER 0.9%

Why we like it: 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 2021. Must be UK resident and be aged 18 or older. Unlimited withdrawals subject to 120 days notice

First Direct
1st Account First Direct
Open With £1
Account Type Current Account
Features Get £130 when you Switch

Why we like it: SPECIAL OFFER - £130 for SWITCHING to a First Direct 1st Account. Access to Regular Saver Account paying 1.00% AER/Gross fixed for 12 months if saving between £25 and £300 a month (up to £3,600 per year). £250 interest-free overdraft (subject to status). No minimum monthly funding and no monthly account fee. Mobile banking app. UK based contact centre. To qualify, switch using the Current Account Switch Service, deposit £1000 within 3 months of account opening. New customers only that have not opened a HSBC account on or after 1 Jan 2018

Santander
123 Current Account Santander
Open With £500
Account Type Current Account
Features £140 Cashback when you Switch

Why we like it: SPECIAL OFFER – £140 cashback when you switch to a Santander 1|2|3 Current Account. T&Cs apply. Earn 0.30% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% cashback on household bills - 1% on council tax bills, Mobile and home phone bills, broadband and paid-for TV packages, and Santander monthly mortgage payments. 2% on Gas and electricity bills, Santander Home Insurance premiums and Santander Life Insurance premiums, and 3% on water bills. Monthly fee of £4. Cashback capped at £5 for each cashback tier each month. Must pay in £500 pm. Bank is registered with the Financial Services Compensation Scheme (FSCS), so any money you keep will be fully protected, up to £85,000. £140 cashback when you complete a full switch to a Santander 1|2|3 Current Account within 60 days, set up 2 Direct Debits, pay in £1,000 and log into Online or Mobile Banking. T&Cs apply.

Santander
123 Lite Current Account Santander
Open With £500
Account Type Current Account
Features £140 Cashback when you Switch

Why we like it: SPECIAL OFFER – £140 cashback when you switch to a Santander 1|2|3 Lite Current Account. T&Cs apply. Up to 3% cashback on selected household bills, capped at £5 for each cashback tier each month. Earn up to 15% cashback with Retailer Offers. Easy to manage online or on mobile app. Get access to a range of 123 offers. Arranged Overdraft facility (subject to status) - 39.94% APR / EAR (variable). Must be 18 or older and UK resident. Customers must pay a minimum of £500 into account each month, have 2 active Direct Debits, log onto Online or Mobile Banking at least once every 3 months. Must not currently hold 2 Reward accounts. £2 monthly fee. £140 cashback when you complete a full switch to a Santander 1|2|3 Lite Current Account within 60 days, set up 2 Direct Debits, pay in £1,000 and log into Online or Mobile Banking. T&Cs apply.

Starling Bank
Mobile App Bank Account Starling Bank
Open With £0
Account Type Mobile Bank Account
Features Fee FREE Account Pays 0.05% AER

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. Voted best British Bank and Best Current Account 2018 - 2021 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

Investec Savings
Fixed Rate Bond Investec Savings
Min deposit £5000
Term 1 Year
Interest AER 1.36%

Why we like it: Market Leading 1 Year Fixed Rate Bond. 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. Can’t have held an Investec Online Flexi Saver or Fixed Rate Saver in the last 12 months

QIB UK Bank
Fixed Rate Bond QIB UK Bank
Min deposit £1000
Term 2 Years
Interest AER 1.60%

Why we like it: Register for a free Raisin UK Account to apply for product and receive a £50 cash bonus (terms apply). Interest paid on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted

Investec Savings
Online Flexi Saver Investec Savings
Min deposit £5000
Term Instant Access
Interest AER 0.71%

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)

Leeds Building Society
Online Easy Access Account Leeds Building Society
Min deposit £1000
Term Instant Access
Interest AER 0.6%

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

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Savings Accounts For Over 1 Million Pounds

When putting your money into a savings account, you need to consider how long you intend to save for and how much of a return you would like to see. You can then compare the different types of savings accounts available to see which ones best match you saving goals.

If you are looking for a way to secure the most interest from savings over a million pounds, you will most likely need to use a combination of the accounts below.

For the current savings accounts available see the table above.

Current Accounts

Current accounts generally offer the best rates of interest for smaller sums of money. However, if you go over your account’s interest limit, your remaining balance will likely earn you nothing. 

To get the best deal, you may have to shop around and be willing to transfer your current account to a new provider. It’s also worth bearing in mind that some current accounts offer a better interest rate during an introductory period which then drops dramatically once that period is over.

In addition, it should be noted that most current accounts only pay interest up to a certain amount. Typically, the threshold for interest on current accounts is relatively low. Therefore, if you require a savings account for over 1 million pounds you may want to explore different accounts.

Instant Access Savings Accounts

This type of account allows you to earn interest on your savings while still giving quick access to your money when necessary. Some instant access accounts come with a card that lets you draw money out at cash points, others require you to take money out in branch or transfer it to a current account online or by phone.

Please be aware there may be a limit on how many withdrawals you can make per year without losing some of your interest.

Easy Access Savings Accounts

Essentially the same as instant access accounts, except there may be a few days' delay when you wish to take money out. This is to allow withdrawal and transfer requests to be processed.

Some providers also refer to their instant access accounts as easy access accounts.

Notice Savings Accounts

These are similar to easy access and instant access savings accounts, except you have to give a certain amount of notice before removing funds. Common notice periods range from 40-95 days. The longer the notice period you are willing to give, the higher the interest rate you will usually receive.

Regular Savings Accounts

If you want to put away a little bit of money each month over a longer period, a regular savings account is likely to be the best choice. This kind of account usually requires you to deposit a minimum amount each month and will normally specify a maximum you can put in each month as well. There may also be a limit on how many withdrawals you can make each year.

Regular savings accounts often offer very attractive rates of interest, but it is important to note that, because you are only slowly building up capital, your initial yearly returns may be modest. This means that, while they can be used for short term savings, regular savings accounts are usually a better choice for longer term savings.

Fixed Rate Bonds

Fixed rate bonds tend to offer attractive rates of interest which will be guaranteed for the life of the bond (typically 1-5 years). The caveat here is that you cannot usually take money out of the bond until it matures (i.e. reaches the end of the fixed interest period).

This means most fixed rate bonds are not ideal for short term savings, although some providers do offer fixed rate bonds with terms as short as 3 months which may be worth considering.

If you are comfortable tying your savings up for a longer period of time, you could consider dividing your million pound plus savings between a number of fixed rate bonds. There is no limit to the amount of fixed rate bonds you are allowed. However, there is typically a maximum deposit of £500,000 and a certain amount of interest will be subject to tax.

Cash ISAs

UK tax payers normally have to pay tax on any interest they earn on their savings. However, a cash ISA allows you to earn interest, tax-free, on deposits up to an agreed yearly limit. For the 2017/18 tax year that amount is £20,000.

There are two main types of cash ISAs – instant access and fixed-term. Instant access cash ISAs allow you to withdraw money whenever you need without paying a penalty, making them ideal for short term saving. Fixed-term cash ISAs have similar conditions to fixed rate bonds, so you may be unable to withdraw money until they reach the end of their term or have to pay a penalty in order to do so.

Cash ISAs do not always offer the best interest rates, so you will need to assess whether any tax savings will outweigh the benefits of the higher interest rates provides by other types of accounts.

To utilise the tax-free interest of a cash ISA for a large amount of savings, you could open different types of ISA each year and split the £20,000 allowance between them. It is important to bear in mind that you can only put money into one kind of ISA each tax year.

Find the best savings account for you

With so many different brands and products on the market, it can be hard to figure out which offer the best deals for you. The comparison table at the top of this page is regularly updated with the most attractive deals on short term savings accounts from across the industry. This makes it easy for you to contrast the features of different accounts that accept a million pound deposit and find the right one for your saving needs.

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