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This comparison simply includes all savings accounts.

Yorkshire Building Society
Internet Saver Plus Yorkshire Building Society
Min deposit £10000
Term Instant Access
Interest AER 1.33%

Why we like it: Tiered interest: £1 to £10,000 – 1.10% Gross/AER, £10,001 to £50,000 – 1.33% Gross/AER, £50,001 to £500,000 – 1.38% 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

Hampshire Trust Bank
Fixed Rate Bond Hampshire Trust Bank
Min deposit £1
Term 1 Year
Interest AER 2.60%

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. No withdrawals permitted

Investec Savings
Fixed Rate Bond Investec Savings
Min deposit £5000
Term 1 Year
Interest AER 2.55%

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. Can’t have held an Investec Online Flexi Saver or Fixed Rate Saver in the last 12 months

RCI Bank
Freedom Savings Account RCI Bank
Min deposit £100
Term Instant Access
Interest AER 1.32%

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)

First Direct
1st Account First Direct
Open With £1
Account Type Current Account
Features Get £150 to switch or £20 to open

Why we like it: SPECIAL OFFER - Get £150  when you switch to a First Direct 1st Account, or if you're not ready to switch £20 welcome when you open a current account. You also get access to a 3.5% AER/gross fixed for 12 months Regular Saver Account 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. For the £150 switching cash offer you need to open a 1st Account, switch your everyday banking to us using the Current Account Switch Service and pay in at least £1,000 within three months of opening the account. To get the £20 welcome cash offer you need to open a 1st Account and log into our app / online banking within three months of opening the account. This offer can’t be added to any other joiner or switcher offer

Santander
123 Current Account Santander
Open With £500
Account Type Current Account
Features 0.75% AER Interest Up To £20,000

Why we like it: Earn 0.75% 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.

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

The Access Bank UK
Fixed Rate Bond The Access Bank UK
Min deposit £5000
Term 2 Years
Interest AER 2.90%

Why we like it: Save from £5,000 to £500,000. No additional deposits or withdrawals permitted. FSCS Protected

Investec Savings
Online Flexi Saver Investec Savings
Min deposit £5000
Term Instant Access
Interest AER 1.25%

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)

Hampshire Trust Bank
Online Easy Access Account Hampshire Trust Bank
Min deposit £1
Term Instant Access
Interest AER 1.15%

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 2021. Must be UK resident and be aged 18 or older

Leeds Building Society
2 Year Regular Saver Account Leeds Building Society
Min deposit £100
Term 2 Years, with one free withdrawal each year
Interest AER 1.45%

Why we like it: Monthly regular saver account. Deposit up to £250 per month (maximum £6,000 over the term). Withdrawals are limited to 1 each year without loss of interest (including account closure). Further withdrawals (including account closure) will be subject to 30 days’ loss of interest on an equivalent amount to that withdrawn. Interest paid annually. Open and manage online. FSCS Protected. Minimum opening and operating balance £100. If the balance falls below £100, the rate of interest which shall apply is 0.05% Gross/AER. Variable interest rate. Must be UK resident and be aged 18 or older

Brown Shipley
Easy Access Account Brown Shipley
Min deposit £1000
Term Instant Access
Interest AER 1.10%

Why we like it: Register for a free Raisin UK Account to apply for product and receive a £25 cash bonus for deposits of £10,000 or more. Interest paid monthly. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older.

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Compare Savings Accounts For Self Employed

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. For the best savings accounts options see the table above.

If you are self employed, there are many reasons why you may want to build your savings. For example, you might want to save for new equipment, a new computer, a tax bill payment or even for retirement.

Sometimes it can be difficult to put away money when you are self employed. Due to the nature of being self employed, you may require a significant amount of money at short notice. Therefore, if you want to put some money away, you may want to use a combination of the savings options below.

By using a selection of the savings options below, you could earn competitive interest and stay flexible with your savings; allowing you to access your savings in the event you need them.

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.

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.

An instant access account may be an attractive option. Though the interest rate offered by instant access accounts are not the highest, they allow you to make withdrawals from your savings; this can be extremely handy, especially if you are self employed and are faced with unforeseeable costs that you need to pay at short notice.

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.

If you are likely to need to make a withdrawal from your savings quickly, a notice savings account might not be your best savings option.

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.

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.

A concern for a lot of self employed people is their retirement. One potential way to save for retirement as a self employed person is through a lifetime ISA.  If you use a lifetime ISA, you will receive 25% of whatever you deposit from the government. For example, if you deposit £1,000 into your lifetime ISA a month then your ISA will receive £250 from the government each time.

Find the best savings account for self employed

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 for self employment find the right one for your saving needs.

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Simplysavingsaccounts.co.uk is a trading style of Fair Investment Company Ltd.

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