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This comparison simply includes all savings accounts.

HSBC
Advance Current Account HSBC
Open With £1750
Account Type Current Account
Features Get £170 when you Switch

Why we like it: SPECIAL OFFER - Get £170 when you switch to an HSBC Advance Bank Account. Earn 1.00% AER/gross when you save between £25 and £250 per month. Arranged overdraft limit of at least £1,000 on account opening. Money banking app. No monthly account fee. Easy switching with the Current Account Switch Service. Must be 18 or older and be UK resident. Must pay in £1,750 per month or £10,500 over 6 months. Must be approved for an arranged overdraft of £1,000+. For £170 Switch Offer: Switch using Current Account Switching Service with 2+ Direct Debits/standing orders within 30 days and pay £1,500k+ into account within 60 days. Once eligible, HSBC will pay £170 into your account within 30 days. Offer excludes customers who’ve held an HSBC/opened a first direct current account since 1/1/19

Santander
123 Current Account Santander
Open With £500
Account Type Current Account
Features 0.50% AER Interest Up To £20,000

Why we like it: Earn 0.50% 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

Investec Savings
Fixed Rate Bond Investec Savings
Min deposit £5000
Term 1 Year
Interest AER 2.25%

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

Paragon Bank
Fixed Rate Bond Paragon Bank
Min deposit £1000
Term 2 Years
Interest AER 2.55%

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 on maturity. Maximum deposit £85,000. FSCS Protected. Must be UK resident and aged 18 or older. No withdrawals permitted

RCI Bank
Freedom Savings Account RCI Bank
Min deposit £100
Term Instant Access
Interest AER 1.10%

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)

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 £30 cash bonus for deposits of £10,000 or more. 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 1.06%

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)

Nationwide
1 Year Triple Access Online Saver Nationwide
Min deposit £1
Term Easy Access or up to 1 Year
Interest AER 1.00%

Why we like it: Make up to three withdrawals during the 12-month term of this account. Open with £1. Manage your account online. Interest paid at maturity. FSCS Protected. Must be UK resident and aged 16 or older. Make more than three withdrawals and the rate drops to 0.01% AER/gross p.a. (variable). Not available in branch

Yorkshire Building Society
Internet Saver Plus Yorkshire Building Society
Min deposit £10000
Term Instant Access
Interest AER 0.77%

Why we like it: Tiered interest: £1 to £10,000 – 0.60% Gross/AER, £10,001 to £50,000 – 0.77% Gross/AER, £50,001 to £500,000 – 0.82% 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

Leeds Building Society
Online Easy Access Account Leeds Building Society
Min deposit £1000
Term Instant Access
Interest AER 0.71%

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

Nationwide
1 Year Triple Access Online ISA Nationwide
Min deposit £1
Term Easy Access or up to 1 Year
Interest AER 1.00%

Why we like it: Make up to three withdrawals during the 12-month term of this account. Open with £1. Manage your account online. Interest paid at maturity. FSCS Protected. Must be UK resident and aged 16 or older. Make more than three withdrawals and the rate drops to 0.01% AER/gross p.a. (variable). Not available in branch

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Compare Savings Accounts With Unlimited Withdrawals

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 savings accounts with unlimited withdrawal options 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.

If you need unlimited withdrawals then you might want to consider putting your savings into a current account.

Although current accounts have had relatively low monthly interest rates in years past, banks are working harder than ever to get your business. To entice you to open a current account, some banks are offering switching bonuses, bill payment cash back and competitive interest rates.

It should be noted that the banks that offer higher rates of interest on their current account will usually require you to deposit a certain amount of money each month and have a number of direct debits coming out of the account.

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.

It should be noted that not all instant access accounts will have unlimited withdrawals, ensure you check with the bank before opening your account.

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.

Similarly to instant access accounts, not every easy access account will have unlimited withdrawals. Always check before opening an account.

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.

Notice savings accounts usually do not have a limit on how many withdrawals you can make; the issue is usually the length of time you have to wait before receiving your savings. However, if it is important to have complete freedom in relation to withdrawals, you should check with the bank before putting your savings in a notice savings account.

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.

Regular savings accounts are usually not designed for unlimited withdrawals.  There are accounts that have no limit to how many withdrawals you make; however, these often will not have the best interest rates.

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.

Find the best short term 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 and find the right one for your saving needs.

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Over 5.1 million UK bank and building society customers have switched their bank accounts using the free (and guaranteed) current account switching service which simplifies the process for customers. Read More »

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