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This comparison simply includes all savings accounts.

Post Office
Online Saver Post Office
Min deposit £1
Term Instant Access
Interest AER 1.30%

Why we like it: MARKET LEADING - LOWEST MINIMUM, REGULAR SAVER OPTION. Earn 1.30% gross/AER variable. Open with £1. Unlimited free withdrawals. Interest paid monthly or annually. Manage your account online. FSCS protected

RCI Bank
Freedom Savings Account RCI Bank
Min deposit £100
Term Instant Access
Interest AER 1.30%

Why we like it: MARKET LEADING RATE. No notice period. Deposit from £100. Interest paid monthly or annually. Apply in minutes.

Ford Money
Flexible Saver Ford Money
Min deposit £1
Term Instant Access
Interest AER 1.17%

Why we like it: Open with £1. Unlimited deposits and withdrawals. Open an account singly or jointly. Interest can be paid monthly or annually. Eligible deposits covered by UK FSCS.

Ford Money
Flexible Cash ISA Ford Money
Min deposit £1
Term Instant Access
Interest AER 1.00%

Why we like it: Minimum deposit £1. Unlimited deposits. Transfer in ISAs held elsewhere - no limit. Eligible deposits covered by UK FSCS.

Aldermore
Notice Savings Aldermore
Min deposit £1000
Term 30 Day Notice
Interest AER 1.05%

Why we like it: Unlimited withdrawals subject to notice. Withdraw cash early if you need to (subject to loss of interest).

Aldermore
Notice Cash ISA Aldermore
Min deposit £1000
Term 30 Day Notice
Interest AER 1.05%

Why we like it: Unlimited withdrawals subject to 30 days notice.

Aldermore
Easy Access Account Aldermore
Min deposit £1000
Term Easy Access
Interest AER 1.00%

Why we like it: Earn 1.00% gross/AER on balances from £1,000 to £1 million. Unlimited withdrawals without restriction or loss of interest.

Wyelands Bank
Notice Savings Wyelands Bank
Min deposit £5000
Term 35 Day Notice
Interest AER 0.8%

Why we like it: Save from £5,000. 35 days notice for withdrawals. FSCS Protected

Nationwide
Limited Access Online Saver Nationwide
Min deposit £1
Term Limited Access
Interest AER 0.5%

Why we like it: 0.50% AER Gross (variable) for up to 5 withdrawals per account year (0.10% AER Gross (variable) for 6 or more withdrawals). Open with £1. Interest paid annually. Manage your account online. Over 16's only

Nationwide
Instant ISA Saver Nationwide
Min deposit £1
Term Instant Access
Interest AER 0.5%

Why we like it: Instant ISA Saver is designed for those that want the convenience of a tax-free cash ISA with instant access.

Scottish Widows
Direct Transfer Account 2 Scottish Widows
Min deposit £1000
Term Instant Access
Interest AER 0.35%
Scottish Widows More info

Why we like it: Open with £1,000. Monthly and Annual Interest options. Access - Online, Telephone or Post. No notice period or fees on withdrawals.

Santander
123 Current Account Santander
Open With £1000
Account Type Current Account
Interest AER 1.50%

Why we like it: BEST SELLING CASHBACK CURRENT ACCOUNT. Earn 1.50% AER (variable) interest on balances up to a maximum of £20,000. Up to 3% CASHBACK on various household bills. Monthly fee of £5. Must pay in £500 pm.

Compare short term savings accounts

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 only looking to build up savings over a short period, there are various kinds of short term savings accounts you should consider.

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. Right now, TSB are offering 5% AER on their TSB current account for balances up to £2,000, while Santander pay 1.5% AER up to a limit of £20,000.

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.

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.

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.

Latest news

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

We've been comparing savings and current accounts for many years so you can trust you're in good hands.