Best savings rates – earn as much as 5.1%

If you're looking for the best savings rates, you can earn as much as 5.1% with the top easy-access account or up to 4.5% with a one-year fixed savings account.

The difference is that you have the freedom to make withdrawals with an easy-access account, whereas fixing your savings requires your cash to be locked in for a specific term.

While the number of savings products has hit an all-time high, you'll need to act quickly, as the Bank of England cut interest rates to 4%, which means that these rates can disappear quickly.

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We list all the top savings accounts below with details on how to get these rates.

The best savings rates: a quick guide
Best easy-access: 5.1% AER with Chip.
Best one-year fix: 4.5% AER with LHV Bank.
Best regular saver: 7.5% with Principality Building Society.

Note:
All the banks we mention in this article are protected by the Financial Services Compensation Scheme, meaning up to £85,000 of your savings are protected should a bank or other financial services company go out of business.

Best notice savings rates

The best easy-access savings rates

Best regular savings accounts

The best one-year fixed rates

If you’re happy to lock a chunk of your savings away for a year, it might be worth considering a one-year fixed savings account, currently paying up to 4.5%.

Just note that if you take money out before the fixed period ends, you will lose the interest deal.

The best two-year fixed rates

Currently, the rates for two-year fixed-rate accounts are lower than for one-year fixed accounts, paying up to 4.46%

But with savings rates on a likely downward trajectory, if you're happy to lock away your money until the fixed period ends, you're guaranteed this rate for two years.

But, remember, this also means if better rates do appear within that time frame, you will be locked in at a lower rate.

Types of savings accounts

If you're looking to store your cash in an interest account there are several different types to choose from – ranging from easy-access accounts to one, two or three-year fixes.

• Easy access accounts allow you to take your money out as and when you please.
• Fixed-rate accounts, or fixed-rate bonds, come with restrictions and also mean you cannot access your cash until the account reaches maturity. You usually earn more interest if you are willing to lock your cash away for a fixed period but keep in mind that this also takes away flexibility should you need the cash suddenly.
• Regular savers reward customers ready to commit to a consistent savings habit. These are usually the top-paying savings rates in the market.
• Savings accounts for existing customers reward loyalty, providing higher rates or accounts with perks.

Looking to switch your current account? Take a look at our guide to the best offers for switching banks, where you can earn as much as £200 for moving bank accounts.

This article is updated regularly to bring you the latest on the best savings rates. Sign up for our newsletter to stay up-to-date on all the latest deals for cash savings.