Daniel Hilton
If you're looking for the best savings rates, you can earn as much as 4.76% with the top easy-access account or up to 4.65% 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.
You will need to act quickly to secure competitive savings rates as the Bank of England has cut interest rates to 4.5%, which means providers are likely to pull options from the market. 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: 4.76% with Chip.
Best one-year fix: 4.65% with Castle Community 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.
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The best easy-access savings rates
Account | AER | Minimum deposit | Notes |
|---|---|---|---|
Chip Easy Access Account | 4.76% | £0 | Save up to £1 million. Open online |
Sidekick Money Sidekick High Yield Cash Reserve | 4.76% | £1,000 | Save up to £500,000. Open online |
Atom Bank Instant Saver Reward | 4.75% | £0 | Save up to £100,000. Open online |
Chase Saver With Boosted Rate | 4.75% | £0 | Save up to £3 million. Open online |
Best notice savings rates
Account | AER | Minimum deposit | Notes |
|---|---|---|---|
OakNorth Bank Prosper - 95 Day Notice Tracker Account | 5.00% | £20,000 | Save up to £250,000. Open online |
Oxbury Bank 120 Day Notice Base Rate Tracker | 4.85% | £1,000 | Save up to £500,000. Open online |
Plum 95-day Notice Pocket - Premium | 4.84% | £0 | Open online |
Chip Chip Easy Access Saver | 4.76% | £0 | Save up to £1 million. Open online |
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 4.65%.
Just note that if you take money out before the 12-month period ends, you will lose the interest deal. Here are the best deals available for 1 year fixed savings accounts.
Account | AER | Min. opening deposit | Notes |
|---|---|---|---|
Castle Community Bank 1 year Fixed Rate Savings | 4.65% | £1,000 | Save up to £85,000. Open online |
Cynergy Bank 1 Year Fixed Bond | 4.55% | £1,000 | Save up to £1 million. Open online |
GB Bank 1 Year Fixed Rate Bond | 4.55% | £1,000 | Save up to £100,000. Open online |
Tandem Bank 1 Year Fixed Saver | 4.55% | £1 | Save up to £2.5 million. Open online |
The best two-year fixed rates
Currently, the rates for two-year fixed-rate accounts are slightly lower than for one-year fixed accounts, but with savings rates on a likely downhill 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.
Account | AER | Min. opening deposit | Notes |
|---|---|---|---|
JN Bank Fixed Term Savings Account | 4.48% | £100 | Save up to £500,000. Open online |
Cynergy Bank Fixed Rate Bond | 4.45% | £1,000 | Save up to £1 million. Open online |
GB Bank 2 Year Fixed Rate Bond | 4.43% | £1,000 | Save up to £100,000. Open online |
Birmingham Bank 2 Year Fixed Rate Bond | 4.42% | £5,000 | Save up to £250,000. Open online |
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, sometimes described as 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 £175 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.
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