Best savings accounts – March 2023

Interest rates on cash savings are making a comeback. We look at the best savings accounts on the market now

The Bank of England has hiked its base rate to 4.25%, its highest level since 2008. An increase in rates is good news for savers, and although higher rates may take time to filter through, there are still some attractive options for cash savers.

Over the last few months, we have seen banks increase the interest rates on their savings accounts, and though they don’t beat inflation, they can be a good home for cash savings.

If you have cash savings – whether it’s your emergency fund or savings for a short-term goal – you can currently earn as much as 5% from an easy access account for up to £1,500 right now and as much as 7% from a regular savings account

“Savers will need to act quickly to take advantage of the latest deals as some of the top savings’ rates have tumbled over the past month,” says Rachel Springall, finance expert at Moneyfacts. 

“Inflation is predicted to come down to around 3% in 2024, and based on today’s top rates savers would be able to make a return on their cash,” says Springall. 

“It is expected that variable interest rates will continue to improve due to competition and the consecutive base rate rises fuelling the market. Savers who have not checked their existing rate would be wise to do, as not every provider has passed on each single base rate rise.”

Below are the best savings accounts available for easy access, 12 and 24 months fixes.

All the banks we have mentioned are protected by the Financial Services Compensation Scheme, which protects up to £85,000 of your money should a bank or financial institution go bust. 

This article is updated regularly using data from Defaqto. 

This article may contain affiliate links – when you purchase through links on our site, we may earn a commission.

The best easy-access savings accounts 

Easy access accounts aren’t the top rates, but they come with the freedom of letting you access your cash when you want without losing any interest. So, if you want flexibility, then an easy access account could be for you. These are the best easy-access savings accounts available now.

Account

AER

Minimum deposit

What you need to know

Chip Instant Access Saver*3.40%£1
Only available to existing customers, and managed in-app.
Welcome to Newbury 3.30%£50Interest paid annually on 31 October. Save up to £3,000
Cynergy Bank Online Easy Access Account3.25%£1Interest paid annually. After 12 months the rate falls to 3.10%. 
Zopa Smart Saver Access Pot 3.21%£1Open online. 
Tandem Instant Access Saver3.20%£0Open online and save up to £250,000.
Shawbrook Bank Easy Access Account3.06%£1,000Open the account online. 
Atom Bank Instant Saver2.95%£0

Open and manage the account via Atom's app.

You can move to fixed rate deals with higher rates of interest within the app.

*When you sign up via this link, we may earn an affiliate commission from this deal.

Best notice savings accounts

Account

AER

Minimum deposit

Notes

Cynergy Bank 120 Day Notice Saver3.65%£500
Open online and save up to £1,000,000.
Cynergy Bank 95 Day Notice Period3.60%£500Open online and save up to £1,000,000.
United Trust Bank 200 Day Notice3.55%£5,000Open online and save up to £1,000,000.
Investec Bank 90 Day Notice Account3.55%£5,000Open the account online, save up to £250,000. 
Allica Bank 180 day notice3.50%£10,000You can open the account online, save up £250,000.
SecureTrust Bank 120 Day Notice Account3.50%£1,000Open online and save up to £1,000,000
Zopa 95 Day Notice Boosted Pot3.47%£1Open online, save up to £85,000.

Best regular savings for existing customers 

Account

AER

Minimum deposit

Notes

First Direct Regular Saver7% (fixed for 12 months)£25Open the account online. If you're not already a First Direct current account holder you can get a £175 switching bonus. Maximum deposit is £300 per month.
Lloyds Bank Club Monthly Saver6.25%£10
Open online or in branch. You must be a Lloyds current account holder and a Club Lloyds customer. Maximum deposit is £400 per month 
Natwest Digital Regular Saver6.17%£1Open online or in branch. You must have a Natwest current account. Maximum deposit is £150 per month
Barclays Rainy Day Saver5.12%£1The 5.12% rate is available on balances up to £5,000. After that it falls to 0.15%. Open online or in branch, available only to Barclays Blue Reward Members. 

HSBC Regular Saver

5% 

£25

You can open the account online and must have a HSBC current account

Santander Edge Saver Exclusive4%£1Open online. Available to Santander Edge current account customers. 

The best one-year fixed accounts

If you’re happy to lock a chunk of your savings away for a year, it might be worth considering a one-year fixed rate account

Just be aware 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 12-month fixed accounts.

Account

AER

Minimum deposit

Notes

Al Rayan Bank 12 Month Fixed Term Deposit4.50%£5,000Save up to £1,000,000. Open online or over the phone.
SmartSave 1 Year Fixed Rate Saver4.43%£10,000Open online and save up to £85,000.
OakNorth Bank 12 Month Fixed Term savings account4.42%£1Open online or in app, save up to £500,000. 
Cynergy Bank 1 Year Fixed Rate Bond4.42%£10,000Open online and save up to £1,000,000
Ahli United Bank4.32%£1,000Open online and save up to £85,000.
Atom Bank 1 Year Fixed Saver4.30%£10,000Open online and save up to £85,000. 

The best two-year fixed-term savings accounts

If you are happy to fix for two years, the interest rates are marginally better. But just as with one-year fixed accounts, you can’t access the cash until the fixed period ends. 

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

But, since there is no guarantee that will happen, you might decide it’s better to start earning something on short-term savings immediately.

Account

AER

Minimum deposit

Notes

Al Rayan Bank 24 Month Fixed Term Deposit4.62%£5,000Open online or over the phone, save up to £1,000,000.
Oxbury Bank 2 Year Bond Account4.47%£1,000Open online and save up to £500,000. 
Atom Bank 2 Year Fixed Saver4.45%£50Save up to £100,000, open in app. 
Vanquis Bank 2 Year Fixed Rate Bond4.45%£1,000Open online, save up to £250,000.
SmartSave 2 Year Fixed Saver 4.43%£1,000
Open online and save up to £85,000 

Allica Bank 24-month fixed term savings account

4.40%

£10,000

Open online, save up to £250,000.

What are the different types of savings accounts?

When putting your cash away, you will usually have the option of different types of saving accounts – 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 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 the flexibility should you need the cash suddenly. 

Although two or three-year fixed accounts, sometimes described as fixed-rate bonds, can earn you more interest, it is worth noting that the rates currently on offer do not beat inflation, meaning the value of your cash is still eroding. So if you can lock your money away for the long term (five years or more) then your cash could potentially earn more on the stock market. 

Looking to switch current accounts? Take a look at our guide in the best current account switching offer, where right now 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 accounts rates. Sign up to our newsletter to stay up-to-date-on the latest deals for cash savings.

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