If you're looking for the best savings rates, you can earn as much as 5% with the top easy-access account or up to 4.42% 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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
Account | AER | Minimum deposit | Notes |
|---|---|---|---|
5% | £0 | Save up to £3 million. Open online | |
4.84% | £1 | Save up to £1 million. Open online | |
4.61% | £5,000 | Save up to £450,000. Open online, in person or via post | |
4.58% | £1,000 | Save up to £100,000. Open online. |
The best easy-access savings rates
Account | AER | Minimum deposit | Notes |
|---|---|---|---|
5% | £0 | Save up to £3 million. Open online | |
4.84% | £1 | Save up to £1 million. Open online. | |
4.55% | £1 | Save up to £2 million. Open online | |
4.55% | £1 | Save up to £1 million. Open online |
Best regular savings accounts
Account | AER | Minimum deposit | Notes |
|---|---|---|---|
7.5% | £1 | Save up to £200 per month. Open online or in person. | |
7.1% | £0 | Save up to £300 per month. Open online. | |
7% | £25 | Save up to £300 per month. Open online. | |
7% | £1 | Save up to £250 per month. Open online or in person. |
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 4.42%.
Just note that if you take money out before the fixed period ends, you will lose the interest deal.
Account | AER | Min. opening deposit | Notes |
|---|---|---|---|
4.42% | £50 | Save up to £100,000. Open online | |
4.35% | £1,000 | Save up to £250,000. Open online | |
4.35% | £500 | Save up to £2 million. Open online | |
4.35% | £1,000 | Save up to £100,000. Open online |
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.
Account | AER | Min. opening deposit | Notes |
|---|---|---|---|
4.46% | £10,000 | Save up to £50,000. Open online | |
4.45% | £100 | Save up to £500,000. Open online | |
4.44% | £1,000 | Save up to £250,000. Open online | |
4.4% | £1,000 | Save up to £500,000. 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, 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.
-
Is Reeves planning an inheritance tax raid on lifetime gifts? How rules could changeChancellor Rachel Reeves reportedly has inheritance tax in her sights again with potential changes to limit the gifts loved ones can make in a lifetime said to be being considered for the Autumn Budget
-
Norfolk or Norway? Holidays you can afford with different-sized pension potsMany people look forward to taking more holidays when they retire. But what sort of trips could your pension buy you? We look at the holidays to match different retirement incomes
-
Lloyds Bank returns with £175 bank switch bonus – is it worth moving banks?Lloyds Bank is offering customers £175 to move to one of its Club accounts. We look at whether it’s worth taking advantage of the bank switching bonus
-
Lloyds Bank unveils new pension service – is it any good?Lloyds is the first high-street bank to launch a ready-made pension service. How does it work, is it any good and who can save in it?
-
iPhone users can now check bank balance from Apple WalletNew tool aims to make it easier for smartphone users to track bank balance and spending
-
TSB pulls £150 switching deal - what are the alternatives?TSB has pulled its £150 switching offer, and while there are still other deals on the market, offering up to £200, you will need to act quickly to bag the free cash
-
Nationwide launches £200 switching bonus - plus a linked 8% regular saver accountEarn £377 in one year with Nationwide’s new switching bonus and linked 8% savings account
-
Watchdog summons banks to explain paltry savings ratesSavings rates trail mortgage rates - and the financial watchdog has summoned banks to a meeting amid concerns of profiteering.
-
Treasury grills bank bosses over savings ratesNews The Treasury Select Committee says customers are earning between 0.5% and 0.65% on basic savings accounts, well below the Bank of England base rate
-
Six shared banking hubs open as more branches close - where to find themNews Six banking hubs are now up and running, and aim to plug the gaps left by branch closures. We explain who can use them and if there’s one near you.
