Best savings rates – June 2024

Here are the best savings rates on the market. With interest rates frozen for the sixth time, lenders are dropping their rates.

Best savings rates concept, empty piggy bank on blue background
(Image credit: Getty Images)

If you're looking for the best savings rates, you can earn up to 5.2% with the current top easy-access account and also with a one-year fixed savings account. The difference is, that you have freedom with withdrawals with an easy-access account, whereas fixing your savings requires your cash to be locked in for a specific term. 

But you will need to act fast as the Bank of England has frozen the base rate for the sixth time, which means savings rates could drop again. We list all the top savings accounts below with details on how to get these rates.  

The best savings rates: quick menu

1. Best easy-access: Cahoot, 5.2%
2. Best one-year fix: Al Rayan Bank, 5.2%
3. Best regular saver: Saffron Building Society, 8%

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

Cahoot Sunny Day Saver - 5.2% AER 
Best easy access

Cahoot Sunny Day Saver - 5.2% AER 

Cahoot, a division of Santander is returning 5.2% AER. Plus, there are no restrictions on withdrawals. Save up to £2million. Interest can be paid monthly or annually. 

Open the saver with just £1. The catch is, the 5.2% rate is only applicable on funds up to £3,000. Any sum after that earns no interest. Open and manage the account online. 

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ACCOUNTAERMINIMUM DEPOSITWHAT YOU NEED TO KNOW
Ulster Bank Loyalty Saver Account 5.2%No minimum deposit. Earn 5.2% on balances above £5,000. Must be a current account holder. Open online.
Chase Saver Account 5.1% No minimum deposit Must be a current account holder. Save up to £1million. Open on the Chase app.
Oxbury Bank Easy Access Account Limited Edition 1 5.02%£20,000 Save up to £500,000. Open online.

Best notice savings rates

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ACCOUNTAERMINIMUM DEPOSITNOTES
Monument Bank 60 Day Notice Account5.27%£25,000Open online
Investec 90-Day Notice Saver5.25%£5,000Open online
Monument Bank 45 Day Notice Account5.2%£25,000Open online

Best savings for existing customers

Saffron Building Society Members' Month Loyalty Saver – 8% AER
Best regular saver

Saffron Building Society Members' Month Loyalty Saver – 8% AER

Saffron Building Society has launched a limited edition regular savings account, returning 8% for its existing customers. The market-leading rate is a part of the provider’s ‘Members’ Month, where it gives back to its customers.

Start saving with just £1 and deposit up to £50 a month. If your balance falls below £1, the rate you’ll earn falls to 0.05%. You are permitted to withdraw money once a month and interest is paid after 12 months. 

To qualify for this saver, you must have held a Saffron Building Society on or before 1 June 2023. You can open the saver online or in branch.     

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AccountAERMinimum monthly paymentNotes
First Direct Regular Saver7%£25 Open online. Maximum deposit is £300 a month.
Co-operative Bank Regular Saver7%£1Open online. Maximum deposit is £250 per month.
Skipton Building Society Regular Saver7%£1Open online. Maximum deposit is £250 per month.

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 rate account.

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.

Al Rayan Bank 1 Year Fixed Saver – 5.2%
Best 1 year fixed

Al Rayan Bank 1 Year Fixed Saver – 5.2%

This Sharia-compliant bank is offering an expected profit rate of 5.2% on savings. Profit can be taken quarterly or reinvested.

You must deposit at least £5,000 and you can save up to £1million. You can open this account online or by phone.

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ACCOUNTAERMINIMUM DEPOSITNOTES
National Bank of Egypt one-year fixed saver 5.18%£10,000Save up to £85,000. Open online via Raisin.
SmartSave 1 Year Fixed Rate Saver 5.16%£10,000Save up to £85,000. Open online.
Atom Bank 1 Year Fixed Saver 5.15%£50Save 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, 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. 

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ACCOUNTAERMINIMUM DEPOSITNOTES
SmartSave 2 Year Fixed Rate Saver 5.06%£10,000 Save up to £85,000. Open online
Atom Bank 2 Year Fixed Saver 5%£50 Save up to £100,000. Open on the Atom app
Close Brothers Savings 2 Year Fixed Rate Bond 4.95%£10,000Save up to £2million. Open online

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, 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 the flexibility should you need the cash suddenly.

Although two or three-year fixed accounts can earn you more interest in the short term, your cash could potentially earn more on the stock market in the longer term.

Looking to switch your current account? 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 rates. Sign up for our newsletter to stay up-to-date on all the latest deals for cash savings.

Vaishali Varu
Staff Writer

Vaishali has a background in personal finance and a passion for helping people manage their finances. As a staff writer for MoneyWeek, Vaishali covers the latest news, trends and insights on property, savings and ISAs.

She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury

Before joining MoneyWeek, Vaishali worked in marketing and copywriting for small businesses. Away from her desk, Vaishali likes to travel, socialise and cook homely favourites

With contributions from