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MoneyWeek uses data from Defaqto to regularly update this article. All the banks we mention are protected by the Financial Services Compensation Scheme, meaning up to £85,000 of your savings are protected should a bank go bust. This article may contain affiliate links – when you purchase through links on our site, we may earn a commission*
If you're looking for the best savings accounts, you can earn over 5% on an easy access account which gives you freedom with withdrawals, or earn nearly 6% if you're prepared to fix for a year.
- The best easy access savings account is 5.22% AER with Metro Bank
- The best one-year fixed deal is 5.8% with Metro Bank.
- The best regular saver is 8% AER with Nationwide
We list all the top savings accounts below with details on how to get these rates.
The best easy-access savings accounts
| ACCOUNT | AER | MINIMUM DEPOSIT | WHAT YOU NEED TO KNOW |
| Cahoot Sunny Day Saver | 5.2% | £1 | Save up to £2million. Earn 5.2% on balances up to £3,000 only. Open online. |
| Ulster Bank Loyalty Saver | 5.2% | £5,000 | Open online. |
| Paragon Bank Double Access Savings Account | 5.16% (limited to two withdrawals per year) | £1,000 | Save up to £50,000. Open online. |
Best notice savings accounts
| ACCOUNT | AER | MINIMUM DEPOSIT | NOTES |
| Shawbrook 120 Day Notice Account | 5.56% | £1,000 | Open online |
| Cynergy Bank Online Notice Saver | 5.4% | £500 | Open online |
| RCI Bank UK 95 Day Notice Savings Account | 5.3% | £1,000 | Open online |
Best savings for existing customers
| Account | AER | Minimum monthly payment | Notes |
|---|---|---|---|
| Nationwide Flex Regular Saver | 8% | £0. (Pay in at least £1 within 28 days of opening the account) | Open online or in branch. If you're not already a Nationwide current account holder, you can switch and get £200 free cash. Maximum deposit is £200 per month. |
| First Direct Regular Saver* | 7% (fixed for 12 months) | £25 | Open 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. |
| Yorkshire Building Society Loyalty Regular eSaver 2023 | 7% | No mimimum monthly deposit. Must hold at least £1 in the saver at all times. | Open online. Maximum deposit is £500 per month. |
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.
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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 12-month fixed accounts.
| ACCOUNT | AER | MINIMUM DEPOSIT | NOTES |
| Metro Bank 1 Year Fixed Rate Saver | 5.8% | £500 | Save up to £2million. Open online or in branch. |
| Union Bank of India 1 Year Fixed Saver | 5.7% gross | £1,000 | Save up to £1million. Open by post or in branch. |
| Al Rayan Bank 1 Year Fixed Saver | 5.7% | £5,000 | Save up to £1million. Open online or by phone. |
The best two-year fixed 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 |
| Loughborough Building Society 2 Year Fixed Bond | 5.5% | £5,000 | Save up to £250,000. Open online or in branch. |
| Ford Money 2 Year Fixed Savings | 5.45% | £500 | Save up to £2million. Open online. |
| Hodge Bank 2 Year Fixed Saver | 5.3% | £1,000 | Save up to £1million. 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 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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