Best savings rates – December 2024

Here are the best savings rates on the market. With interest rates cut for the first time in more than four years, lenders are dropping their rates

Plant growing out of Green Piggy Bank, best savings rates concept.
(Image credit: Getty Images)

If you're looking for the best savings rates, you can earn up to 4.85% with the current top easy-access account or up to 4.8% 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 quickly as the Bank of England has cut interest rates to 4.75%, which means savings rates are dropping faster than ever. 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: Atom Bank, 4.85%.
2. Best one-year fix: Al Rayan Bank, 4.8%
3. Best regular saver: Principality 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

Atom Bank Instant Saver Reward – 4.85% AER
Best easy access

Atom Bank Instant Saver Reward – 4.85% AER

There is no minimum opening deposit and you can go up to £100,000, but keep in mind that only £85,000 of your deposit will be protected by the FSCS.

If you make a withdrawal, the rate you earn drops to 3.25%. Interest is paid at maturity and you can open the saver on the Atom app.

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AccountAERMinimum depositNotes
Monument Bank Easy Access Savings4.81%£25,000Save up to £400,000. Open online
Chase Saver With Boosted Rate 4.75%£0Boosted rate is for six months. Save up to £3 million. Open online.
Cahoot Sunny Day Saver4.75%£1Save up to £2 million (on balances up to £3,000). Open online.

Best notice savings rates

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AccountAERMinimum depositNotes
Plum 95-day Notice Pocket - Premium5.2%£0Open online
GB Bank Prosper - 95 Day Notice Account5.1%£20,000Open online
Market Harborough BS 195 Day Notice Account5.1%£10,000Open online or in branch

Best accounts for existing customers

Principality Building Society Regular Saver– 8% AER
Best regular saver

Principality Building Society Regular Saver– 8% AER

This regular saver is returning 8%. It requires you to fix your cash for six months, and you can pay in up to £200 a month. To keep the account open, you must have at least £1 held in the saver.

You're not permitted to withdraw money in the six-month term and you can only save up to £1,200 in the fixed period. Plus, if you want to close your account early, you can without a penalty – and any interest earned will be added to your account balance.

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AccountAERMinimum monthly paymentNotes
First Direct Regular Saver7%£25Open online. Maximum deposit is £300 per month.
Principality BS Christmas 2025 Regular Saver7%£1Open online, in branch or by post. Maximum deposit is £250 per month.
Co-operative Bank 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 (via Raisin UK) 1 Year Fixed Term Deposit – 4.8% AER
Best 1 year fixed

Al Rayan Bank (via Raisin UK) 1 Year Fixed Term Deposit – 4.8% AER

Earn an expected profit of 4.8% with Al Rayan Bank when you sign up via Raisin. You need to deposit at least £1,000, and you can save up to £85,000.

Profit is paid annually. You can open this account online.

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ACCOUNTAERMINIMUM DEPOSITNOTES
Habib Bank Zurich plc HBZ Fixed Rate eDeposit Account4.8%£5,000Save up to £1 million. Open online.
Ziraat Bank Raisin UK - 1 Year Fixed Term Deposit (via Raisin)4.8%£1,000Save up to £85,000. Open online.
Vida Savings 1 Year Fixed Rate Bond4.77%£100Save up to £85,000. 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.

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ACCOUNTAERMINIMUM DEPOSITNOTES
United Trust Bank UTB 2 Year Bond4.61%£5,000Save up to £1 million. Open online.
Atom Bank 2 Year Fixed Saver4.6%£50Save up to £100,000. Open online.
Birmingham Bank 2 Year Fixed Rate Bond4.53%£5,000Save up to £250,000. 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 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.

Oojal Dhanjal
Editorial Content Producer

Oojal has a background in consumer journalism and is interested in helping people make the most of their money.Oojal has an MA in international journalism from Cardiff University, and before joining MoneyWeek, she worked for Look After My Bills, a personal finance website, where she covered guides on household bills and money-saving deals.Her bylines can be found on Newsquest, Voice Wales, DIVA and Sony Music, and she has explored subjects ranging from politics and LGBTQIA+ issues to food and entertainment.Outside of work, Oojal enjoys travelling, going to the movies and learning Spanish with a little green owl.