Best savings accounts – January 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’s base rate is currently at its highest level since 2008, and looks likely to increase when the Bank meets on 2 February. An increase in rates is good news for savers as the rate increases start to filter through to saving accounts. 

Banks have started to increase the interest rates on their savings accounts, and though they don’t beat inflation they are offering some of the best deals on cash savings. We’ve checked the best savings accounts available right now.

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. 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

Barclays Rainy Day Saver

5.12%   

£1

This account is only available to Barclays Blue Reward members. Open online or in branch. 

Santander Edge Saver

4%£1Account can be opened and operated online. 

Chip Instant Access Saver

3%£1Only available to existing customers, and managed in-app 
Shawbrook Bank Easy Access Account2.92%£1,000Open the account online

Zopa Smart Saver Access Pot

2.86%   

£1

This is an app-only account.

Newbury Building Society

2.8%   

£50

The Welcome to Newbury account is open to new customers and can be opened online or in a branch

HoistSavings Easy Access Account (via Raisin)

2.7%   

£1,000

This account is available via the Raisin platform.

Atom Bank Instant Saver2.55%£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. 

Best notice savings accounts

Account

AER

Minimum deposit

Notes

Furness Building Society 120 Day Notice Account3.50%£1,000Open in branch or by post 
OakNorth Bank 120 Day Notice Account3.35% £1You can open the account online

Zopa 95 days Boosted Pot Saver

3.26%

  £1

You can open the account online

United Trust Bank 200 Day Notice Account

3.2%

  £1

You can open the account online

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 Saver5.25%£10Open 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 Saver5.12%£1Open online or in branch. You must have a Natwest current account. Maximum deposit is £150 per month. 

Barclays Rainy Day Saver

5.12% on balances up to £5,000
0.51% on balances over £5,000

£1

This account is only available to Barclays Blue Reward members.

If you’re not a member, you can become one by opening a Barclays current account and linking this to your Blue Rewards account. Maximum deposit is £10,000. 

HSBC Regular Saver*

5% 

£25

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

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

FirstSave 1 Year Fixed Bond

4.3%

£1,000

Online account. Save up to £85,000

SmartSave 1 Year Fixed Saver4.21%£10,000Open online and save up to £85,000. 
Vanquis Bank 1 Year Fixed Saver4.20%£1000Online account. Save up to £250,000 
Atom Bank 1 Year Fixed Saver4.15%£50
You have to manage this account via the Atom bank app. Save up to £100,000. 

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

First Save 2 year fixed saver

4.7%

£5,000

 

Online account. 

Atom Bank 2 Year Fixed Saver

4.45%

£50

Manage in-app. Save up to £100,000

Vanquis Bank 2 Year Savings Bond

4.40%

£1,000

Open online. Save up to £1,000

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.

Recommended

Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
27 Jan 2023
Best regular savings accounts – January 2023
Savings

Best regular savings accounts – January 2023

You can earn an attractive rate on the best regular savings accounts. We tell you the best on the market to take advantage of right now
27 Jan 2023
Equity release v downsizing – which is best?
Personal finance

Equity release v downsizing – which is best?

Equity release hit a record high in 2022. But is downsizing a better way to hold on to your money?
27 Jan 2023
Self-assessment tax returns: what you need to know about getting your tax bill right
Income tax

Self-assessment tax returns: what you need to know about getting your tax bill right

Understanding how self assessment works can help you ensure you pay the right amount of tax, as well as avoid penalties for missing the deadline.
27 Jan 2023

Most Popular

Council tax increases 2023 – how much more will you pay?
Tax

Council tax increases 2023 – how much more will you pay?

Your council tax bill will go up in April - we reveal the councils that have confirmed what this year’s increase will be.
23 Jan 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
27 Jan 2023
When will interest rates go up?
UK Economy

When will interest rates go up?

New interest rates will be announced on 2 February – we look at what to expect.
26 Jan 2023