Best savings accounts – December 2023

With interest rates rising, savings accounts are starting to look interesting again. Here are the best rates on the market today

Financial crisis concept, empty piggy bank on blue background
(Image credit: Getty Images)

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

We list all the top savings accounts below with details on how to get these rates. 

The best easy-access savings accounts

Metro Bank Instant Access Savings
Best easy access

Metro Bank Instant Access Savings - 5.22% AER

This top rate of 5.22% AER by Metro Bank is a limited edition rate for 12 months (variable). You will need to deposit at least £500 within 28 days of opening the saver, otherwise the rate you earn on your savings will drop to 1.65% AER. 

You can save up to £2million and interest is paid monthly. You can open this account online or in branch. 

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Cahoot Sunny Day Saver 5.2% £1Save up to £2million. Earn 5.2% on balances up to £3,000 only. Open online.
Ulster Bank Loyalty Saver 5.2%£5,000Open online.
Paragon Bank Double Access Savings Account 5.16% (limited to two withdrawals per year)£1,000Save up to £50,000. Open online.

Best notice savings accounts

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Shawbrook 120 Day Notice Account 5.56%£1,000Open online
Cynergy Bank Online Notice Saver 5.4%£500Open online
RCI Bank UK 95 Day Notice Savings Account5.3%£1,000Open online

Best savings for existing customers

Nationwide Flex Regular Saver
Best regular saver

Nationwide Flex Regular Saver - 8% AER

Open a current account with Nationwide and get access to its market-leading 8% AER regular savings account. You qualify if you have either a FlexPlus, FlexDirect, FlexAccount, FlexStudent, FlexGraduate, FlexBasic or FlexOne. 

The 8% rate is fixed for 12 months, after which the account will turn into an instant access account.

You must deposit money within the first 28 days of opening the account- this can be as little as £1. The good news is, there is no monthly minimum deposit and you can save up to £200 per month. 

The account permits up to three withdrawals. On your fourth withdrawal, the rate on the account will drop to 2.15% AER variable.

Find out how to earn £377 when you switch to a Nationwide current account and take advantage of the 8% regular saver. 

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AccountAERMinimum monthly paymentNotes
Nationwide Flex Regular Saver8% £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)£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.
Yorkshire Building Society Loyalty Regular eSaver 20237%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.

Metro Bank 1 Year Fixed Term Savings Account
Best 1 year fixed

Metro Bank 1 Year Fixed Term Savings Account - 5.8% AER

This market-leading one year fixed account is offering 5.8% AER and you can start saving with £500. You can deposit a maximum of £2million. 

Interest is paid annually when your account matures and you can open the saver online. 

When your account matures at the end of your one year term, your money will be transferred to a Metro Bank Current Account or a nominated savings account. 

You will be contacted at least 30 days before your account matures. 

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Metro Bank 1 Year Fixed Rate Saver 5.8%£500Save up to £2million. Open online or in branch.
Union Bank of India 1 Year Fixed Saver 5.7% gross£1,000Save up to £1million. Open by post or in branch.
Al Rayan Bank 1 Year Fixed Saver 5.7%£5,000Save 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.

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Loughborough Building Society 2 Year Fixed Bond 5.5%£5,000Save up to £250,000. Open online or in branch.
Ford Money 2 Year Fixed Savings 5.45%£500Save up to £2million. Open online.
Hodge Bank 2 Year Fixed Saver 5.3%£1,000Save 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.

Vaishali Varu

Vaishali graduated in journalism from Leeds University and she has experience working with the likes of Leicester Mercury, Inews and The Week. She also comes from a marketing background, where she has done copywriting and content creation for businesses. 

Currently writing about all things personal finance, Vaishali is passionate about finding the best deals around, whether it's the best credit cards or the cheapest personal loans, as well as sharing top money hacks to help people save and better manage their money. 

With contributions from